I was listening to a veteran real estate agent as he spoke about his experiences over the last 40 years. What he really loved about real estate, he said, was that it was always an adventure and always a challenge. That’s the thing about selling real estate: in order to continually be on top of your game, you need to master the market of the moment—which means exactly what this experienced agent was talking about. You always face new and different challenges and pitfalls to get to the closing table.
The other thing that makes real estate such an adventure is that there is always a problem to overcome in the course of the transaction. Just as each snowflake is unique, so is each problem. There could be trouble with pest infestations, loan qualification, errors on title policies, or issues with easements and encroachments. Whatever the case, even if the problem wasn’t yours in the making, it is yours to resolve if you want to get the deal to the closing table.
Here are four strategies to help you avert crisis and close your next deal:
- When trouble is brewing, always keep your broker or office manager involved. In most cases, your broker or office manager should be your first line of support. Generally, they’ve done lots more transactions than you have and can advise based on a wealth of experience. They can also consult corporate counsel when appropriate.
- Take advantage of the risk management team. Most errors and omissions policies come with a number of complementary risk management phone calls to attorneys and risk management staff. Don’t hesitate to give that number a jingle and confer with a professional on the best course of action.
- Use your state association’s legal hotline, if available. Many of the state associations provide a free legal hotline for their members. That’s a number you can call anytime to speak with an attorney and get some solid advice free of charge.
- Dial-up the chain of command. If your problem relates to lending or settlement services and your local liaison or lender cannot get the job done, dial up the chain of command. Speak to supervisors (and supervisors of supervisors) until you can get your message heard and your job done.
Sometimes you will get multiple suggestions for ways to solve your problem. I often speak with multiple parties. Then, when I get two or three answers that concur, I know that I am probably on the right path to solving my problem. Even with 40 years of experience as an agent, my friend still believes that real estate is an adventure. For this reason and more, it’s a good idea to always have a few ways to avert a crisis if you want to get to the closing table.