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Building a Team
Real Estate Agent Training
System
Series
Lesson: 5
Lesson Description: Although
you are now in business for yourself, and solely responsible for it’s
success, you are not alone. Every successful agent has a team of
professionals to help cover the many areas involved in buying and
selling real estate.
Content: Video/Text
Length: 4 min. 26 seconds
Order 2-set DVDs
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Video
Transcript
Although you are
now in business for
your self and solely responsible for it’s success, you are not
alone. Every successful agent has
a team of professionals to help cover the many areas involved in
buying and selling real estate. A
basic team consists of: your Loan
Officer, Title Rep., Escrow Officer, Termite Inspector, Home
Inspector, and Home Warranty Company… With you as the captain and
quarter back.
Normally you are a source
of
business for your team since you often make the first contact with
buyers and sellers… So it is common for
them to approach you offering their assistance and you should
expect reliable service from them so interview them and don’t be
afraid to ask what they
can do for you.
The first member
of your team
should be a Mortgage Broker… Financing is the foundation of all
real estate transactions… What a Buyer can
buy depends on how much the lender will lend… So qualifying a buyer
is a vital first step… And since there so are many different loan
packages available now, the right loan officer is extremely
important.
You want someone
who has access to
new lending programs as they come on the market and has the
knowledge and experience to deal with all types of loans. Such as:
Conventional, FHA, GI, HUD, first time homebuyer programs, etc.
A good loan officer
should be
available to qualify your clients… Provide
credit checks, Pre-Qualifying letters, and complete the loan process.
He should also provide useful tools such as finance information
flyers to use at an open house, and most importantly keep you
informed on a regular basis.
Since Title
Insurance is required
for the sale and transfer of real estate your Title Rep plays an
intrinsic role in all real estate transactions.
Legally the Title Company
is
responsible for paying off Existing loans… The recording of
documents… The Property Disclosure Report… And insuring that the Title
is free and clear of any Encumbrances.
Your Title
Rep…however… is the
source for much much more… Including…Property Profiles, info
on open loans, Copies of Grant Deeds, Vesting information so you know
who needs to sign a Listing Agreement…Plus assistance for Probate
and Divorce issues.
Most Title
Companies offer classes
in New Agent Training and Orientation of the Title Process.
As for sales
tools, Your Title Rep can provide:
- Sales Comps
to establish the sales price for figuring
- Sellers Net
Sheets…
- Listing
Presentation Brochures…
- Promotional
Brochures for open house…
- And even
Message Services…
Through
their on line web site they offer: Farm Packages, Including Ownership
Lists…Mailing
Labels… Ownership Scans… And Out of State
Information… In
other
words, your Title Rep will help you set up a farm.
Your Escrow Officer is another
important member of your team… The escrow acts like a
clearinghouse for all monies and documents that are involved in the
transfer of property.
Escrow can order
and supply
certain required documents plus obtain some of the required
signatures. However, the responsibility of making sure that
everything is done and correct remains with you. Therefore, you
need an Escrow Officer who knows what is needed and keeps an open
line of communication with you and your client. I can always call
my escrow officer and find out is needed to close.
Termite
inspection and completion
reports are required to close escrow. You want a company that
is experienced in the requirements for the sale and transfer of real
estate. And has the ability to complete any needed repairs. Ask
for recommendations.
A professional
home inspection is
an important step in today’s real estate transaction… not only
for the buyer but also for the agent … Disclosure laws are
becoming ever more strict, and the Realtor should encourage the buyer
to procure an inspection. A Realtor should have at least three
inspection companies for the buyer to choose from. Once again… ask
for referrals until you build your own list of reliable inspectors.
The last member of your
team is a
Home Warranty Company… They shield the buyer and seller and
sometimes the Realtor from unexpected costly repairs… It is not
wise to close a sale without a Home Warranty Insurance Policy
in
place. If necessary I will pay for it myself, rather than take the
chance.
There are many
companies to choose
from and they all offer the same basic coverage but each has their
own particular advantages so interview them and ask what they
have to offer.
There is on last
benefit in having
your team behind you… They are experienced professionals… And
they are willing to help teach you the nuts and bolts of
Listing…Selling… and Closing… So remember, “You are not
alone.”
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