Wednesday, October 27, 2010

If Selling by Committee...You Have To Be the Conductor

                                               Baltimore Fall 2010 HomeRome Realty

Have you ever sold real estate by committee? Have you ever done a transaction by committee? You just might say: What is she talking about now?

The property has been on the market and we now have an offer.  The seller starts receiving advice from others. These can include grown children and their spouses, in laws, siblings, grandchildren and their spouses, nieces, nephews, best friends, neighbors, ex-wives, beauticians, gardeners and their spouses, house keepers etc...OK so I am exaggerating a bit but you get the point.

These are the people who I refer to as "the committee". Think about how your own family makes major decisions. Even though this seller has full title to the property, without legal or financial need, they may feel insecure with everyone voicing concerns.
                            
Selling by Committee...You Have To Be the Conductor                          
Marin Alsop Baltimore Symphony ConductorMarin Alsop from the Washington Post

If You Are  Selling by Committee...You Have To Be the Conductor. Why? Because everyone has their own opinion tune to share.  They want to be helpful with the decision.  This committee can get in the way or can be quite beneficial.  Don't be surprised when one  is in a real estate related field, a lender, financial adviser, appraiser, former real estate agent or one who has taken the real estate course.  Each may want to help by reviewing the offer.

Because not all family members get along, not all committees can come to a conclusion.(Remember the camel was created by  committee trying to make a horse)  Who really is the decision maker..who is the one who gives final permission to go ahead and sign?

Instead of trying to field the objections and concerns through the seller, ask to speak directly to that member. So many transactions can go smoothly if this step is not bypassed.  A quick phone call, an email, a text can clear up questions before you go back to the buyer's agent. Keep the buyer's agent in the loop explaining that the family is having a meeting and are discussing the offer.

How you, the listing agent, handle this will make or break the deal. You become the spokesperson for the committee. Make sure you are listening to everyone. Make sure the seller is the one who makes the final decision.

If Selling by Committee...You Have To Be the Conductor

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