#bhhspro

Keep track of your home sale details.

By kelly mccormick, Broker with BHHS Professional Realty, REALTOR®

Every real estate transaction, regardless of the complexity, requires a myriad of documentation. When working through the contract timeframe there are a few things to keep in mind. First and foremost, examining the final details and information before closing will save you time, worry and stress later on. Not to forget it feels pretty bad when money unexpectedly flies out of the wallet after getting caught up in a difficult situation, or a costly repair after closing just because the information is missing when the sale closes.  

1. Review every signed document that is part of the contract process. Ensure a readable copy of all agreements to sell or list a property is safely tucked into a folder, and any folder will due, digital or paper.

2. A seller, buyer and seller's agent and buyer’s agent will want to look at each page of any disclosures. Check docs for signatures and initials by all parties before a property is pending. If something is missing - correct it right away. 

3. A buyer and buyer's agent should always look over any agreements for home repairs or replacements. Acquire the supporting documents before a buyer's final walk through. If a buyer wishes to have a re-inspection on a specific repair, include the repair results with all of the receipts in a closing file.

4. Review all communication. Never hesitate during a property sale to over-provide information to a buyer or a seller if requested. Sellers are recommended to notify a buyer in writing when any public notices are received during their ownership and even while under contract. That includes HOA notices and public authority notices. Keep good notes on any transaction.

5. Truthfulness and accuracy is a must when completing a Residential Property Disclosure (RPD).  Real estate agents are not supposed to assist in the completion of an RPD; however, they can advise clients to be very accurate when completing disclosures, a buyer and a buyer's agent should pay very close attention to each section and detail. Tip: Take the document to the inspection, and give a copy to the home inspector.

For real estate agents

The discovery of new business is the difficult for any agent, especially a new agent, while experienced agents understand that new leads are the ice cream of the RE business. Learn to turn time into leads by time-blocking for new business activities. Beginning a new career in real estate, or plan to revamp this year’s business approach, either way, This is a perfect time to put together the plan.  By taking this last quarter to reflect on a year's successes or shortcomings, is sure to provide benefiting information that is vital to business planning. So take a look back - Go ahead it won't hurt (maybe a little). Looking things over is empowering. Let the ideas flow.

5 Put a great plan together

01 Rearview Mirror – Analyse all of the sources of sales, clients, leads, passive activities, and aggressive actions that provided commissions and exposure this year. Before putting pen to paper, ask a few questions.

Where did my business come from this year?

Did I receive company leads?

How many sales were from the sign or repeat customers?

What were the sources of unexpected referral business?

Did I use my company tools to save marketing dollars?

These questions will help you reflect and come up with a strategy. The steps of asking yourself questions saves time and provides clarity for moving on to success. Here is a good book recommendation.

Atomic Habits is an excellent book by James clear to read this month. Easily found on Amazon. 

02 Research -  Luckily, real estate agents have access to accurate, up-to-date MLS sales data that provides an array of useful information. Successful agents know it’s essential to understand the pool of sales talent in their targeted areas.  Vetting out the company, or agents who dominate a market or even a specific neighborhood helps to make wise marketing and planning choices for farming and Geo-mailing.  Looking to consider a broader range of statistics, look no further than the National Association of Realtors, where accurate US home sales data is readily available. These useful reports include anything from Housing Statistics and Affordability to Pending Sales in 2019 plus so much more.  

03 Define The Supporters - Consider your familiarity ques to determine a targeted sphere of influence.  These lead sources are great for biz planning, and plant the seeds for database growing.  Sometimes familiar places or people easily overlooked; for instance, agents who need talented assistance in the office for support and back up. Providing support to lead agents can prove value and equal RE income.  Also, consider these five areas of database fillers for next year’s marketing plans.  

Find the support - closest to home, and add those people can relate to your business quickly.  

Tackle the people fear - Friends & family are tricky, approach this group at an angle, by taking every opportunity to speak positively about the career of RE.  I call this group YOUR 'Glad-Handler' group - Why? Because they get all your FREE Stuff.

Connect with people - who know the glad handlers. Sometimes even better than the friends & family group because they cost nothing,

New Business – All new business is from leads, luck, open houses, church, school, community network, well-placed ads, and spouses' job.

04 Ask for a Report Card  - It can provide a valuable perspective for a new year of business planning. Ask a friend to grade YOUR real estate performance from the consumer’s perspective.  

Volume one, take two – Who do you, know?

Same old story right, well maybe not. Today’s everyday Realtor thinks about improving business, contact marketing, meeting buyers and selling listings. The rules for selling and building a business have not changed much over the years,  but the way our business has evolved into Who do you know, has.  As of 2019 there are over 2.38 billion Facebook users, LinkedIn has blossomed to over 500 million, Twitter 330 Million daily users and Pinterest tripped into the social media enclave with almost 250 million log in users a day. This is a virtual landslide for Realtors. A savvy agent uses social media with inventive ways to add content, video, engage, and bring value and awareness for those influencers through storytelling and interest sharing.

There is a theory from the 1960s that most of us have heard; there is “6 degrees of separation” between you and the person you want to meet. Facebook is an incredible example of how networks form and how they work to bring people together. Using a media street corner to create and build relationships through the type of content and the quality of information will help to bring in new followers and potential new customers to your business. Try to get your followers to post into your page positive results of home sales or advice given to them by you. This is a powerful use of networking.

If you’re in the business of connecting claiming social media is not going away, I fact if there is a tip this is the iceberg for sure. I love Pinterest for pinning up home design ideas just like a bulletin board above your computer - sharing interesting photos/links of kitchens, décor and home designs that may interest your groups, and show case my interest and knowledge. Try it, followers will soon value your insight and interesting pins – if only 6 degrees separate us from a person we want to know, less separates us from those connected with our friends, family and clients.  Get started building social networks and engage in a fun and interesting way that to tells your story, and brings insight to others. Did I mention the cost? FREE.