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2010-09-18 19:17:06

Sense of Wonder? Lose it!

The chance to help people and make a ton of money to boot. It’s right in front of you. Want in?
“It’s too much work,” or “I don’t want to be sued,” or “I don’t know if it’s in the best interests of my clients.”
I’ve heard all that about (you guessed it) short sales. Even from some who have completed CDPE (Certified Distressed Property Expert) certification. Seems once they discover how much work is involved, many will go back to waiting for the phone to ring, which usually results in watching other agents become more successful. Reminds me of the three type of business strategies:
  1. Those who make things happen
  2. Those who watch things happen
  3. Those who wonder what happened
Lenders have made great strides to streamline the process of short sales. They do not want to own more homes. Sure, it’s painfully slow, but in my own marketplace, I see a much higher percentage of qualified short sales close escrow. That equates to a client obtaining his desired result (remember, it is his or her informed decision on how to extinguish the distressed property) and a certain type of agent banking more dough and picking up a ton of good will and future referral business.
Whether or not you choose to enter the short sale arena, the sales will be made. Someone will be paid a commission. And of course the watchers and wonderers will continue to sip at the water cooler, surf Facebook and perhaps be in their own financial disaster soon.
Which will you be?
“Well Mike, of course I want to be a part of an ever growing source of business. Not just to make more money and increase my business skills, but it feels so good to make a difference in people’s lives. Besides, not much competition from the other agents. I’m in!”
Before you jump in the fray and market yourself as a short sale specialist, you need to get one thing straight.
Get the training!
There is much to choose from and most of the larger real estate franchises have a basic course in their arsenal. Personally, I have completed the live CDPE course and highly recommend it. Short sales have a lot of intricate detail; so don’t attempt to “wing it.”
Okay, so you’ve graduated from class. Are you ready to do a short sale?
Yes and no. If you really paid attention and kept the source material, you have a good start, but there is nothing like hands-on experience. Until you have a few transactions under your belt, be sure to request help from your broker or another agent who has a good track record with short sales. Even then, each sale is a new learning experience.
Your seller will depend on you to provide expert guidance. This article is not the place to teach you this—only to suggest you consider if this is an opportunity that fits your life. I concede it is not for every agent, especially those faint of heart. Never ever lose track of your obligation to provide the utmost fiduciary duty to your clients. If your gut says you are unable to do so with distressed properties, then stick with traditional sales. Certainly there are many top producers who would never, ever consider a short sale listing.
On the other hand, there are many more real estate stars from the “old days” who’ve recently created a huge niche in this up and coming wave of business.
I for one will not be watching or wondering if you are in or out though. There’s just too much work involved in making things happen for my own agents and brokerage.
Off to work now…

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