For those of you who are not in the business of listing or selling real estate, there is a tendency to congratulate your realtor friend or relative upon the contracting of a property for sale. For Realtors themselves, however, they are more than fully aware that their work has just begun.
Economic Impact
The economic environment, along with many other factors, have greatly impacted the nuances involved with managing a real estate transaction form contract to closing. The skill of the realtor plays a much more significant role in meeting the needs and balancing the emotions of all parties involved.
Inspection Issues
Although results of the building inspection are often sited by the buyer as the reason that they have hesitated to proceed with the purchase of a particular home, it is often more involved than that. There can be a huge emotional impact on the psyche of the buyer the day of the inspection. It is at this juncture that the buyer realizes, “Wow, I am actually buying this house. When the inspection is over and I sign formal contracts, I own this house for better or for worse.”
Frayed Nerves
The thought can be overwhelming and can often inspire irrational thoughts and behavior. It is at this point where the buyer needs the support of their realtor more than ever. It is at this interval when the skill set of the realtor can be instrumental in the buyer and seller having a final meeting of the minds. The skilled realtor:
- Engages in consistent communication with their client.
- Engages in consistent communication with the other realtor to the transaction.
- Maintains copious notes of every conversation with all parties involved.
- Does their best to ensure that emotions are kept in check.
- Always negotiates for their client, not for themselves.
- Always gives their client their best advice, but never makes decisions for their client.
- Reminds both parties the reasons that they consummated the deal in the first place.
- Helps their client and the other realtor prioritize the important issues.
- Helps their client and the other realtor avoid fixating on the minor issues.
- Offers a solution whereby both the buyer and seller feel as if they have come away with a “win.”
These are some of the key ingredients to providing exceptional value to your clients and to holding together a higher percentage of your contracted properties than other realtors in your market place.
Are there any areas of focus not mentioned above that have been helpful to you?
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