My New Outside Blog: It's A Slippery Road ... The Co-Broker Experience

It's A Slippery Road ... The Co-Broker Experience

 

Snowed Covered Area to the Nature Trails of McKinneyCaution...you may be entering the slippery road known as the Selling Agent or Co-Brokering Agent.

It begins on how you define your reponsibility .. Friend or Foe?  Actually the selling agent's responsiblity is to the professional charged with representing their client in the purchase of a home.  I never understood the mindset of "sides" of a transaction.  The listing agent and selling agents should mutually work together assisting their clients with meaningful information and developing a non-confrontational atmosphere.

The selling agent's journey begins with the proper reach out to the listing agent.  Communication is the key throughout the process. 

  • Quick courtesy phone call to the listing agent checking on the status of the home. (This is a step I find that is often skipped and can come to bite when they find out an offer has just been accepted). 
  • Inform of your client's interest and the intent to write an offer.
  • Inquire as to any specific seller needs i.e. close date, exclusions that may not be referenced in materials, etc.
  • With permission from your client, accompany the offer with a little overview positive information regarding your clients (well qualified, employment, etc.).  Be brief, upbeat, and appreciation expressed to the seller for the lovely home.  The buyers may even wish to pen a few words in their handwriting as well, just be sure to screen to make sure it creates the tempo you believe is best to present.  You want to avoid the impresssion that they are so in love with the home they will just pay anything to get.
  • Write the offer up clean and clear.  Check over for unfilled blanks that need to be addressed.  Make sure all appropriate addendums are attached and are indicatead in the contract as an attachment.   You will be judged by how properly written the contract is presented.
  • USE EMAIL to deliver or Hand deliver the offer.  Fax is out .. it is the first tip that the agent does not invest in their business.    When you email you can actually check to make sure all pages of the contract are attached and have scanned properly.  With fax offers you are at the mercy of all pages going through and you cannot re-send at a click just have to feed all over again and again.  USE EMAIL!
  • Call/Text the agent .. don't just email an offer and assume it was received.
  • Make sure the listing agent has been informed as to why certain items have been address as they were in the offer (closing on a home and need this close date, etc.).
  • Always express appreciation to the other agent for the opportunity to work together.  Express appreciation for varied things throughout the process.
  • When the offer becomes a contract .. make sure you continue great communication and watch those critical time dates associated with the transaction.
  • Never lose your temper make snide comments to the listing agent or about the listing agent to your clients.  You are the professional to keep the emotion off the table and maintain the spirit of working together.
  • End the transaction with sincere appreciation, written note and email to the listing agent to leave a great finishing impression.  Make them want to work again & again with you.

The road to a great transaction as a selling agent does not have to be slippery.  With attention to detail, communication and keeping emotions in check will make this a journey all will fondly remember.

 

Comment balloon 6 commentsConnie Goodrich • January 10 2011 06:14PM

Comments

I love it when I am working with a professional. It can make all the difference between a smooth transaction and an uphill battle. Good list of to do's in working towards a MUTUAL GOAL.

Posted by Randy Ostrander, Real Estate Broker, Serving Big Rapids and West Central MI (Lake and Lodge Realty LLC ) almost 9 years ago

Connie,  Great post. It would be nice if every agent could read and follow your advice. I can tell that you are the type of agent that I love to work with. 

Posted by Gary Coles (International Referrals), Latin America Real Estate (Venture Realty International) almost 9 years ago

Hi Connie:

Excellent post, you hit on all of the points.

I just got an offer on a listing that was only faxed to the office...no call or e-mail from the buyer's agent...

Posted by Toula Rosebrock, Broker/Sales Associate, Realtor, Lacey Township, (Diane Turton, Realtors, Forked River, NJ) almost 9 years ago

Randy - makes all the difference if you have a professional on the other side, generally goes very smooth!

Gary - I try to be the agent all love to work with as it makes them want to show your listings and transaction start out well and conclude on a great note. 

Toula - thanks and I too have received offers like that.  Sometimes I have a contract offer on the table or just concluded an agreement and the agent had no way of knowing without asking so they got a surprise.  Ususally when I know there are other interests going I call the other agent to let them know that I am about to receive an offer if the seller OKs that conversation but when I have no clue with one showing only then it is just unfortunate.

Thanks to all for stopping by to read my post and taking time to comment!

 

Posted by Connie Goodrich, CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) almost 9 years ago

I’m confused. What is the difference between listing agent and selling agent? Out here they are the same. Where’s the buyer’s agent in your post? It almost sounds like your selling agent is the buyer’s agent.

Posted by Jim Frimmer, Realtor & CDPE, Mission Valley specialist (HomeSmart Realty West) almost 9 years ago

I’ve noticed that many brokers like to state that they are #1 in [enter city name], but when you dig deeper, there are so many ways to be #1: commission, total volume sales, and, yes, transaction sides.

Posted by Not a real person over 8 years ago

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