REOs are not as prevalent as they once were due to the increasing popularity of short sales. With the inventory of traditional sales much lower than it has been in the past, short sales are here to stay.
Short sales demand time, knowledge, expertise and constant communication. Agents must become experts in the short sale market, because regardless of the name, short sales are not short, and they create anxiety for all parties involved.
Furthering your knowledge and expertise will ultimately expand and increase your business, allowing you to put confidence in others, and create the easiest transaction possible.
So what can you do to ensure the short sale experience goes smoothly for your client?
First, find a way for them to be completely aware of what is happening during the transaction. Whether this includes you calling each day, sending them weekly updates or signing them up for a technology system, ensuring your client is informed should be your top priority.
Second, direct your clients toward websites that can answer the majority of their questions. If your client can find answers easily, they’ll be more informed, causing them to feel more confident about the situation.
Third, make sure you’re constantly updating your database of short sale guidelines. By keeping in constant contact with your short sale servicers, you’ll know instantly if something changes, which will allow you to be proactive when it comes to paperwork.
Fourth, get educated. Find a class in your area, or one that can be taken online. Often times, you’ll discover that a minor tip will instantly make your short sale transactions easier. Any certifications you have that apply will also help to build your client’s confidence in you.
By applying these steps to your business, you’ll not only be able to help short sales become shorter, you’ll also help drive this housing market to better levels.
Pauline Perenack is the Marketing Manager of RES.NET.
For more information , visit www.res.net.
