A real estate transaction is a constant flow of information and communication between a buyer and seller. It is up to the agents, escrow officers, loan officers, inspectors, attorneys and others involved to be in constant contact regarding the progress of the transaction. From time to time, somewhere during the course of a transaction someone will forget to pass a message along. Or an agent will become distracted with the constant juggling of our ever-growing to-do lists and will drop the ball on delivering an update.
Communication begins with the buyers and the sellers understanding what each person in the transaction wants or needs, and the primary form in which they wish to communicate. Phone calls, e-mails, text messages, and in-person meetings all have their place in the sales process. It’s a good idea to discuss with each buyer and seller how they prefer to communicate so the transaction can flow smoothly.
Over 90% of all buyers do research on the Internet prior to contacting an agent. Once a buyer or a seller has contacted an agent they feel is a good match based on their research, it is important that buyers and sellers clearly communicate their goals and motivations for wanting to purchase or sell a home. As real estate professionals, it is important that we ask lots of questions to understand the wants and needs of our clients. Are they moving? Do they have a bottom line? Do they need to sell quickly or sell before they buy another property? Have they been prequalified with a lender? Which parties will be on title?.
Our market is unique, with an array of homes and reasons to buy and sell. Most of the first time buyers in Incline Village and Crystal Bay are experienced buyers in other markets but can easily get thrown off or perplexed by regulatory bodies and regulations involving the Lake Tahoe Basin. Finding out how many homes your clients own elsewhere can give you an idea of what they are looking for in a transaction at Lake Tahoe. Understanding your client’s position can allow you to write a better contract and communicate clearly with the agent on the other side of the transaction.
Once in escrow, each party involved should have an escrow timeline laying out every deadline along with the most important terms and items to be completed. Each item we check off our list, involves at least two or more other parties (inspectors, loan officers, buyer/seller, escrow officer, etc). Constant communication between all parties involved is critical, even if the news is not always sunny.
Today’s technology allows business to keep flowing as we can easily communicate with one another on a moment’s notice electronically. Goodbye to the days of driving to a client’s home to get a contract signed, and then dropping copies off by hand to a buyer or seller, title office, and loan office. Even though e-mail and Docusign are convenient ways to communicate and execute documents, it is important that we take our time and make sure our thoughts are clearly explained so that the transaction progress nicely. It’s an agent’s responsibility to make sure to keep everyone in the loop and on the same page for smooth sailing even when a storm hits.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 11/6/16
Houses Condos PUDs
For Sale 125 73 19
Under $1 million 30 62 9
Median Price For Sale $1,745,000 $525,000 $995,000
YTD Sales 2016 141 171 51
YTD Sales 2015 118 157 48
New Listings 4
In Escrow 4
Closed Escrow 10
Range in Escrow $370,000 - $1,498,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of October 30, 2016