While many real estate agents deal with the industry on a daily basis, some homebuyers are only getting their feet wet for the first time, and sellers might be navigating a financially tricky situation.
If this is the case, Realtors have several tactics at their disposal to help alleviate any concerns people may have about buying or selling a home - and in 2013, homebuyers have a pretty solid list.
From problems with financing to stress about the entire process, people are often overwhelmed when working within the housing market. Instead of letting emotions win out, the best real estate agents are not only informed but trained to handle a variety of situations, while helping clients execute the perfect transaction.
Helping sellers in tough financial spots
A homeowner who is about to undergo a short sale is most likely under a significant amount of stress, and if selling doesn't work out they might lose the property. Additionally, foreclosed houses could leave owners feeling out of options. The task of helping an anxious person buy or sell falls to the Realtor.
To begin with, the lender has to approve the short sale - then, the process has several steps, according to Forbes. First, the homeowner has to submit a financial package to the lender, providing an overview of the situation. Then any offers on the home also need to be run by the lender, followed by the bank having to approve the sale.
Any one of these steps might get complicated, and the real estate agent should be there to clarify the situation and help the seller along. The process could be sped up if the Realtor has access to the best possible information, such as mortgage records and property data provided by Courthouse Retrieval System. With this, reaching new buyers or helping people find the perfect home might be easier.
In addition, real estate agents have the ability to help sellers figure out how much the property is worth, in order to determine if a short sale is even a possibility, as well as assist with paperwork and move forward with a sale, Forbes noted.
Don't let emotions win out
Emotions are fantastic, except if they dominate a real estate transaction. Therefore, the best agents should be able to control both their emotions and their clients.
Owners of foreclosed houses, as well as other properties, might operate emotionally. Agents should expect this, according to the National Association of Realtors. That way, it will be easier to manage if things get tense.
It could help to understand what sets people off, such as losing control, a lack of understanding and fear. The more knowledgeable a Realtor is, the better they could handle the situation.
Control is a main factor, and it is important that the client always remains in control over the process. This could be ensured with proper communication, and buyers and sellers should always be constantly up-to-date on the process and any new developments.
However, clients shouldn't be overwhelmed, NAR noted. Micro-managing the details should be the responsibility of the real estate agent, although the other person should be privy to the day's events. That might help the process go smoothly.