One of the most important things real estate agents can do for their clients is to manage expectations. It is amazing how often agents forget this and the resulting fires they have to put out are completely avoidable in most cases.
Whether we work with a buyer or seller, it is important that we educate them on the process, the potential pitfalls and delays that can occur in a transaction.
Today has been a reminder in that concept today. The buyer’s lender needs more time to get the loan through because of underwriting times. I had anticipated this so when the other agent called me it did not come as a huge surprise to me. When I called my client and told her that she had another week to pack and we would need to sign an addendum extending the escrow, she was fine with it. I had taken the time to prepare her that things like this can and do happen, especially in the current lending environment, and she did not panic when it happened.
Later in the day I talked to my clients who are awaiting the fully executed contracts return from a lender. They are happy, they know that it takes time. I prepared them. It has been several days since the addendums went back to the bank. Today was the first day they called, ironically while I was working my way through my call list where their names were 2 down from where I was.
Real estate transactions can be stressful and people can get bent out of shape over the littlest thing. I think that so much of this can be avoided if we just take the time to manage expectations. If someone is prepared to deal with a repair request then they do not get upset when one is placed in front of them. If someone understands that working with a lender owned property is different from working with a traditional seller when it comes to offer presentation and acceptance, they take the delays in stride.
Today made me feel like I was doing a good job of managing my client’s expectations. I felt I had done what I needed to do in representing them. It was a nice feeling.
