By Ron Wynn
When the market is hot and buyers are a dime a dozen, it may not be so important that you choose a master artist to put in front of the canvas when selling a home. But when social media and world news start preaching negative propaganda, buyers need to feel confident about moving forward in a major real estate transaction, especially when they are investing their life savings and committing to a 30-year mortgage.
An agent who simply assigns a team assistant to handle showings and Sunday open houses are not going to provide the confidence and comfort necessary to keep the transaction well-oiled and moving forward.
What happens when there are bumps in the road? What happens when the appraisal comes in lower than the selling price? What happens when the physical inspection reveals that the pipes are rusty and showing signs of corrosion and that the foundation has slightly shifted?
What happens when the title report shows that the neighbor’s fence is encroaching by 4 inches onto the subject property? What happens when the buyer finds out that the people next door have barking dogs or there is a drug recovery home on the street nearby?
What happens when the buyer measures the house and finds that the square footage quoted was inflated by 200 square feet.
What happens when the stock market drops 100 points from the date the home goes into escrow?
What happens when the termite company says there is $30,000 of termite work needed? What happens when a buyer comes up with a recent sale comp to justify that the listing price is unrealistic and over market value?
When properties fall out of escrow it’s not usually because a buyer didn’t qualify, in fact, the main reason homes fall out of escrow is because of buyer remorse and because of a disconnection between the buyer and seller. A savvy homeowner should employ the agent who can best navigate through choppy waters. When the currents get rough, you need a skilled professional to keep everyone calm while doing what needs to get done, but in many cases, problems can be avoided with better accuracy and proper disclosure from the beginning.
Buyers need a lot of hand-holding through a typical transaction and the listing agent may not have a direct line of communication with the buyer. The listing agent, working with the buyer’s agent, can make or break the transaction, just over inappropriate behavior and procedure.
The listing agent needs to think ahead to make important and time-sensitive decisions and work closely with the seller to collaborate in the process by suggesting a suitable marketing strategy, doing proper research and making appropriate disclosures. Finding solutions to potential issues is about timing, presentation, attitude, choice of words and compromise.