Three common issues or mistakes in a transaction

I wanted to write a piece about the three most common issues in a transaction or mistakes I see agents making.  Instead of writing a long post I will break it out into three posts.

AGENCY DISCUSSIONS

Explaining agency is a critical step in the agent sales process and is one which is required.  I think we as agents owe it to the public to explain agency and ensure that it is understood.  Educating prospective clients is a critical part of establishing a good, honest and trusting relationship. One of our first steps in client relationship building is the opportunity to explain agency.

It really is a perfect time to make yourself stand out of the crowed of other Realtors.  If you are able to explain agency succinctly and correctly you will be one of the few agents who can.  You will be the professional agent in your clients eyes.

This opportunity is ideal because you can insist that your prospective client listens and you can blame it on being required to present it. I guarantee that your clients will respect you and trust you much more once you have done your job and done it well while explaining agency.

I have heard every excuse in the book as to why the agent couldn't talk about agency or why it was done so late in the process.  THERE IS NO EXCUSE, nor should any agent want one, rather agents should love the opportunity to start dialogue.  I had a hard and fast rule that when I met people at a house to view it, they did not get in the front door if they refused to allow me to tell them about agency.  In fact I used it to my advantage anytime I could.

I had a prospect who wanted to view one of my listings, I met them out at the house, introduced myself and told them that prior to going inside I needed to discuss agency with them.  At first they looked at me like I was from mars, and told me they had seen 8 other homes with 8 other agents and none of them went over the agency disclosure.  I responded that I was required to do so and in fact the perfect reason why they should do business with me rather than the other 8 was because I was the only one doing it correctly.  A bit bold maybe, but true, and you all know it!

They listened to my explanation, understood it and signed the brochure.  I showed them the house and they were to call me back later in the day with a decision to do business with me or not.  They called me in the evening and asked me to be their realtor, they told me that I was indeed the only agent who did the job right with respect to agency and trusted that I would do everything right in a transaction!  I sold them a $250,000.00 home within 2 weeks.

Being able to establish trust is critical to your success, engaging in important and meaningful conversation with your prospective clients is without a doubt the best way to kick the relationship off on the right foot.  Use the agency discussion to set yourself apart from the other Realtors.  Don't be afraid to discuss it and remember you can talk about agency too late in the process but you can never do it to early.