When there is a transaction with a ''committee"
you better be the chairperson!
Your property may be coming on the market, is already listed or you may have an offer. Unsolicited advice starts coming in from others, like children, in-laws, siblings, best friends, neighbors, and even people you hardly know.
These are the people I refer to as "the committee." Think about how your own family makes significant decisions.
Even though the seller has complete title to the property (without legal or financial need) they may feel overwhelmed if not prepared for all the advice.
If you are Selling by "committee"...you, the REALTOR®, must be the Chairperson. Why? Because everyone has an opinion to share. Anyone who has ever lived in a house is now the expert. They want to be helpful with the decision. This 'committee' can get in the way. Don't be surprised when one is in a real estate-related field, maybe a lender, financial adviser, appraiser, former real estate agent, or one who has taken a real estate course. Each may want to help by advising what is right for you.
Not all family members get along, not all committees can come to the right decision. Who is the decision maker? Who is the spokesperson? Who is the one who has the power to sign? If you are you are the sole owner and the final decision maker, do what's right for you!
Instead of fielding multiple objections and concerns second hand from the seller, ask to speak directly to that member. Transactions can go smoothly if this step is not bypassed. If you are under contract, keep the buyer's agent in the loop, explaining that the family is meeting and discussing the offer.
How you, the listing agent, handle this will make or break the deal. You become the spokesperson for the committee. Make sure you are listening to everyone. And be certain regarding who makes the final decision. It should be the actual owner, but there are exceptions. First-time buyers may have parents with strong opinions. Seniors may have children who take over any financial decision. Maybe the seller has turned it over to a financial advisor or attorney. Find out who you need to talk with at the beginning, even before the listing goes live. I have seen deals disintegrate by not having a handle on who carries the weight.
If Selling by Committee...You Have to Be Chairperson
Buying or Selling a Home
Call Margaret Rome