Selling During COVID-19 - The Key is Over-Communicating

By
Real Estate Agent with www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 228209
https://activerain.com/droplet/5nbk

Selling During COVID-19 - The Key is Over-Communicating 

 

Communication is KEYChanneling my short sale days, pivoting with one simple plan was the key to successful Closings for me last month. Over-communication became my mantra the minute we got wind that we may be entering a period of quarantine.

 

I remember the days of short sales well - as though they were just yesterday! No, this is certainly not the same market as during The Great Recession but, one commonality remains critical - good communication is key to getting to the Closing table.

 

I remember letting the agents on the other side know, WEEKLY, how the process was going after phoning the bank and my sellers. One secret that I learned - and found most challenging - was communicating the status to the other agents’ clients - THE BUYERS. While I could relay all information to the other agent, it wasn’t always getting to the buyers. The excitement, anticipation and even the hope that someone was working towards the final purchase of their new home was lost without any updates.  

 

Having been on the other side of a transaction with the buyers as my clients and not receiving reports from the seller side, I knew the only way to keep those deals together was to over-communicate! As a result, my retention rate was unusually high - I got my short sale clients to the Closing table. 

 


 

 

Now, fast-forward to 2020 - some of the challenges we faced with transactions that we had in place when the market went haywire due to COVID-19 were challenging. A few of the issues were as follows:

  • Pieces of the buying puzzleCash buyers panicking - they wanted to hold onto their cash and forego the home purchase ‘for now.’ 
  • Lender/investor changes - more restrictive qualifications or no longer carrying certain products.
  • Employment verification delays due to limited corporate HR staff during quarantine.
  • Job loss - no longer qualifying for loan products that were previously underway.
  • One buyer had their own issues and the seller was ever-so patient allowing her to push out Closing to accommodate her personal issues!

 

How were these issues managed?

  • Cash buyers were given a little more time to complete loan applications to use mortgage loans in lieu of cash purchases.
  • Lenders pivoted well to handle the more restrictive qualifications, offering different loans/products for challenging buyers.
  • I had my buyers secure the HR contact information (name, email and phone) to ascertain that when the lender reached out, there would be no delay.
  • Job loss - we had one that did have a job ‘change’ (with less income due to COVID-19 lay-offs) and their spouse was added to the loan to make up the difference.
  • We also had one that the credit restrictions were painfully limiting and a family member allowed one of the borrowers to be added to a credit card as a co-signer. That took a little additional time but, the buyers ultimately Closed - albeit late! 

 

Communicate
We were reviewing our clients sales & purchases this week, since the quarantine began and realized that 9 of 9 pre-quarantine sales have Closed - one late due to lending, another late due to buyer issues…but, they ALL were successful! 

 


This was a lesson to us all about how communication MATTERS - communication can be the difference between success & failure. 

 

 

© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | Selling During COVID-19 - The Key is Over-Communicating

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Ginger Harper 05/26/2020 07:50 PM
Topic:
Real Estate Best Practices
Groups:
Charlotte North Carolina Area
Hyper-Local
North Carolina Real Estate
Realtors®
The Law of the Land
Tags:
communication in real estate
closing deals in charlotte nc

Spam prevention
Show All Comments
Rainer
272,560
Richard V. Foster, Esq.
Nevada Perfect Homes - Henderson, NV
Broker (58356) - ABR/M, CREN, CRS, GRI, RRG, SFR

I closed one two weeks ago, and iit was more complex than the deals of 2007 when everything was falling apart. I agree... What kept it alive was the fact I never  stopped communication with the client, the buyer's agent, escrow, and the lender... I received a call, email, or text and I was on it. But then, that is my normal mode too; I was just able to see how good communications solved lots of deal crushing issues.

May 04, 2020 06:11 PM #22
Rainmaker
249,745
Janice Zaltman
United Realty Group - Boca Raton, FL
South Florida Residential Real Estate

Great information Debe. No one gets how much we do for both sides to get deals done. Have you been able to sucessfully communicate directly with the buyers when you are the listing agent? Many times there is resistence from the agent representing the buyers.  You are right. Communication is everything and how it is relayed to the other party can make or break a deal. 

May 04, 2020 06:16 PM #23
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Hi Janice Zaltman! No and I've never tried but, I do reach out to their agent and make sure we're both on the same page, with the same goal in-mind!

I was told by local agents that at least ½ of their deals fell through so, I am convinced that what saved 100% of my clients' deals was the additional communication!

May 04, 2020 08:46 PM #24
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

You absolutely get it, Richard V. Foster, Esq.! Like you, it's normal for me but, these are different times and do require more communication. Our clients have a LOT more questions than normal! 

May 04, 2020 08:48 PM #25
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Jeff, that is exactly what I ran into, trying to get these deals Closed that got caught mid-stream! Clients had lots of questions and being able to share how the other side is doing, is such a relief to them. 

Jeff Dowler, CRS 

May 04, 2020 08:51 PM #26
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I have been having a great time with the Zoom video, Laura Cerrano! I don't often talk with my clients via Zoom but, I think I'm going to keep doing it after this is all said and done!

May 04, 2020 08:54 PM #27
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Probably so, James Dray! I just had a lot of clients that got caught already in Escrow when we were quarantined. Buyers were freaking out and sellers who were also buyers were stressed beyond belief. I realized that if I spoke with them 1-2 times each week, the stress melted away.  

May 04, 2020 08:57 PM #28
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

You are a CRS - of course you get it, Paul S. Henderson, REALTOR®, CRS!

Hope you're having a great start to your week!

May 04, 2020 08:58 PM #29
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

And, SO many things were coming up for those buyers that got caught in Escrow right when we were originally quarantined, Kathy Streib! I think my biggest thing was that I worried more about the other agents' clients - mine, I was able to speak with and hear the tone in their voices; of course we can't do that with the other side! 

But, it all worked out and I'm SOOOO thankful for that too!

May 04, 2020 09:00 PM #30
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

And, thank you so much for the feature, Kathy Streib - I'm honored! We so appreciate you for all you do for the community!

May 04, 2020 09:02 PM #31
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

That's a great point, Michael Jacobs! The more we do it, the better we get at it too!

May 04, 2020 09:03 PM #32
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Oh, that's when my business blew up, Grant Schneider - I had two in college and HAD to survive! It always works best with empathy, a plan, the ability to problem solve and lots of communication, doesn't it?!

May 04, 2020 09:05 PM #33
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Thank you, Doug Dawes and I couldn't agree more! You know when things go 'wrong,' you can almost always pin it on lack of communication.

May 04, 2020 09:07 PM #34
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Oh my gosh, I have some great friends who are peers here in Charlotte, Nick and it's the result of great communication and mutual respect during transactions together. It definitely makes a difference...in business & life!

Happy Monday, Nick Vandekar, 610-203-4543

May 04, 2020 09:08 PM #35
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

YES!! You totally 'get it,' Debb Janes EcoBroker and Bernie Stea JD! Sadly, there are a lot of agents who have assistants and/or Closing coordinators that we have to 'deal' with. We often find that the left hand doesn't know what the right hand is doing so, with the quarantine, I made sure I communicated with BOTH - in the hopes that ONE of them would pass along the (reassuring) 'updates' from our side. 

I'm glad I did what I did because I have heard horror stories from other agents who lost ½ of their transactions that were going on when we were quarantined. 

May 04, 2020 09:12 PM #36
Rainmaker
1,628,966
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I am not at all surprised that you kept your transactions together, working to get things done in situations where many agents would have given up. It's just how you are!

May 04, 2020 09:39 PM #37
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Aww, thank you, Marte! I'm tenacious, if nothing else. My nursing background helped me feel comfortable pivoting and living in a perpetual state of searching for Plan-B! LOL

May 04, 2020 10:29 PM #38
Rainmaker
1,026,174
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

You are a great example of what it takes to stay in business!  Not only are you contacting your clients as often, but also contacting the agent weekly.  That's a GOOD addition to business to keep things going in uncertain times!

May 06, 2020 02:22 PM #39
Ambassador
3,809,300
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Aww, thank you, Jan Green! I'm thrilled to say that it worked beautifully for every client that was in that 'limbo' state and I'm continuing that until all of this uncertainty is over.

May 06, 2020 07:44 PM #40
Rainmaker
2,916,600
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Communication is the key, Debe Maxwell, CRS 
There is almost always a solution to work things out - it starts with communication.  What do you need?  What will it take?  How can we make this work? Meeting of the minds to reach a desired common goal ... and communication.  
Congratulations on the Feature! 

May 08, 2020 09:31 AM #41
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
3,809,300

Debe Maxwell, CRS

The right Charlotte REALTOR!
Have questions about Charlotte? How may we help?
*
*
*
*

Additional Information