Episode 042 - Seller Survival Guide
Episode 042 - Seller Survival Guide
Guiding clients through transactions is hard. Keeping track of the steps--who to call, when to jump, etc.--makes you an expert. Imagine how your client feels though. Anxiety, stress, and fear can dominate their thoughts as they are not an expert on real estate related matters.
Last week we talked about guiding buyers from the start. In this episode, we get into helping sellers prepare for the various transactional steps--and potential pitfalls--at the beginning of the transaction.
We use a checklist for sellers to show them the steps, along with some of the difficulties, so they're ready when things start happening. Clients are better prepared when we hold their hand from the start of the process. That is what a legendary agent does!
SHOW NOTES
- 01:03 – Is brocco-mole a thing?? Gross!!
- 02:08 – Cate wants to see B and Christian in drag. Cate has $7 for you to photoshop that picture. B edit: Do NOT do this or I will blast you on social media!
- 02:54 – Last week we talked about helping buyers. Today we talk about helping the seller from the beginning of the transaction.
- 04:21 – Song of the Episode: Survivor, “Burning Heart” from Rocky 4. Discuss producing, re-producing and re-re-producing Eye of the Tiger.
- 07:01 – Hard hitting discussion: How many Rocky movies are there?
- 08:04 – Important for agents to explain some of the details with our clients from the beginning. Easier discussion to have when warned than talking about it after being shocked.
- 09:00 – Listen to last week’s episode because both start off similarly. Explain your role.
- 09:35 – Cate: I am an advisor; COLD-AC; what I can and cannot do. Confidentiality is huge issue.
- 10:28 – Ask seller what their expectations are?
- 11:00 – Walk seller through the process. Talk about commissions and how they are split.
- 11:45 – Cate likes to tease with their clients about commission and B is shocked.
- 12:10 – Talk about CMA; listing appraisal; hire an appraiser…they need you.
- 12:26 – Talk about marketing of the property: photography, drone, staging, and Matterport.
- 12:50 – Cate: clients will look online and see what other agents are doing. Are you doing what the clients hopes for or expects?
- 13:11 – Cate steals B’s thunder and talks about staging. Some homes are “taste specific”.
- 14:23 – Intangibles: yard signs, lock boxes, etc.
- 15:29 – Agent: do a walk through and suggest a pre-listing home inspection.
- 15:50 – Open houses: how they work and the expectations from them.
- 16:27 – Prepare sellers for showings.
- 16:48 – Cate’s Side Note Tangent: Cate makes a pitch for a new Porsche 911 Turbo S. It’s Cate fault that we are going to charge for the podcast.
- 18:13 – Purchase contracts are a legally binding document.
- 18:23 – Negotiations: don’t negotiate only for price.
- 19:16 – Cate: ask seller what is most important to them.
- 19:30 – Multiple offer situations: ask seller how they want to handle them if they occur.
- 20:22 – Cate looks at the camera is talking to YOU: You don’t get to choose if seller wants to do a highest and best offer.
- 21:08 – Remind seller there are several negotiation points to work through: inspection, appraisal, title.
- 21:30 – Title: B can’t keep it straight…the buyer gets to choose the title company. PERIOD!!
- 23:07 – Final property inspection preparations.
- 23:15 – Closing issues: receipts for repairs; ask seller if they feel comfortable meeting the buyer or have a separate closing.
- 23:57 – Discuss with seller about possession.
- 24:25 – Fair Housing can be a big issue; how do you handle it? Stay in the legal lane. “The only color I see is green.”
- 25:18 – Home warranty: talk to seller about protections for the seller if they offer a home warranty.
- 25:52 – Last thoughts to talk with sellers: pre-foreclosure, late payments, etc.
- 26:26 – Good list to go through with the seller to prepare them and managing expectations.
- 26:54 – Quote of the Episode: “My mother told me to be a lady. And for her, that meant be your own person, be independent.” -Ruth Bader Ginsburg. (Cate: B might have gotten a bit passionate and misty eyed over this one.)
- 28:25 – Closing: so many steps to help prepare your sellers before the transaction gets started. Show them your value, what you bring to the table, and that you have their back.
SHOW LINKS
- Survivor, “Burning Heart” – https://www.youtube.com/watch?v=Kc71KZG87X4
- Star Wars figures variants – https://www.starwars.com/news/vintage-variants-large-heads-and-orange-snakes
- How many Rocky movies exist – https://en.wikipedia.org/wiki/Rocky
- Matterport – https://matterport.com/cameras/pro2-3D-camera
- Staging a Home for Sale – https://theclose.com/home-staging-tips/
- Barber Raceway – https://barberracingevents.com/
- Cate’s Dream Porsche – https://www.porsche.com/usa/models/911/911-turbo-models/911-turbo-cabriolet/
- Ruth Bader Ginsburg – https://en.wikipedia.org/wiki/Ruth_Bader_Ginsburg
- RBG Quote - https://www.mentalfloss.com/article/62023/15-awesome-ruth-bader-ginsburg-quotes-her-84th-birthday
BETWEEN THE LINES LINKS
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https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
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