As a writer-producer for the National Association of REALTORS® based in Washington, Sam Silverstein develops articles and videos for NAR's members and others interested in its activities, statistics and research. You can contact him at SSilverstein@realtors.org.
Set Clear Rules Before Working With Anyone
The key to making sure unforeseen obstacles don’t snag your client’s transaction is to communicate, communicate, communicate.
November 5, 2018
Sellers who won’t budge on the price they want for their homes. Buyers who can’t decide what they’re looking for in a property. Other real estate professionals involved in a transaction who just won’t cooperate. You can raise your chances of avoiding these common problems by setting the proper expectations before you invest any time in working with someone, Greg Glosson, ABR, CRS, managing broker at Fast Track Realty in Memphis, Tenn., said Sunday at the REALTORS® Conference & Expo in Boston.
The key is to build trust with clients and colleagues at the start of a working relationship, which will give you the credibility and authority to stay on top of the deals you manage, Glosson said. By laying out how you do business in advance, you’ll be in a better position to keep things moving as a transaction proceeds. Don’t be afraid to be upfront with people and let them know how you operate. “Say, ‘I’m going to be available for you, and I’d like you to be available for me,’” Glosson said.
When you have an initial consultation with a prospective buyer, emphasize that they need to know what they are looking for in a home so they are prepared to decide quickly if they want to make an offer on a property you show them, Glosson said. In addition, make it clear that you won’t invest time in working with them unless they are preapproved for a mortgage or are planning to pay cash.
Also, be sure that spouses or other co-buyers are in agreement about their goals and that no one has unrealistic expectations that could cause them to balk when time is of the essence, he said. “If you sleep on it, you won’t sleep in it.” Keep in mind that you may have to help people understand that what they’ve heard about the homebuying process may not be realistic, he added.
It’s also important to be clear with sellers about what they need to do before you agree to list their property, and look for signs that they aren’t prepared to cooperate, Glosson said. This will help you avoid clients who won’t declutter their homes, insist on being there during showings, refuse to follow your advice on counteroffers, or otherwise impede your ability to find a buyer for their property, he said. “Some listings are not worth it. … It all goes back to the seller consultation process.”
You should also establish ground rules when a deal goes under contract, and you have to work with the agent on the other side of the transaction, Glosson said. Make sure you agree upfront about how you will communicate, understand how the other agent interacts with their client, and ask about potential obstacles that could come up later.
Unlike potential clients who pose red flags, however, you may not be able to avoid other real estate professionals you’d rather not work with on a transaction. For these situations, Glosson has a simple piece of advice: “Sometimes, you just have to get it done.”