The real estate business is often perceived as a perfect world where nothing can go wrong. A world where every realtor earn a big fat commission and all clients find their dream property. Unfortunately this is not the case. Sometimes a realtor has to face real problems. In this article we will focus on what a realtor can do to help their client when their property is at stake.
1. Find out the Real Cause of the Problem
All problem solvers will acknowledge that there is always a hidden reason when a client is losing their home. The problem is usually pretty obvious but can easily be masked by a good excuse from either the client or the owner. In this regard it is your duty as a professional realtor to start an investigation and weed out all the fallacies. Remember to remain impartial as it will help you figure out the problem earlier.
2. Give Your Client Assurance
There’s nothing as traumatic as losing one’s living space. For this reason it is imperative that a realtor reassures their client that all will be well. Assure your client that you will solve their problems and get them back on their feet regardless of how much work it will take. Don’t be the realtor that is only present when a commission is being handed out, learn to offer your services when everything is going wrong.
3. Seek Legal Assistance
Now that you’ve identified the issue and reassured your client it is time to get your hands dirty. Your first action should be to consult and procure the services of a legal professional who understands the property market. Ensure that your legal counsel understands the urgency of the matter and continuously motivate them to solve the issue as quickly as possible. If necessary get before a judge and get an injunction that buys your client time. If not ensure that your client is rightfully compensated for losing their home.
4. Renegotiate the terms of an Agreement
Based on my experience I have learned that most disagreements can be solved by a mere renegotiation of the agreed upon terms. Maybe the client has missed their last few mortgage payments due to loss of their income. Why not explain this to the seller and get new mortgage terms drawn up? Why not find a new financial plan that will help your client get through the difficult time? Remember that if your negotiation skills can be used for getting into a deal then they can also be used to find a better one.
5. Find an Alternative Property
As a realtor you must have a few properties lined up that might be a better fit for your client than their previous arrangement. Maybe your client needs to downsize and find a smaller property that they can afford. Maybe your clients property is overpriced and they would save more money if they moved to a unit which is more reasonably priced. Either way a great realtor is defined by their ability to turn a crisis into a new sale.
6. Explain the Technicalities to your Client
Does your client understand why they are losing their property? Can they read fine print and understand what technicality is being used against them? As a realtor it is your duty to ensure that your client understand everything that is happening to them . It doesn’t matter how complicated the issue is, a great realtor will find a way to simplify the matter to their client. Empower your client with information so that they can avoid such a mess in the future.
7. Contact the Relevant Authorities
Is your client being harassed? Is your client’s eviction lawful? These questions can only be addressed when you contact the relevant authority and let them help you out. Some problems can only be solved by the local police especially if they involve the physical or psychological harassment of your client. In other cases there are usually consumer protection groups that help out those being evicted, contact them and let them help you with their expertise.
8. Help your Client commit to a Solution
Most clients are usually on the wrong and will require some tough love. This is why a good realtor will help their client stay within the confines of their new solution. For instance if the client was living in a space that was above their means, one should find them a cheaper space and ensure that they don’t stray from the new agreement. If not the problem will keep reoccurring and you will be the one to solve it.
9. Solve the Problem in it’s Entirety
Procrastination and laziness will always creep their ugly heads into any situation. It is therefore very important that you solve the problem completely without delay. Remember that the faster you solve a dilemma the faster you can move on to projects that will makes you a nice commission. Don’t let the problem get out of hand either as it will only mean that you waste more valuable time as your client keeps suffering.
10. Learn from the experience and prepare for the next crisis
Congratulations, you’ve solved your clients issues and hopefully converted your crisis into a new sale. It is now time to take notes and learn from the dilemma. Study the whole event and understand what you could have done to better assist your client. Consult with other real estate professionals and learn from their experiences. Once you’re comfortable with your assessment it is now time to prepare for the next crisis and what it might bring. Stay calm and know that in between all the good days there will always be a few dark hours.
A great realtor will take any bull by it’s horns and convert it into a sale whereas an amateur will run from a crisis. Learn to thrive in difficulty and you will soon be unfazed by any crisis. This is how you build up your reputation as a great realtor and ultimately land better clients.