Reblogging! - Are Your Contracts Reflecting Your Professionalism?
Connie Goodrich from McKinney, Texas posted this terrific article about well presented offers. I am as always honored to add these special articles to the Reblogging! sement.
Many agents do not realize that the best Offers aren't written on the fly. As Connie points out there are a tremendous number of points to clarify before you even bring the contract software up.
Lenders are expecting and rightfully so to receive a professionally executed document. Don't you think that is the least you can provide to make the whole process flow smoother?
Even though I am a long way from the agency I started out with, I will forever be thankful that they were rigid about professional protocol when preparing real estate documents of any kind.
There must be something the the water that AR Texas agents drink, there are so many good agents and good writers there.
Thank you Connie for the opportunity to share your well written post. To those reading this reblog, I'd very much appreciate your opinions and then as always urge you to visit Connie and express your thoughts to her as well.
First impressions are important, not only in how a home looks but how you as a professional present yourself. It begins with prompt and informative communication with agents.
Then judgment day arrives when an offer is submitted. This judgment is not rendered on the offer price but to how well the contract is written up and the preparation questions launched to the listing agent prior to the offer being submitted.
Fact gathering information for the offer should include:
- Is the property still available and do you have any offers/activity that my client will need to know about when they are considering points for this offer.
- How is the seller's name to be addressed.
- Any specific needs that will need to be considered such as time frame to close, exclusions to the property, seller disclosure documents - do you have all reports and if the disclosure is older have there been any changes that might need to be addressed on the disclosure?
- On the past listing history - if the home had been under contract and placed back on the market, obtain an explanation of why it terminated. Were there any inspections done at that time and if so do you have copies of that report?
- Is there anything that my clients will need to know or consider when making this offer.
The offer in itself becomes an instrument of where an opinion of your representation quality and level of experience is judged. If there are areas left unchecked, addendums not attached and failed to include obvious forms such as a homeowner's association acknowledgment addendum, math is inconsistent (i.e. varied loan amounts). If it becomes apparent that the buyer had made an offer on another home such as an inappropriate address reflected that is a turn off as well. The wording in special provisions - seller to respond by 12:00 August 13, 2011. Then there is no consequence - i.e. or buyer retains the right to void this offer. Home must appraise for sales price. That is very limiting - should be sales price or higher and a consequence or action stated next.
Presenting the contract in an orderly manner also adds a touch of professionalism image. Make sense order of the offer with a lender's letter or proof of funds if cash is important. A note about the buyers to bring a personal touch and help parties emotionally connect so the process will not be just paper and numbers.
It is critical that as a buyer's agent that you do your part to help the listing agent feel confident that you can carry the buyer's side of the transaction well and have the ability to work through challenges such as repair negotiations. By building a great reputation of the Realtor others love to work with will bring volumes to the acceptance of a contract and equate to the best terms for your client's favor.
It begins with first impressions which you have total control of on your part as a representative! Be the 10+ rated Realtor for your client.
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