Palos Verdes Lifestyle - Norma Toering 310-493-8333

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The Weakest Link in a Real Estate Transaction

When moving through the stages of selling a property--from showing to closing-- I often think of the quote, "It takes a village to raise a child."  It also takes a group of committed professionals to close a real estate transaction.  One weak link, whether it be agent, lender or escrow officer can turn a positive experience into a painful memory. 

I've enjoyed many seamless closings and many more with only minor glitches that all parties worked together to resolve.  Naturally, if you do something long enough you will build a body of work that includes a few transactions you would like to forget.  Usually, these unpleasant surprises are the direct result of one member of the team dropping the proverbial ball. 

It's important to select your team with care.  You will have a daily relationship with the parties and players well past the close of escrow. 

Avoid being the weakest link by:

1.  Provide information and documents in a timely manner to the appropriate party.

2.  Pay attention to deadlines and meet them.

3.  Return calls, acknowledge emails and in general keep all people informed of any changes or delays.       Surprises are usually not well received!

4. Be respectful of the time others are spending in an effort to produce a timely and successful closing.

5.  Take time to thank the individuals for playing a valued role in selling or finding a new home for a client.  This is important work we do.  Not only is it big business it is a very personal business.  A simple note expressing your gratitude will strengthen the "chain" the next time it is called upon to hold a transaction together from start to finish.

 

Sell Smart, Buy Wise and Live Well

Norma Toering - Real Estate BrokerNorma Toering & Team
Broker-Owner - Charlemagne International Properties
310.493.8333 - Email Norma

 

 

 

 

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Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

Comments

Norma - all true and one other quote, "There is no I in Team."  To expect you have to give.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) over 3 years ago

Grant Schneider Nice addition to the list--no one closes a transaction alone.

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 3 years ago

Your 5 tips are perfect, Norma. Teamwork, honesty and good communication work together to avoid unpleasant surprises.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 3 years ago

Lottie Kendall Communication is so important--regular updates and status reports are crucial to a smooth transaction.

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 3 years ago

Norma... I made just that comment on AR on another post not that long ago--that to have a successful transaction it not only takes a good team, it can take a village!

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) over 3 years ago

Nina Hollander I've never counted the number of people who "touch" a transaction from day one to closing but it does take a small village--and that's if everything goes well.

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 3 years ago

"Don't burn your bridges!" you never know when you will need to work with the same professionals again and it always helps to leave a good impression with them when the transaction ends.

Posted by Teral McDowell (Referral Patners LLC) over 3 years ago

Teral McDowell   That's the truth--the real estate world is a small one  and most of the agents know one another.

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 3 years ago

Norma Toering Broker for Palos Verdes and Beach Cities - Great advice and a timely reminder to thank those that make our transactions enjoyable and help us complete each sale!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) over 3 years ago

Norma, This is great advice. I'd like to tatoo it on every agent with a buzzer to remind them when they are off track.

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) over 3 years ago

Norma... I don't even like to think about what happens and how what little city needs to be involved when things do go well!

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) over 3 years ago

Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com It's a lovely experience when everyone does their job in a timely manner.

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 3 years ago

Kathleen Daniels Your comment made me laugh!  Now that's an idea worth considering and I have a few nominees to be first in the tatoo line.

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 3 years ago

Nina Hollander Let's not go down that road!

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 3 years ago

Norma - It is important that us real estate agents have a great team to support us in order to close our transactions. We all need to be on the same page and support one another. Great advice.

Posted by Troy Erickson, Your Chandler, Ahwatukee, and East Valley Realtor (Diverse Solutions Realty www.ChandlerRealEstate.weebly.com) over 3 years ago

Troy - The weakest link reputation is not one we want to have in this business.

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 3 years ago

 Good morning Norma. This is all excellent advice no matter what part you play in the real estate transaction.

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) over 3 years ago

Michael Thornton Whatever our role, if we perform it well, the buyer's and seller's experience will be improved and life will be a bit easier for all involved.

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 3 years ago

HI Norma - a weak link can really derail a transaction. For me it is very frustrating to chase down paperwork!

Posted by Sharon Paxson, Newport Beach Real Estate (Compass) over 3 years ago

Sharon Paxson Oh yes, the paper chase is no fun!

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 3 years ago

Norma, short list, totally doable, but not done ENOUGH in my opinion! We continue to rue the lack for professionalism with many agents representing the other party. 

I'm happy that most of my sales involve me as a dual agent--so much easier!

Posted by Gayle Rich-Boxman Fishhawk Lake Real Estate, "Your Local Expert!" 503-755-2905 (John L Scott Market Center) over 3 years ago

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