The Aftermath of the Battle
Recently we had the privilege to speak on a panel of real estate professionals in our industry. The hot topic was the Battle of the Brokers: Buyers Agent vs. Listing Agent. The purpose of the discussion was to shed light on both sides of the transaction and to see how we can create a more positive experience between one another by understanding the other’s role in the deal.
- We hear it all the time, but a very important matter of Submitting a complete offer was one of the top complaints from a listing agent’s. Double check your math, be sure that all blanks in the contract are either completed or marked “N/A” in the line so it’s clear that you didn’t forget something in the offer. Also include a current (30-days of less) approval letter, or proof of funds with your offer. If you’re writing an offer on a Fannie Mae listing, be sure to include the occupancy disclosure with your offer as well. Also be sure that all areas that require an initial or signature are completed. Be thorough. Do it once. Do it right the first time. Setting up a template in zipforms was a great tip. We have several templates set up for our use. Short Sale Listings, Traditional Listings, Short Sale Purchase, REO purchase, Traditional Purchase. Taking the time in advance to get these set up will definitely save you time in the end. You’ll be a hero in your client’s eye too. They will wonder how you wrote up their contract so fast and with excellent precision.
- Read the MLS sheet. A huge complaint is that buyer’s agents call and ask questions when the answer is right in the MLS form. Sometimes gate codes are wrong, lockbox is not installed, or a key is missing. Usually a simple phone call can remedy this problem. We all make mistakes, but do take the time to carefully read agent to agent remarks. If it leads to a website, click on it. If it says to give a tenant or owner notice, do so. Remember the listing agent is complying with their clients’ needs as we do with our buyers.
- Keep your client qualified for the entire length of the transaction. You need to take the responsibility of ensuring the buyer and lender is staying connected and up to date. As a short sale listing agent when you’re obtaining monthly updated financial information from your seller, it is also a good time to reach out to the buyer’s agent you’re working with and ask them for an updated approval letter for their buyer. Another tip is to ensure the buyer consults the lender before opening credit lines, making large purchases, moving or spending large amounts of available funds. The buyer needs to understand what verifiable funds are, especially if they are a cash/tip earner. Addressing these in the beginning can save a deal at the end.
- Getting timely updates in a short sale transaction. What do you do when you don’t get weekly or biweekly updates from the other party? And on the other side, you have the client grilling you every other day for an update? Do what you do to be a great real estate agent….. you take control! Contact them. Don’t pester, just contact. As soon as you are under contract, EMD is deposited, and escrow is opened, have a conversation with the listing agent. Ask them how they will be updating you and how often. Communication is the key. As long as the expectation level is set from the beginning it shouldn’t be too difficult to keep everyone engaged in the process.
We must put egos aside, work together and do what it takes to get the job done. Don’t take the position of “it’s your job, their job, title’s job, whoever.” If you’re not sure of how things need to happen on either side of the transaction, ask questions. We are all in this for the same reason—a successful transaction that closes with happy clients on both sides and of course a commission check at the end. Remember, working together is just better.
Darra Williams of Exit Realty Unlimited has grown her business working with families in our community by helping them avoid foreclosure. In the last 4 years Darra has grown her business through efforts of farming, referrals from past clients, door knocking and cold calling. She is a “CDPE”, a Top Producing agent not only in her office, but also in her region. Darra is a sincere true professional, and approaches each transaction with a “team player” mindset. She will not only hold her end of the deal up, but is happy to assist the agent on the other side. Darra believes that “working together, is just better.”
Rebecca Bang of Exit Realty Unlimited has an great ability to turn a sign call into a solid buyer that closes a deal. Her patience and knowledge of working with buyers sets her apart from the rest. Rebecca is timely and thorough in her transactions and her repeat clients can attest to her experience and professionalism. Although Rebecca is a mover and shaker and loves working with buyers she is also a CDPE. Understanding the complexities of a short sale is important not only for a listing agent, but a buyer’s agent as well. Rebecca is nearly 100% mobile with her business being able to handle a curve ball in a transaction while on the go.