“Symphony of Success” - Closings in Today’s Market
June 26th, 2008 by Rich JacobsonI recently posted an article on the well known platform Agent Genius regarding my observations on the current difficulties associated with ‘doing’ real estate business in today’s troubling market. It just seems as though nearly every transaction is filled with its fair share of relentless challenges and hurdles to overcome. It takes a concerted effort and dogged persistence to forge through all the obstacles, and achieve closure.
The basic gist of my other article was that, given the numerous variables involved in a standard real estate transaction, that there are so many elements outside of my ability as a Real Estate Agent to control. Even though I may try to the very best of my ability to orchestrate a smooth deal, there are times when something goes south, and a contract falls apart.
It’s at times like this when you learn to appreciate the value that ‘other’ professionals bring to the table.
As a Buyer’s Agent, perhaps your most vital asset is a knowledgeable Mortgage Loan Officer. In today’s business climate especially, with loan underwriters tightening their requirements, and changing funding conditions mid-stream, it’s imperative to have someone who can stay on top of the almost ‘daily’ loan shifts, and resolve any issues quickly as their arise. Even some of the ‘cleanest’ files are now subject to intense scrutiny, and are in need of constant, diligent oversight.
The next major key to a successful transaction is the Real Estate Agent on the other side of the fence. While, as true professionals, we both understand that we owe our primary fiduciary/statutory duties to our clients, to solely represent ‘their’ best interests, we also strive to treat one another with honesty and respect. We both want to see our clients succeed, and achieve their buying/selling goals. As such, we both ensure that communication between our two parties is efficiently clear and prompt. Neither of us allows egos or attitudes to get in the way. We both understand the bigger picture, and work together towards that goal. We work collectively/cooperatively at resolving issues or potential problems.
I’ve found that a skilled Escrow Officer can make a huge difference in the process as well. Many times they have the ability to diffuse a potentially heated problem during the signing. They offer a very calm and reassuring presence to the equation. Their organizational talents provide for a more stress-free experience for our clients.
A qualified Home Inspector is also worth their weight in gold. You want someone who can effectively evaluate a home’s condition, and provide a detailed analysis of any discrepancies. A good inspector knows that he is under contract to the Buyer, and works for the Buyer, not the Agents. They can diplomatically point out any deficiencies that may exist with the home without unduly sabotaging the potential sale.
An effective Real Estate professional is like the conductor of a symphony, helping all the players to perform to best of their ability, but ensuring that they all follow a common score!
Tags: challenges, dynamics, real estate, success
Hey there Sparky, Right on with the article! Having a team of PRO’s is important in any market. Given the current “agent/lender exodus” it’s even more crucial to have a team of trustworthy experts on your side.
I interviewed and rejected a lot of loan officers and inspectors before I was able to find the top performers I work with now.
While finding the “right” home at the “right” price is the main focus of our clients, that’s the easy part for an experienced Realtor. There’s a lot more to a successful transaction than that, a lesson our former colleagues are learning the hard way these days.
It’s unraveling at an accelerating pace…
(how apropos; my anti-spam word is ‘toast’)
Foreclosure filings up nearly 70% in state
Washington state foreclosures were up 69 percent last month compared with the previous June and up almost 10 percent from May, as the mortgage meltdown continues, despite governmental and private efforts to help struggling homeowners.
Washington state foreclosure filings were up 69 percent last month compared with the previous June and up almost 10 percent from May, as the mortgage meltdown continues despite government and private efforts to help struggling homeowners.