Yesterday I received a phone call from a dear friend. Understand he's a really nice man, patient and intelligent. He ran some scenarios by me. His plan was to purchase a home...it was a bank owned home listed by one agent and he had his own agent to get him where he wants to be. It sure didn't work out that way as this buyer is seasoned, owns investment properties and was looking for a property for himself and his family. After he ran all the scenarios by me...I responded with my opinion and what I learned is valuable...valuable enough to share with everyone.
I know often times a buyer or a seller can be hard to deal with, they have experience and seem to know more than the agents....the fact of the matter..regardless of what a buyer or seller thinks they know...agents are gonna get paid if they make it to closing and they hired YOU...if ever you wonder why people think agents are overpaid, its one of those things where the buyer or seller have had a bad experience and feel the agent did not do their job. What is it? Do we take short cuts now because of what a buyer or seller thinks they know? CYA and explain to your customers...its a formality to review documents and explain how things are gonna happen.
- How often do banks change their procedure in buying a bank owned home or a short sale? Are all contracts the same for every bank? What happened with sitting down with a buyer and going over the documents before the buyer signs on the dotted line? I know this is the information age and buyers and sellers are smart...not gonna take that away from them but what I will say if you go over the contract with a buyer there are fewer questions, concerns and buyers backing out of transactions.
- When a buyer wants a home inspection regardless of what an agent thinks...a home inspection is the right thing to do. When a buyer is going to spend a lot of money and invest in a home and their future. Encourage home buyers to get a home inspection and have the home ready with electricity and running water. Its not the customers job nor should a customer be hurt because the agent failed to make sure power and water are on..on that special day. This is one of the reasons why the transaction failed. This might also be why this bank owned property is still on the market today.
- Sometimes home buyers are a little nervous, and in some cases very nervous, maybe they have been burnt before, maybe they do not really understand how real estate works. Point is, while you are trying to win the love of this buyer, don't avoid, don't deny your buyer your wisdom. For some buyers your knowledge and skill are not only necessary but a comfort and can get them to the closing table. Its all about them...and not about you and always remember buyers and sellers have other things going on in their life. Life changing things that causes a move in most cases.
- Documentation from bank owned homes need to be accurate. This man almost lost the opportunity of buying the home due to incorrect directions when it comes to down payment. The listing agent sent old directions that have not been in affect for years. When he got the updated directions because the title company ripped his head off in turn he had to turn around and wire funds in order to meet time lines and it cost him money. Agents should share that with buyers that there is a charge for wired funds. Don't assume people know everything...you know what they say when you assume!
- Some buyers are fortunate in the types of loans they qualify for. There are buyers with mortgage options meaning they qualify for more than one type of loan. As a mortgage broker, its your responsibility to allow the buyer the freedom of choice and share all options with them and at the end let them decide.
- What ever happened to team work. I hear this alot when someone has to deal with REO agent or an agent who handles lots of bank owned homes. I know they list properties in volumes and regardless of how busy they are... teamwork is vital to make it to closing. Get an assistant or two. I've worked with two very successful REO agents in Volusia County...they are successful because they have systems in place and have built a team for better, faster service and communication.
- Last but not least, why do some agents get mad when a buyer backs out of a transaction to never respond to an email or a phone call? It happens and I don't understand that at all. This guy still wants to buy a house....he still wants to move..yet the agent won't respond to him at all.
As we ended our conversation, he said to me, man my agent hates me and I think he fired me. He won't respond to my emails and I have apologized twice. WHAT? WOW.... I had to turn this conversation around. The fact of the matter when you have a buyer or seller that you are working with...its a gift..its a privilege regardless of how challenging the transaction may be. If you think that every real estate transaction is gonna be a piece of cake...hate to tell ya...you are in the wrong business.
I told him some transactions are easier than others. You'll win some and you'll lose some...that is the nature of this business. Just remember, you do the hiring and firing and a real pro will keep working with you! A real pro will make sure electric and water is on prior to an inspection. A real pro will share comps. A real pro will make sure the documentation is correct. A real pro can help a buyer or seller with jitters but most of all a real pro will keep their emotions out of it. I think he got it!
I had to remind this gentleman its not like he did anything wrong....in fact...he is the customer...buyers and sellers are not easy to come by in certain areas and yes at times buyers and sellers can be a handful. I told him when you are ready to get out there in look again...I'll refer you a great agent if your agent is still not speaking to you. An agent who will treat you as a customer...
Buyers and sellers are the customers...since when has that changed? Learn to advocate...rather than dictate and your business will change!
Comments(6)