Smart Real Estate Agents are Processing Their Own Short Sales
In my last post about Flat Fee MLS, I suggested that we agents need to be jumping at every opportunity we can to make money in this market (and from the comments I’ve read, you seem to agree with me!) Well, guess what? There’s another untapped well of opportunity out there that smart agents are starting to take advantage of: processing their own short sales.
As more and more homeowners are finding themselves unable to make their monthly mortgage payments, while at the same time finding their homes are worth less than the amount they owe, short sales are becoming more and more common. In fact, some lenders are reporting in increase in short sales of three to four times the number in 2008.
But, what do these numbers mean for us real estate agents? Well, for smart agents who believe in accepting change and being creative, it means a way to utilize the effects of a down market to their advantage. Rather than letting the current crop of fly-by-night “short sale processing companies” capture the business of facilitating short sales–and charge steep fees for doing so–forward-thinking agents are taking the time to learn how to process short sales themselves. And, these specially trained agents who utilize a third-party source like The Agent Center to learn the process, keep up with the latest laws and regulations, get the documentation that the lender requires, and find qualified buyers to complete the transaction are finding a way thrive in today’s tough real estate market, while at the same time helping out homeowners who have found themselves in dire straights.
Whether it’s capturing a commission that could have been lost to a short sale processing company or building a positive, life-long business relationship with a homeowner who is suffering through one of the most difficult times of his or her life (but who could qualify for another mortgage at a reasonable interest rate in as little as 18 months if their short sale is completed successfully, which means you could be selling them another home in the not-so-distant future), the benefits of having the know-how to facilitate a short sale approval are clear–and smart agents are well aware of them!
Christina Inman, the CEO of TheAgentCenter.com, has been a real estate industry specialist, author and broker for 17 years.
