Tips To Remember When Representing A Seller
One of the hardest things to do is keep your seller happy and provide all the support that they need. It is definitely a whatever-it-takes type of situation. A seller is already under a lot of stress considering that they are making one of their biggest changes in their life by selling one of the biggest, if not the largest, investment they have made. That is why they need the utmost cooperation from their agent. Since the seller doesn’t have to necessarily control their thoughts, you do. That means don’t feel rattled for the first offers, no matter how low or high they may be. Go through every buyer’s offer tediously to find out what make need to be addressed. This is the best way to make sure the seller and buyer have the best experience with you.
The absolute worst thing that could pop up is having a buyer back out within a few days of the deal being completed. That is the time when the owner/seller is already planning to move out and has invested the time to find a new house to call home. If the deal vanishes at that time, it may devastate the seller beyond convincing them that you can sell the house. A lot of time is put into this big of an investment, so having something like that happen to the seller could be a deal breaker.
To be able to avoid this situation, you will have to make the prospective buyer put down a deposit that it large enough to scare off anybody that isn’t 100% sure that they want to buy. This may sound like a bad idea to many potential buyers, but if they are serious about the purchase, they will put down the deposit. The deposit should be large enough that they won’t go searching for another place and buy that place instead. This way, the buyer is basically locked into the property and the sale can be completed with less stress. You have to remember that you are on the seller’s side and not the buyer’s in this situation.
After the deposit is taken care of, you definitely ought to get proof of a loan approval to finance the house. There shouldn’t be any fine print saying that the loan may fall through or anything else of that nature. Give them two weeks to get a solidified loan in place that doesn’t have any ‘special’ conditions to let them back out. You want this house to be financed no matter what once the buyer makes their decision.
The number one thing you have to do is set the rules completely straight. Make sure that there is absolutely no loop holes that the buyer can find and cause a big deal of trouble for the buyer. Your number one job in representing the seller of the property is to make their demands in every way possible. Obviously, you want your client to be happy with your work more than the buyer is. After all, you have to do your job the right way!
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