Selling properties for a short sale is a niche part of the real estate industry. Unlike standard listings, these homes sell for much less and require a different type of negotiation than many professionals know. However, this can be a rewarding subset of the field if you’re interested in helping homeowners improve their financial well-being. These are some essential skills to have as a short sale agent to ensure you find success in this area of expertise.
Firstly, short sale agents must have superior communication skills. Over the course of a short sale approval and sale, you’ll need to communicate clearly and effectively with multiple parties. Whether that be the homeowners themselves, the lender, or the home buyers, conveying your thoughts and ideas is the key to making a deal. It’s also vital to communicate well over several different mediums, such as email, phone, or in-person. Everyone will have a preferred method of correspondence, and it’s up to you to accommodate that need.
Likewise, you’ll also want to have strong active listening skills. This is especially crucial when communicating with your clients. You’ll want to be well versed in giving your full attention to the speaker, processing what they say before responding. Those requesting your services are in a tough financial position, and active listening shows that you care about their struggles. Also, ensure you repeat what they say occasionally and ask follow-up questions. This way, you have a clear understanding of their situation and goals for the process.
Having the ability to negotiate is vital to getting a satisfactory deal for you and your clients. Generally, this will mean informing your clients about what a good deal looks like and when to accept. However, it’s also important to know when negotiations aren’t yielding the results you want and move on to other opportunities. Since your clients rely on you to get them the best possible buying price, it’s in your best interest to negotiate in a way that minimizes losses.
Teaching ability is another essential skill to have as a short sale agent. Though you’re responsible for handling the bulk of the process, it’s crucial that your clients understand the basics of what short selling is and what to expect. This often means giving them a crash course in the process and providing them with essential information clearly and concisely. Since your clients could ask about anything, from what short selling is to what some short sale tax implications are, you should know this information and prepare yourself to explain it.
Listing short sales and aiding clients can be a rewarding experience for REALTORS®, and Short Sale Cooperative can make honing this process easier. Contact us today to learn more about our services.