Completing a transaction, have you been taught or have you just winged it?

By
Real Estate Agent with National Real Estate of Prescott

  I have seen to many agents give up on deals that have an opportunity to have a successful close of escrow. Just as buyers and sellers get fustrated so do agents. I suggest that if you are in a transaction you must remember why you are there. Weather you represent the buyer or seller you have to remember that they hired you to help them through the finding, negotiation and completion of the closing.  Sure there are almost always going to be bumps in the road. The difference between a agent and a successful agent is how they handle those bumps.

As Realtors we must follow through on transactions. We can't put buyers and sellers in a contract and then disappear and hope it closes so we can get paid. I have seen this through out my career and I am sure that one or two of you have done the other Realtors job to get a transaction completed.

I wonder how many brokerages out there spend time training new agents on the process of a transaction after escrow opens, after there is an accepted contract.  Is this really the time a new agent or inexperienced agent should wing it.  I don't think so.  Brokers, mentors should go through a practice escrow with the new or inexperienced agent. Take the time to show them a transaction check list and how important it is to keep records of the transactions process and not rely on the escrow officer to do it for them.  Teach them to keep a conversation log of the transaction as buyers and sellers sometimes seem to forget that an agent has discussed the bumps in the road, let them know about buyers remorse and how to help the buyer through it, COMMUNICATE in the transaction as the bumps can turn into mountains without it, prepare the buyers and sellers on time frames of the transaction, teach them to respect the time frame because you never know if a seller might get a better offer and be looking for a way out of the deal, the buyer may have found a different house and is looking for a way out, let them know that all the prospecting and legwork and showings and open houses pay off in the completed transaction.  Teach them that learning about the loan process can ease the buyers nerves, Talk to them about how the buyer and or seller may feel during this time.

Seller will be concerned about the inspection process and when they should start moving, They need to be told in advance about things that are going to come up in the escrow like Inspections, appraisals, C.L.U.E. reports and the pre-audits, how much it may coast to sell their home besides the Realtors commission. The obligations as written in the contract.

Buyers need to know about when the appraisal should be paid for and ordered, that they may need to have reserves in their bank, that they need to get all the information to the lender asap, when the inspections need to be done and advise them on what may or may not need to be fixed, They need the agent to be the solution not the instigator of the bumps. They need guidance and may not even know it.

Keep buyers and seller apart. Most of the time they get together will make more work for both agents. Deals fall through because he said she said, comments on the house, stupid little things that should never been said or perceived. 

I know there is alot more to the transaction but how many agents new and old wing it. The Real Estate schools don't teach it, The other agent isn't going to teach it and the Title company may try to teach it but it is not their job. So how do the newbies and inexperienced agents learn. Do they just get thrown into the fire?

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clock to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Groups:
Prescott
Tags:
agents
realtors
buyers
sellers
transaction
brokers
escrow
buying
selling

Comments 4 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
131,525
Susan Trombley
Broker/Realtor, Raleigh, Cary, Wake Forest, Youngsville
Trombley Real Estate

That is so sad to hear that agents are leaving buyers and sellers to what?

That is terrible. This is the most expensive one thing that they probably will buy and they are left to fend for themselves.

August 08, 2007 09:19 AM
Rainmaker
120,426
Rebecca Savitski
NC Real Estate Listings
NC List for Less Realty Incorporated
I have never heard C.L.U.E. what does it stand for? Great post I think a lot of agents wing it I know I did now I have a processor to handle the day to day and I handle the bumps.
August 08, 2007 09:19 AM
Rainer
55,608
Ken Nimmo
National Real Estate of Prescott

C.L.U.E. is an insurance report of the subject properties 5 year history on claims. It is a very important part of the transaction as the insurance companies can cancel the new homeowner for the first 60 days after the completed purchase. In Arizona it is in the standard contract that the seller must provide this report to the buyer during the inspection period.  I advise my sellers to order the report before they ever get an offer.

If you haven't seen them or need to know how to order them go to  www.choicetrust.com  your seller must register and pay for the report for around $20. They can have it faxed directly to your office if need be.

August 08, 2007 09:30 AM
Rainer
24,362
Nora Adkins
Realty Executives
I think most of the larger or more reputal companies have training for new agents.  I know my company works with them until they have at least 6 deals under their belts.  The biggest problem is the agents who come out of school knowing everything and go straight to a 100% company that offers them nothing but a place to hand their license.  A CLUE report is a Comprehensive Loss Underwriting Estimate.  This tells the buyer if the seller has ever filed any insurance claims on their homeowners insurance.
August 08, 2007 09:35 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lock to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
55,608

Ken Nimmo

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the scissors to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: