Wisconsin Real Estate

OK...so here's the deal.

I love my job. I really do. I love meeting and helping people find "the home of their dreams." I love helping people sell their home and move on to another chapter in their lives. I enjoy all the work that goes into getting all the parties to the closing table. Seeing that look of excitement on my seller's or buyer's face is the icing on the cake.

But just like everyone else, my time is important. And especially in these more challenging times, it's important that we all use our time in the most productive and efficient ways we can.

Some folks out there may not know that real estate agents don't receive a paycheck until we close on a deal. That means that if I spend three months showing a buyer various properties, and all of a sudden their plans change, I don't get compensated for that time. If I list a house and the seller decides they don't want to sell, I don't get compensated for the time or money I put into marketing that property.

A few days ago, I wrote a post, Talk to Me--, I'll Listen!, which stressed the importance of maintaining an open line of communication between seller/buyer and sales agent. Earlier this week, fellow Active Rainer, Jason Crouch, wrote a great post, How many other professionals work on contingency ALL THE TIME? A sincere look at the real estate business model, which offered some ideas for changing the current real estate business model.

I know before I became a real estate agent, I had no idea the time and effort that went into assisting a seller or buyer in the sale or purchase of a home. But I do now. So I thought it might help to provide a brief summary of what goes into getting a deal to the closing table:

WORKING WITH SELLERS

1. Meet with the sellers to tour their home.
2. Complete a comparative market analysis (CMA).
3. Meet with the sellers a second time to study and analyze market data, determine a price, go over the marketing plan.
4. Complete listing paperwork.
5. Measure rooms.
6. Hire and meet with photographer at the property to take photos.
7. Enter property into MLS and various web sites.
8. Create and print information packets for the house.
9. Drop off information packets and lock box at house.
10. Maintain supply of packets throughout listing.
11. Order and mail out Just Listed postcards.
12. Respond to emails and phone calls from seller throughout listing period.
13. Email activity link to sellers to allow them continuous access to a summary of the activity on their house (private showings, open houses, web site hits, etc.).
14. Prep/order food for Broker's Open.
15. Set up/host Broker's Open to invite fellow agents to view home and offer opinions.
16. Contact seller with Broker's Open feedback.
17. Schedule open houses and hang "Open Sunday" sign at property.
18. Host open house.
19. Contact seller with open house feedback.
20. Contact agents for showing feedback.
21. Contact seller with private showing feedback.
22. Enter private showing and open house feedback into computer.
23. Review market daily and provide seller with changes to market conditions.
24. Meet with sellers as needed to discuss market position and possible price adjustments.
25. Contact sellers with questions asked by potential buyers.
26. Assist sellers with negotiating offer and possible counter offers.
27. Fax counter offers to and maintain communication with selling agent throughout negotiation process.
28. Prepare and email seller with list of contingency due dates.
29. Prepare closing file for Shorewest Closing department.
30. Contact sellers to verify date/time for home inspection.
31. Meet with and assist sellers with negotiations that may arise from home inspection.
32. Maintain communication with selling agent.
33. Meet with sellers for pre-signing of closing documents.
34. Attend closing on seller's behalf.
35. Send out Just Sold postcards.
36. Follow up with sellers.

WORKING WITH BUYERS

1. Meet with buyers to discuss their timeline, type of home, lending information, etc.
2. Set up search for buyers.
3. Email new listings to buyers daily.
4. Follow up with buyers for feedback on listings that have been sent.
5. Schedule showings (usually happens multiple times).
6. Show properties to buyers (usually happens multiple times).
7. Contact listing agents with showing feedback and questions raised by buyer.
8. Contact buyer with answers to questions.
9. Set up second showings.
10. Meet with buyer to write offer.
11. Fax offer to listing agent.
12. Assist buyers reviewing and writing counter offer(s).
13. Fax counter offers to and maintain communication with selling agent throughout negotiation process.
14. Notify buyer that offer has been accepted.
15. Prepare and email buyer with list of contingency due dates.
16. Fax accepted offer to lender.
17. Maintain communication with lender through loan commitment.
18. Prepare closing file for Shorewest Closing department.
19. Email list of home inspectors to buyer.
20. Contact listing agent with home inspection date/time.
21. Attend home inspection.
22. Meet with buyer to draw up paperwork requesting repairs resulting from home inspection (as needed).
23. Maintain communication with buyer regarding offer contingencies and their completion.
24. Arrange for final walkthrough.
25. Respond to buyer's emails and phone calls regarding offer or general home buying questions.
26. Contact listing agent with closing time and location.
27. Attend closing.
28. Send out "Found Buyer" postcard.
29. Follow up with buyer.

The amount of time between initial contact with a seller or buyer until closing day can vary from a few weeks to a few months to even a year or more.

So what does all this mean for you, the seller or buyer?

I need you to help me use my time efficiently. If you decide not to purchase a home or are working with another agent - tell me. If you decide you really don't care if your house sells or not - tell me.  That will helps us work together to figure out our next plan of action. The bottom line is that in order for me to make a living, I have to get to the closing table several times a year. And the only way to do that is to work with sellers and buyers who have that same goal in mind.