Real Estate IS a Team Sport !

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

   The training new agents receive in many cases is that they hand the offer to their Office Manager and put the closing date of the transaction on their calendar...envision that commission check that comes with it and magically....everything falls in place.  The follow thru does not exist responsiblebecause they don't understand the process...and don't feel "responsible" for Buyers and the Buyer's lender  to adhere to the deadlines of the contract...sigh. What seems like a hundred years ago when we were in training from our local broker of choice...there were four of us that were gal pals and had lunches together...Sellabrated our "firsts"...showing, closing etc.  All of us were college graduates in a variety of different fields...not one us understood how much commission we would get from a sale. Asking our instructor led to what was then a confusing definition of splits of percentages and different circumstances.  Reflecting on those days...it was intentional by the Broker. 

   The "mystique" of lending and title work should be "unveiled' as a part of an agent's early education...regrettably it is not. In Wisconsin we have deadlines that run from the acceptance of an offer. The first one is depositMortgage approval of the earnest money as the listing agent has directed. Typically this is 3 days from acceptance of the offer.  Next is the appraisal deadline...Both listing and selling agent should be aware if the appraisal was ordered...done and submitted to the lender on a timely basis. The Selling agent is wise to check with the Lender to be sure that their Buyer is submitting documents and doing their "home work" in a timely manner. One of the large puzzle pieces in this process is securing homeowner's insurance..often here as a "Home and Highway" policy where both home and vehichles are insured. Often Buyers who are relocating or first time buyers may need suggestions for a reliable insurance source for their business....agents should supply sources and be sure that a policy will be in place.

 appraisal    Loan Commitment is what we term the "financial fitness" piece. It is a combination of the financial qualification of the house...did it appraise for the amount of the offer...AND the Buyer(s)...is their income, debt to income, credit score, etc. in order to assure the lender that the Buyer(s) are "credit worthy" and can afford the mortgage.When the "stars align" and both property and buyer are qualified a letter or Loan commitment is issued. The Buyer gives it to their agent who in turn gives it to the Seller's agent to verify this step is completed. The Selling agent SHOULD be checking with the lender to see that this date is met. In these days of "thinventory" there are, in some markets, Buyers just waiting for the primary market to stumble and miss a contract date to have that offer cancelled so that they can slide in and be the primary buyer.

    Calling a lender and not getting an answer...not learning if the appraisal has been returned, the Buyer provided the necessary documentation AND the contract deadlines agreed upon with BOTH Puzzle piecesBuyer and Seller is not doing the job of a Selling agent..or quite frankly, a lender. Just like your Doctor's nurse...the assistant in other businesses may be "your new best friend" in finding out information...the same is true of a loan processor...they have the information that will help you as the Selling agent stay on top of the lending puzzle pieces.

     In Wisconsin, the Buyer chooses the time and place of closing. In these days of "thinventory" this can mean working with the listing agent as the Sellers may well need the proceeds from their sale top buy their next home closing on the same day. One misstep in the timing of this process can well have the domino effect...if one transaction does not close on time...it interrupts...and in fact destroys the timing of several others.  It does take a team...leave you ego and your "not my job" excuses somewhere else. Sometimes the listing agent has to pick up the ball the lender AND the Selling agent dropped..it is called "Customer Service" and staying on top of a transaction. Lenders and Selling agents can get defensive...they didn't have that...they didn't know this, they made the phone call...it doesn't matter if the end result is that it did not get done.

  Volleyball   Sometimes a real estate transaction is like volleyball...you keep passing the transaction (ball) forward until you score a closing...and that after all, is what this business is made of...the Happily ever afters of successful closings.  

   This has been a post to encourage cooperation and awareness of contract deadlines...the transaction you save may well be your own...brought to you by Sally K. & David L. Hanson, Broker Associates with EXP Realty, honored to be of service for all things real estate in southeastern Wisconsin.

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Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
2,926,494
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I am experience a similar thing here in NH where a lot of new agents have no clue what it entails to take a sale from start to end. I have seen it before and they were labeled order takers. When things slow, these are the first cuts made. I love knowing the full process from offer to closing and could not think of listing and selling homes without knowing it. I keep track of my dates, i make the calls and i find out the answers that can head of issues later on. I am happy you wrote what i have been thinking. 

Apr 05, 2019 06:21 AM #1
Rainmaker
1,826,650
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Sally and David - Teamwork!  You are singing my song. Without it growth is limited. 

Apr 05, 2019 06:24 AM #2
Rainmaker
3,215,051
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Good morning,  Sally and David - real estate is both a solitary and a team effort. Knowing how to achieve the best outcome is critical to a successful transaction. 

Apr 05, 2019 06:40 AM #3
Rainmaker
3,488,581
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Sally. It is always about cooperation and certainly focus. Nice post.

Apr 05, 2019 06:46 AM #4
Rainmaker
2,270,941
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Amen to that Sally. It definitely takes a village of experts to help sell homes. 

Apr 05, 2019 07:09 AM #5
Rainmaker
2,416,973
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Having a good team put together definitely makes things a lot easier in real estate and in life!

Apr 05, 2019 08:12 AM #6
Rainmaker
1,482,432
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Good afternoon Sally K. & David L. Hanson, things can go bad pretty fast if we are not working together as a team.  

Apr 05, 2019 11:31 AM #7
Rainmaker
3,109,359
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Once again, we're a little different. Here, the seller's attorney determines the time and place of closings...And yes, working as a Team gets you to the closing table!

Apr 05, 2019 12:07 PM #8
Ambassador
3,725,676
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David I have trained a lot of Loan Originators.  My procedure when they get their first loan and every loan that follows, is that I hold their hand through the process, but they do ALL the work.  That is the only way you truly learn, you HAVE to do the work yourself!!!

Apr 05, 2019 12:58 PM #9
Rainmaker
249,303
Susan McCall, Independent Listing and Buyer Agent
Compass Realty Solutions - Portland, OR
Bringing buyers and sellers together!

There are so many contract deadlines that it would be difficult to imagine the buyer's agent not keeping a really close look on what happens in the first few weeks.  So after the inspection, etc. have passed, that's where all the work is going on behind the scene. This is why I believe it is so important to have an underwiter's preapproval.  If the listing agent didn't know or understand this step  they may not know how important this is, as there are proably competing offers and a buyer having an underwriter's approval would probably stand out.  This will avoid a buyer down the road who is preapproved but can't pass underwriting and falls out 3-5 weeks into the sale. "Push a button, get a mortgage" as we have seen on TV.  Sorry folks it doesn't work that way, usually.

Apr 05, 2019 06:05 PM #10
Rainmaker
16,364
Krista Jenkins, REALTOR®
Egenbacher Real Estate - Lubbock, TX
Residential sales and retail & office leasing

I agree with you 100%. This was my experience. As a new agent, we were really only taught prospecting. I was once told by my productivity coach that the details "take care of themselves". I knew it wasn't right, and it compounded my anxiety as a new agent. Our brokerage had about 190 agents, one broker who was also designated broker for an office 1.5 hours away, and at least half of the our office agents were new. I blame the industry. I am not the least bit surprised we are seeing the discount firms popping up everywhere. The industry has done it to itself.

Apr 05, 2019 07:47 PM #11
Rainmaker
1,502,323
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I always said that the real work begins AFTER the purchase and sale agreement is signed around.

Most of the time we had good cooperation from the agent on the other side, but I sure ran into some horror stories/situations with lenders who felt they were above communicating with agents.

One lender said he just didn't have time to get to everyone. When he came back from lunch he had 27 calls to return. I suggested that if he had answered or returned those calls in the morning, the agents and buyers wouldn't have been continuing to call during his lunch hour(s).

I was amazed, years later, when I saw his name on line indicting that he was still a lender. I, for one, would never have suggested him to a buyer after that first experience.

Apr 05, 2019 07:57 PM #12
Rainmaker
2,803,359
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Sally.

I agree, the real start to get to the closing table happens after the contract is executed.  There is one lender I refuse to work with in my area.  Pity

Apr 06, 2019 02:42 AM #13
Rainmaker
5,222,015
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing your experience and your advice.

Apr 06, 2019 07:32 AM #14
Rainer
468,560
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Training, tools and case management are essentials to success, yet, it appears that many agents were either asleep during their training or never got it. A simple cover check list of all the principals and time lines to close is all that's necessary to manage the case, however, without leadership from the Broker and his team captains, the journey to success could be tumultuous. Great post. 

Apr 06, 2019 10:57 AM #15
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
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