The Dance That is a Real Estate Transaction
Being a top Bristow Real Estate Agent, I get to be at the head of a lot of real estate transactions every year. What I love about my job as a Bristow Real Estate Agent is that no two transactions are ever the same. Yet, the frame work for a successful transaction remains the same in every deal. Understanding the contract and how the deadlines work, setting reasonable expectations and most importantly, knowing that success in a deal lies in knowing that the deal must be a win for both parties.
Really, a real estate transaction is like a ballroom dance. When you are in a transaction, you have someone on the other side that must stay in step with you. The saying, "It takes two to tango," comes to mind. Sometimes you are waltzing. Maybe then it transitions to a foxtrot. Either way, your dance partner needs to properly lead and let you know when a change is about to happen and different direction is happening.
What got me thinking about the whole real estate transaction being like dancing is the expectation that what should have been a precision, choreographed move yesterday between myself and a buyer's agent was not. The buyer's agent was sending me a notice about a low appraisal. Nothing I hadn't been warned about, but the agent was a relative newbie and didn't understand that 1) notices must be signed by her client and 2) that you can't make unilateral statements like the sales price will be lowered in a notice and that will be it. Reading the contract and how the low appraisal protocol goes is essential. Expressing that in writing to the other side is what is expected.
When our dance got off beat, and my toe was stepped on, I could have very easily thrown a tantrum and stopped
dancing for a minute. I didn't. I picked up the phone and took a mistake by a newbie and made it a teachable moment. Our dance took a sidebar, but we kept dancing and came out of it all the better. We both understood what the next steps would be. Now that agent will be a better dance partner in her next deal.
For agents, it is a matter of keeping the dance on track and knowing the steps. For our clients, it is first getting a dance partner. If you absolutely won't appreciate what your potential dance partner wants to do, well, that dance isn't going to happen. Maybe a seller is stuck at a price that every buyer in the market is rejecting. Maybe a buyer is operating under the premise that they have the advantage when making offers and haven't yet understood that they are in a seller's market and there isn't much neogtiating leverage.
My first broker put real estate deals in perspective. "It's not a win, if it's not a win for everyone." I remember that every day and pass it to my clients. There needs to exist the ability to compromise in a real estate transaction. No compromise can often lead to no deal...or not getting to the dance.