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SHIFT Your Real Estate Business Into High Gear with 12 Tactics for Tough Times| Tactics 10-12: Expand The Options, Master The Market of the Moment & Bulletproof The Transaction

February 21, 2009 by Aaron Kaufman

 

TWELVE TACTICS FOR REAL ESTATE AGENTS IN TOUGH TIMES

TACTICS 10 – 12

Tactic 10: Expand The Options

  • In a shifted market you will need all the legal, proven financing solutions at your disposal to get your transactions closed.
  • Look at alternative financing and expand the options.

Three Areas of Creative Financing:

  1. Creative Things Sellers Can Do to Sell Their House.
  2. Creative Things Buyers Can Do to Buy a Home.
  3. Creative Things Lenders Can Do to Finance a Transaction.

What Sellers Can Do:

  1. Seller Contributions or Concessions
  2. Seller Buy Downs
  3. Owner Financing

Creative Things Buyers Can Do to Buy a Home:

  1. Family Members.
  2. Options Lenders
  3. IRA and 401K Funds
  4. Co-borrowing

Creative Things Lenders Can Do to Finance a Transaction:

  1. Government Funded or Bonded Programs.
  2. Municipal or Regional Grants.
  3. Resubmit loan applications through automated programs until they figure out just what a buyer needs to do in order to qualify for a loan.

Your Financing Team:

  • Sales agents only need to have a firm understanding of the playing field, the players and the options.
  • Build a team of financing experts and sources.
  • Having them keep you informed and up to date.
  • Position them to serve your clients.

Tactic #11: Master the Market of the Moment

  • Short sales, foreclosures, and REO’s quickly become the market of the moment.
  • Dealing with homes in default is hard work and requires orginization and persistence.

The Three Stages of the Market of the Moment

  1. Stage One: Default
  2. Stage Two: Foreclosure
  3. Stage Three: REO

Stage One: Default:

  • An insolvent homeowner in default seeks relief from the lender.
  • Options:  1. Lender temporarily suspends or reduces payments(forbearance), 2. Lender agrees to modify the loan and 3., Lender agrees to a short sale.

 Stage Two: Foreclosure

  • Homeowner is unable to cure loan and home is foreclosed.
  • Options: 1.  Homeowner repurchases home at auction or during redemption period and 2., Investor purchases home.

Stage Three: REO

  • Home goes unsold at auction and becomes “real estate owned” on the lenders books(a liability).
  • Options: 1., Agent works with lender to market REO’s for resale and 2., Agent works with REO agent to handle their buyers.
  • The Two Opportunites of REO’s:
  • 1. REO Seller Representative – listing agents who market their services to financial instituions.
  • 2. REO Buyer Representative – buyer agents who market their services to REO seller representatives.

Tactic # 12: Bulletproof The Transaction

  • Forewarned is forearmed.
  • You must get the transaction to and through closing.
  • Do that as a fiduciary service to their clients.
  • Do that in order to get paid.
  • You will have to deal with “buyer remorse,” “seller anger,” loan processing delays, tight appraisals, tough inspections and anxiety all around you.
  • You must be the calmest person in the transaction.

Outcome Framing:

  • Remind people about the consequences of their decisions and actions.
  • In times of fear, doubt or emotional reaction, bring them back to serenity and reason.

Deal with Buyer’s Remorse:

  • Nail down the decision.
  • Make a list of all the ways in which this new home meets their needs.
  • Write down all the work they have done in finding this ‘best possible home.’
  • Have them date and sign this paper with the lists on it, and you sign it with them.
  • Congratulate them on their diligence and success.

The Three S’s of Bulletproofing:

  • Selection: Do everything possible to select the service providers and have confidence that they are reliable, stable and acting on behalf of you and your clients.
  • Supervision: Check on progress. Be ready to handle mistakes and delays before they become serious.
  • Systems: You must have systems in place to: track the closing process, alert you at critical checkpoints and communicate the progress to your clients.
  • You also want to have a say in the selection of inspectors, landscapers, repair people, insurance agents and other service providers.
  • Not only is your advice desired and expected by both buyers and sellers, but it insures that things will go as smoothly as possible.

Inspections and Appraisals:

  • You can have a direct impact on the outcome of the inspection.
  • Your impact on the appraisal is much more indirect.

Play Defense:

  • Be assertive in protecting your client’s welfare and your transactions.
  • Catch things early, before the problems happen or they put the closing at risk.
  • This will serve you in every market.

Putting It All Together

  1. Down shifts are more difficult on the front-end.
  2. Up-shifts are more difficult on the back-end.
  3. The drop off is steep in the buyer market.
  4. The build-up is slower and more sustained in the seller market.
  5. A buyers’ market requires us to be doing the things we should have been doing all the time.JRE160A54322 Blue Cross Open Access POS.

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