What’s it like to be a listing agent?
Anything that can go wrong, will go wrong.
…No, not always. But be prepared for change and learn to adapt.
Now we just sit back, take some pictures…
And emphasize various selling points to try and get the best offer we can…
Or two… Or five…
Make sure to have a lengthy conversation with the Seller about the leak he “didn’t have” and water marks he’s “not sure how they got there”.
Spend a Few hours at the computer entering the data you’ve collected.
Enter the same data into marketing sites for additional exposure.
Schedule open houses and showings.
Show up to them. Follow through.
Order Signs and Sign Riders.
Arrange Keys, Lockbox, or Showing Times.
Boost the marketing on social media.
In some instances – Film a live tour.
Okay. Marketing goes live.
You Receive an Offer.
It’s not great, the contract isn’t filled out correctly, but you can work with it.
Counter back with corrections and favorable terms for your Seller after explaining to your client why these things have to be addressed.
Buyers really like the house, and accept the terms.
Due diligence begins.
…Aaaaaaand they’re off!
Due diligence is like a race against the clock to protect your client’s best interest.
While also making sure the Buyers side is performing in good faith.
They need to do a home inspection and most likely order an appraisal.
These are hoops to jump through.
These hoops are intervals in which everything is back on the table and comes down to negotiating.
If everyone has moved forward in good faith and the due diligence period expires (and the buyer backs out) the seller has right to the earnest money as damages.
– Time off the market would effect Your days on the market when it goes live again. This also effects the marketing and how new buyers view your old listing.
Re-marketing will need to be done to be most effective.
Anyway… the Home inspection comes back.
Things are wrong and broken.
The Buyers, of course, seek compensation in the form of repairs
(or closing cost contribution).
Make sure you have a few good handymen up your sleeve.
…You’ve come to an agreement?
Good, we’re moving right along.
Hoping for a good appraisal…
Sometimes you get it,
and sometimes you don’t.
Welcome to Las Vegas.
Appraisal comes in… and it’s low.
Lower than your agreed upon price.
Hell, lower than you thought it even could come back at.
…Will they come up?
Can they if they wanted to?
Do you have to take back any contribution in hopes of justifying the price?
At any given time a call might come in that -Your lockbox is missing
Or there are squatters in the house
Or the doorknob was sawed off.
Or there’s a Leak in a vacant property.
– Consider yourself lucky if they don’t all happen at once.
This requires you to drop everything and go the property in problem solving mode. Luckily, that happens to be your specialty.
But before you get the chance to negate the problem, the buyer backs out for personal reasons or can’t obtain financing.
You start looking for another offer in the meantime.
You got two?
Let’s make the two compete.
It’s just… One party needs to see the house one more time to be sure.
No problem. I’ve confirmed you at 3pm.
Clients show up at 3pm as planned.
No entry. No one home.
– Just because you show up for showings doesn’t mean everyone does. That includes clients, tenants, and in some instances – other realtors.
Don’t be that guy/gal.
Seller finally shows up in time just before the Buyers leave.
Confirming what they thought before – They loved the house.
Request everyone’s highest and best offer.
Got it? Now it’s time to present to the Seller.
Sounds like You did it!
…That must have come easy.
Listing agents just sit back and collect a check, right?
You get another call.
A number you’re not familiar with.
It’s the lender.
They want to tell you good and bad news.
Apparently the appraisal came back how you hoped but there are appraisal conditions.
You need to paint the defective fascia boards (outside boards just under the roof that frame the house). You have a plumbing leak under the sink and the dishwasher air gap overflows.
Your client turns to you and shrugs.
This is all news to them.
You explain these fixes are imperative to closing the deal.
And the seller wanted to sell “As-Is”.
They’re insolvent (no money to pay if they wanted to)
Their very reason for selling.
Buyer is so strapped for cash to purchase that they can’t afford any additional upfront costs.
White knight – party of 2.
That’s right. You come out of pocket to save the day to be reimbursed through proceeds.
The term “As-Is” only goes so far. You have to make this deal work. Are you going to pay 500 to make 3000? Or save 500 and make Zero?
I’ll let you do that math on that one.
That’s the simple version. Make sure you know what your client wants. Some thing I learned from my first job at a Pizza place. If you don’t listen, you can’t deliver.
Ask what would you do in this scenario.
What’d you come up with?
… Wow that’s really well thought out.
Unfortunately it might only benefit you on future deals.
So Think of a few outcomes.
Present them to your clients.
Having No options means checkmate.
If it’s checkmate just let me know and I’ll clean the pieces up right now.
Is it easier to start a new game,
or give them another move to prevent the end of the game?
After all, this is a game.
For best results, know the rules.
Signature Real Estate