What??? I have to learn the contract??? (An easy way to learn it, fast!)

By
Real Estate Agent with Chris Alston (Keller Williams Realty, Cupertino California) 01338415

Contract

There seem to be so many challenges we face in our Real Estate Careers.  From networking, to blogging, to social media, to open houses and the list can go on and on and on...  One the necessary items that we all work on is learning our local purchase contracts.  Out here in Silicon Valley, we use one of two contracts to purchase homes.   We have a local PRDS contract and of course the state wide CAR contract.  This can make it more challenging for new agents to learn the verbiage of the contract. 

Even if you love one of the two, and understand it...  What happens when you get an offer on your listing on a contract you are unfamiliar with?  You are better off to learn before this situation occurs, so you are not racing at the last minute.  You have a fiduciary duty to help your clients through the maze that is the contract, so here is a good way to learn quickly!

Go to the office supply store, and buy 5X7 cards and a glue stick.  Take the actual purchase contract shrink it just a bit on the copy machine.  Then cut out EACH individual paragraph and stack them.  Then take each paragraph, one at a time, and glue them each to one of the cards one at a time.  Then on the back of each individual card, write the actual contract paragraph number on the blank side.  So you should have a set of flash cards, where one side is the paragraph number, and the other side is the actual paragraph of the contract.

Set up a daily plan to read one flashcard 15 or more times a day, every day.  Soon, you will begin to absorb the contract and know its subtle nuances.  Now, you should still be attending contract classes at your office, as that will reinforce what you are learning through this process.  Taking classes on the legality will reinforce how to interpret what it is that you are learning though memorization.

Are there ways that you have done to learn about the contract? 

Posted by

 

Chris Alston

 

Home sales and purchasing specialist

Keller Williams Realty, Cupertino

19400 Stevens Creek Blvd, Suite #200

Cupertino, CA 95014

408-850-6955

408-850-6956 fax

calston@kw.com

www.LivePlaySiliconValley.com

 

Find me on:

Photobucket Photobucket Photobucket  

 

 

 

 

 

 

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Sales and Marketing
Groups:
Be The Best In Your Field
Keller Williams Active Rain Bloggers
Keller Williams Active Rain Worldwide
Realtors®
Tags:
contracts
legal contracts
fiduciary duty

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

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

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

Spam prevention

Accessibility option: listen to a question and answer it!

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

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

Show All Comments
Rainer
149,849
Anthony Clark
Clark Partners Realty Group - Fayetteville, AR
Real Estate. It's About Lifestyle!

Chris  I find that role-playing (with another agent, your spouse, your cat, or whomever) is the best way to learn contracts. When you force yourself to verbalize it, you're forcing yourself to know what you're saying.

June 12, 2010 07:20 PM #1
Rainmaker
1,377,516
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

That does sound like a good way to learn the contract, and then you can present it upside down!

June 12, 2010 07:29 PM #2
Rainmaker
111,743
Mike Conner
City Realty, Inc. - Olympia, WA - Lacey, WA

Great post Chris! We often focus so heavily on bringing in new business that it is easy to overlook the REALLY important pieces of selling real estate. I like the idea of using flashcards to help remember the contracts!

June 13, 2010 04:13 PM #3
Ambassador
491,752
Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Anthony - Role playing is vital!  Great point.

Joan - Funny that you say that, I can read it upside sometimes better then the right way! lol.

Mike - Thanks Mike!

June 14, 2010 11:06 AM #4
Rainer
2,042
Amanda M. Cole
Keller Williams, Denver, CO - Denver, CO

Thanks much for the tip! I am a new agent. Super new... I have not had any contract work yet and am petrified of looking like an idiot because I don't know all of the contract yet... Have a great day! 

May 11, 2011 11:12 AM #5
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

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

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

Show All Comments
Ambassador
491,752

Chris Alston

Silicon Valley, California
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

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

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

Additional Information