What, how can you possibly have a successful transaction as a Real Estate Agents without a closing? How can this be - aren't our entire lives set up around monthly closings, GCI, and units sold?
Successful Non-Closing
Given what is going on in today's market, agents need to be familiar with the non-sale options available to homeowners. This means that sometimes you will be in a meeting with someone and you may not actually make a sale but you will save the day for a homeowner in crisis. In our seminars and in my wife Cadey's business we have one commandment - the needs of the homeowner always come first. If we sit down with a homeowner who feels they must sell and we realize that they are a candidate for a forbearance, loan modification, reinstatement we will immediately council them on how to explore these options.
To us, helping a homeowner out of distress and back into their home is a success. This not only feels like an accomplishment we know that somewhere down the line we will either deal with that homeowner again or they will give us a referral.
How to Determine if Not Selling is an Option
If you are meeting with a distressed homeowner and don't know how to determine if one of the options above are available to them, there is usually one simple rule you can follow. If the issue that put them in distress in the first place was temporary (lost job but have new one) or has been solved (dispute with insurance company settled) then it is very possible that a non-sale solution may work for them. Most of these solutions require lender cooperation and we suggest you learn how each of them works so you can coach your client as to how to negotiate with their lender.
By saving your client's home and homeownership in the face of what they surely saw as a hopeless situation you elevate yourself from Realtor to hero. So don't be too concerned with your commission today, your council and help will pay off in the future perhaps in dollars but most assuredly in positive energy.
Stay in Touch
Make certain you have a n automated way of keeping in touch with each and every client you help through a situation like this. For two reasons, as we stated above, they should be a never ending source of referrals to you. Second, homeowners may have situations re-occur and may need you to help them in the future. In their case you want to make certain you are front of mind should they need you.
Learn the New Market
If you are unfamiliar with any of the terms above, get familiar. Agents no longer have to be just experts in a given market, you have to understand foreclosure, pre-foreclosure, and the many solutions that there are available to homeowners. You can take a local training or become a Certified Distressed Property Expert with us (http://www.1cdpe.com/).
Alex Charfen
Distressed Property Institute
561-902-1609
Cadey Charfen
http://www.charfenteam.com/
(561) 902-1317
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