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The Weakest Link in a Real Estate Transaction

By
Real Estate Broker/Owner with Charlemagne International Properties BRE# 01147470

chainWhen moving through the stages of selling a property--from showing to closing-- I often think of the quote, "It takes a village to raise a child."  It also takes a group of committed professionals to close a real estate transaction.  One weak link, whether it be agent, lender or escrow officer can turn a positive experience into a painful memory. 

I've enjoyed many seamless closings and many more with only minor glitches that all parties worked together to resolve.  Naturally, if you do something long enough you will build a body of work that includes a few transactions you would like to forget.  Usually, these unpleasant surprises are the direct result of one member of the team dropping the proverbial ball. 

Sellers, it's important to select the real estate team members who will represent you with care.  You will have a daily relationship with the parties and players well past the close of escrow. 

Each member of the team, including the seller, can avoid being the weakest link by:

1.  Provide information and documents in a timely manner to the appropriate party.

2.  Pay attention to deadlines and meet them.

3.  Return calls, acknowledge emails and in general keep all people informed of any changes or delays.  Surprises are usually not well received!

4. Be respectful of the time others are spending in an effort to effect a timely and successful closing.

5.  Take time to thank the individuals for playing a valued role in selling or finding a new home for a client. 

 

This is important work we do.  Not only is it big business, it is a very personal business and it requires the combined efforts of more than a few team players.  A simple note expressing your gratitude will strengthen the "chain" the next time it is called upon.

Norma Toering & Team 
(310) 493-8333

South Bay Los Angeles cities I sell real estate and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.


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Comments(19)

Patricia Kennedy
RLAH@properties - Washington, DC
Home in the Capital
Norma, and if someone in the transaction does something truly amazing, you can always write a nice blog post about it!  You can even use real names!
Feb 26, 2008 09:18 AM
Stefanie Sexton
Unavailiable at this time - Lebanon, MO
As a Closing Agent at a Title Company, I Thank You for your post.  I think it is very important that all parties involved work together to conduct the "smoothest" Closing possible.  It seems that it is easily forgotten that each one of us have multiple files, appointments, and tasks that we are trying to accomplish in a timely manner.  As a Closing Agent, it is frustrating when I am not provided all the information needed to conduct the closing at the time of the Appointment.  Usually, my office is the "last stop" for the clients on their road to purchasing/selling a home.  These clients base their Closing experience on how smoothly the Closing went, and if there were glitches out of my control, I am still the one in the hot seat (whether it was the Lender not giving them the interest rate they promised them, or the Realtor not giving me a Termite Bill to collect on the Settlement Statement)  Communication skills are the number one asset in this business, in my opinion.  It is also frustrating to hear everyone playing the "Blame Game" when things don't go smoothly because of the lack of communication!!!!
Feb 26, 2008 09:19 AM
Jonathan Sprouffske
Connolly Tacon & Meserve - Olympia, WA
Great advice.  I think these "real estate lessons" carry over into everyday life as well.
Feb 26, 2008 10:19 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Patricia - You're right, and I will!
Feb 26, 2008 11:25 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Stephanie - You have one of the toughest jobs in real estate in my personal opinion--so thank you for putting your best effort forward each and every time.
Feb 26, 2008 11:27 AM
Pat Laracy Baker
Realty Executives Boston West - Holliston, MA
Pat Baker Dream Home Maker
Very nice Patricia.  You are so right about what you have stated here.  We really work together as a team and makes all the difference in the world.
Feb 26, 2008 11:27 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Jonathan - I had the same thought as I was typing the post.  Good business habits are good business habits--doesn't matter what career you're applying them to.
Feb 26, 2008 11:28 AM
Pat Laracy Baker
Realty Executives Boston West - Holliston, MA
Pat Baker Dream Home Maker
Norma, you have written a wonderful blog.  Good things to remember as we go through the process. thank you.
Feb 26, 2008 11:29 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Thanks Pat.  I appreciate your kind words, and it is a process we can make easier with communication and cooperation.
Feb 26, 2008 11:32 AM
Colleen Fischesser Northwest Property Shop
NextHome Experience - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!
Norma, could you possible highlight number 3? Maybe even repeat it a few times? I cannot believe what I'm seeing in the market these days with such an incredible lack of communication. It's sad really.
Feb 26, 2008 12:30 PM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Norma, There shouldn't be any weak links in the transaction. As the manager of the transaction  the selling agent MUST make sure everybody does their job. No excuses.

Bill Roberts

Feb 27, 2008 01:27 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

Colleen - Yes, when did not returning a phone call become the response of choice?  I often send an email, then leave a message asking the offending party to please check their email--I've also been known to copy the other professionals involved in the transaction to alert them of the delay. 

Feb 27, 2008 01:43 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Bill - That's what happens in a seamless transaction.
Feb 27, 2008 01:54 AM
Jennifer Esposito
JenRan Realty, LLC - Woodstock, CT
You make very good points.  We all have to make time for every little detail to make sure things go smoothly.
Feb 27, 2008 09:37 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Jennifer - Yes, a smooth close is in the details!
Feb 27, 2008 11:51 AM
Kathy Fisher Sells Lexington TN homes! 731.845.3413
Five Star Real Estate Services - Lexington, TN

Thanks for the great reminders on how to be a team player.  It's can be challenging in today's market to get transactions to the closing table and I don't ever want to be considered the weak link. 

All the Best!

Kathy Fisher Lexington TN Real Estate

Feb 27, 2008 01:01 PM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Kathy - It does require a team effort to get to the closing table.
Feb 27, 2008 01:41 PM
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI
I like your anology Norma. This is good advice for teams or an individual. Thanks.
Feb 27, 2008 02:35 PM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Wayne - Thank you.  Good business practice is not limited to any particular field.  It usually applies across the board.
Feb 27, 2008 08:37 PM