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If Selling by Committee...You Have To Be the Conductor

By Margaret Rome Baltimore 410-530-2400

Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

October 27, 2010 04:16 PM

Baltimore Fall 2010 HomeRome Realty

Have you ever sold real estate by committee? Have you ever done a transaction by committee? You just might say: What is she talking about now?

The property has been on the market and we now have an offer. The seller starts receiving advice from others. These can include grown children and their spouses, in laws, siblings, grandchildren and their spouses, nieces, nephews, best friends, neighbors, ex-wives, beauticians, gardeners and their spouses, house keepers etc...OK so I am exaggerating a bit but you get the point.

These are the people who I refer to as "the committee". Think about how your own family makes major decisions.

Even though this seller has full title to the property, without legal or financial need, they may feel insecure with everyone voicing concerns.

Selling by Committee...You Have To Be the Conductor

Marin Alsop Baltimore Symphony Conductor Marin Alsop from the Washington Post

If You Are Selling by Committee...You Have To Be the Conductor . Why? Because everyone has their own opinion tune to share. They want to be helpful with the decision. This committee can get in the way or can be quite beneficial. Don't be surprised when one is in a real estate related field, a lender, financial adviser, appraiser, former real estate agent or one who has taken the real estate course. Each may want to help by reviewing the offer.

Because not all family members get along, not all committees can come to a conclusion.(Remember the camel was created by committee trying to make a horse) Who really is the decision maker..who is the one who gives final permission to go ahead and sign?

Instead of trying to field the objections and concerns through the seller, ask to speak directly to that member. So many transactions can go smoothly if this step is not bypassed. A quick phone call, an email, a text can clear up questions before you go back to the buyer's agent. Keep the buyer's agent in the loop explaining that the family is having a meeting and are discussing the offer.

How you, the listing agent, handle this will make or break the deal. You become the spokesperson for the committee. Make sure you are listening to everyone. Make sure the seller is the one who makes the final decision.

If Selling by Committee...You Have To Be the Conductor

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Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Jack, This works well when you have good communication. Being the chairperson allows everyone's concerns to be heard and addressed.

Lizette, Your statement is true with all of our RE dealings.

Oct 28, 2010 09:25 AM

Karen Bernetti

Southington, CT

decision by committee is a lot to manage but I'm sure YOU do it ease and Grace!

Oct 28, 2010 11:28 PM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Karen, If NOT done , you can waste a lot of time and lose the sale. Besides it is a fun challenge!

Oct 28, 2010 11:32 PM

Kathy Clulow

Uxbridge, ON

Trusted For Experience - Respected For Results

Margaret - love the analogy ..... I often run in to this in fact I invite insist the 'committee' be involved right from the get go when dealing with seniors ..... they end up being involved in the end anyway so you might as well keep them on the same page as you right from the start.

Oct 29, 2010 04:00 AM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Kathy, Sometimes the "committee" grows when a contract is in play. You really do understand real estate!

Oct 29, 2010 04:11 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Margaret, well now, this might be my all time favorite Active Rain metaphor! Must be the flute player thing.

Oct 30, 2010 11:17 AM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Pat, You know I love your flute playing photo. Thought you would like this post.

Margaret

Oct 30, 2010 12:19 PM

Alexsandra Stewart

Remax equity group - Portland, OR

Broker - Portland Oregon Real Estate

Did enjoy the analogy! ANd agree with Kathy - if you know you are going to have a committee - er, orchestra or string quintet - much better to get everyone on the stage as soon as possible.

Oct 31, 2010 02:50 PM

Suzanne McLaughlin

Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN

Sabinske & Associates, Realtor

Margaret, handling the different points of view in a transaction can be trying. But, when the symphony comes together, it makes beautiful music. And, when it is completed, I feel the flush of such success. When hugs and kisses are exchanged, life is good.

Oct 31, 2010 02:51 PM

Eric Kodner

Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN

Wayzata Lakes Realty: Twin Cities, Madeline Island

Margaret - As someone who has been a conductor, I can say the analogy is a good one! Sometimes the job of dealing with multiple family members in a sale feels like a combination of conductor, producer and stage manager!

Oct 31, 2010 05:40 PM

Cheryl Ritchie

RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD

Southern Maryland 301-980-7566

Wow, what great linguistics on this post. Be the conductor....what a great line to remenber.

Oct 31, 2010 11:19 PM

Andrea Swiedler

Berkshire Hathaway HomeServices New England Properties - New Milford, CT

Realtor, Southern Litchfield County CT

Margaret, what a wonderful post, and so true. I have had a committee by buyer, and that is tough enough. I have had a partial committee by seller, good thing it was only "friends" trying to take my conductors baton away.

We need to crazy glue that baton to our hand for sure.

Oct 31, 2010 11:22 PM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Alexandra, Such a good point, getting everyone on stage.

Suzanne, And that beautiful music sometimes leads to a Bravo! Encore!

Wayzata, Would love to hear more about your conducting. It is putting on a production. A good one can get a standing ovation.

Cheryl, Love the accoustics of all these comments.

Oct 31, 2010 11:27 PM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Andrea, I like the visual of the baton glued to our hand. The important thing to understand: There can only be ONE conductor at a time!

Margaret

Nov 01, 2010 02:34 AM

Cynthia Larsen

Cotati, CA

Independent Broker In Sonoma County, CA

Well now this post strikes a chord (pun intended). I have had my share of committee purchases and they can sure be difficult! This will be great advice to keep in mind the next time it happens ... because there WILL be a next time.

Nov 01, 2010 04:29 AM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Cynthia, This has turned into a melodious discussion. And for sure there will be a next time.

Nov 01, 2010 05:22 AM

Elizabeth Weintraub Sacramento Broker

Elizabeth Anne Weintraub, Broker - Sacramento, CA

Put 40 years of experience to work for you

Yup, I just finished one of those last month. We got off to a somewhat rocky start, but everybody came together at the end. For me, the key was communication. Every time I sent an email to one of the parties, I made sure everybody got a copy by grouping all the family members into a group email. No matter what I wrote, everybody got the same copy.

Nov 01, 2010 06:14 AM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Elizabeth, Communication is the key! And taking time to communicate to all parties in their own way. We made sure everyone was in agreement .

With some it was email, some by phone, with others it was a conference call and then face to face for the final approval and signatures with the seller and trusted advisor. Pretty smooth so far!

Nov 01, 2010 06:26 AM

Marte Cliff

Marte Cliff Copywriting - Priest River, ID

Your real estate writer

Oh boy - this doesn't just happen in real estate. It happens in copywriting as well.

Any more, when I'm asked to write a fundraising letter one of my first questions is about who will be responsible for any revisions and requests. If it's a committee, the price is double. There's nothing like having a volunteer who studied journalism in high school stepping in to revise a letter. I've even had a volunteer insist that I remove "the ask" from the letter, because it sounded pushy to ask for money. (What was the purpose of the letter, then?)

The whole "committee thing" is why I prefer to write for individual agents and other small business people. It seems like any time something goes to a committee or a board, everyone involved feels its their duty to insert an opinion. They can turn good copy into mush, especially when they don't understand the concepts of using conversational tone or writing "reader focused" copy.

Nov 01, 2010 08:11 PM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Marte, I am only about 8 months late answering your wonderful comment. Selling by committee happens in fields other than real estate..like your copy writing.

Jul 23, 2011 01:05 PM

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