By Jesse McCarl
If you Google what can go wrong in real estate, you will see Google autocomplete a very comprehensive list of the 88 most common breakdowns in a real estate transaction. The full list is available here.
So we’re taking a look at the places where, according to this list, the Realtor goes wrong and what YOU can do to not be that agent.
Has bad communication skills.
Very few agents are just genuinely bad communicators; you got into this profession because you like working with people! So more than likely, consumers view this as a breakdown when their simply not getting the information they want as fast as they want it.
Keller Williams has a saying along the lines of, “Never go to bed with an unanswered message.” So as Realtor, you’re allowed to sleep! Get your full eight hours of beauty rest and don’t let anything bug you. But as a Realtor, you’re on duty the rest of the time. Even if you just touch base with a client via text message before you call it a night, that steady flow of communication will guarantee the consumer that s/he is in the right hands.
Delays access to property for inspection and appraisals.
Don’t ever delay a viewing or access to a property if you can help it. Some reasons people do this is to give other clients a chance to look at the property, or to stall so you can show off another property you think would be a better fit. Even if you know your clients better than they know themselves, you still need to grant access to whatever parts of the transaction they want in on.
Other times, delays are simply out of your hands. It’s not something that happened with malicious intent – it just happened. When this is the case, just be transparent with your customer. When you’re honest about the behind-the-scenes of the process, you’ll gain much credit with your clientele.
Unfamiliar with their client’s financial position- do they have enough equity to sell, etc.
Best thing you can do to prevent this common breakdown? Partner with a lender. If financial analysis is a weak spot for you, have someone one your team, whom the client can trust, who will take care of this important element.
Does not get completed paperwork to the lender in time.
An establsihed partnership with a specific lender will help with this common breakdown, as well. Other than that, the only advice we can offer is to JUST BE PUNCTUAL! This is the part of the process most clients don’t fully understand, and they’re relying on you to be on your game.
Inexperienced in this type of property transaction.
If you’re asked to manage a transaction you’re not fully familiar with, be honest about your shortcomings. Instead of taking on the project by yourself, see if you can get a referral check by sending the customer to a real expert. Depending on your schedule, shadow the expert through the process so that the next time a similar property transaction comes across your desk, you can tackle it yourself.
Takes unexpected time off during transaction and can’t be reached.
The moment you plan an out-of-town trip that will impact your business, you need to start communicating it. Don’t take on any new clients without laying out for them all of the dates you’ll be inaccessible. Even if they seem to be fine with those dates, use your own wisdom to gauge if it will be a problem given their expected timeline.
Sometimes there are issues that can’t be planned for. When something like this happens, the key (yet again) is simple communication. Send an email out explaining your circumstances, your return date, and even a trusted business partner who can answer questions during your time away. Change your voicemail to include an apology and assurance that the consumer is still your top priority!
Has huge ego that gets in the way of progress.
Check your ego at the door. From negotiations with other parties to managing your own clients, you are NOT the one purchasing a home here. Yes, you’ve been around the block. You know the market. But you still are in a customer service industry and need to accommodate their requests.
Does not do sufficient homework on their clients or the property and wastes everyone’s time.
If the client requests a showing for a home they found online, even if you personally know it’s not a good fit, you still need to do adequate research on the property. You should be as knowledgeable about every listing you visit as you are of the ones you manage yourself.
What would you add to the list? Have you ever been responsible for a breakdown in a real estate transaction? Use the comments section to fess up!