The best Client/Agent relationships stem from an open and trusting partnership. Just like all relationships, the Client/Agent relationship changes over time, and in order to continue growing this relationship in a positive direction, regular discussions should be part of the ongoing collaborative agenda, in order to create a beneficial impact for both parties.
Commitment, Incentive and Inclusiveness are cornerstones in the Client/Agent relationship, and providing open and trusting integrated communication as a successful strategy helps to maintain an effective and trusting connection.
As previously stated (in Part 1), within their scope as a licensed Real Estate professional, an agent performs several important services for their client, and without them, the transaction could be delayed or even placed at risk.
When an agent has been engaged to locate or make an offer on a piece of property, they will perform a prodigious amount of investigation and preparation that will involve, but is not limited to:
- Comparable currently listed properties.
- Sales activity through the Multiple Listing Service (MLS) and/or public records.
- Property’s ownership and deed type.
- Property’s public record information for:
- Legal names of owner(s) lot size and dimensions
- Verify legal description
- Current use and zoning
- Land use coding and deed restrictions
- Property tax information
- “Comparable Market Analysis” (CMA) to establish fair market value.
- An overview of current market conditions and projections.
- Presentation package with above materials.
- Pricing strategy based on professional judgment and interpretation of current market conditions.
- Different agency relationships to determine the client’s preference.
- Review and explain the Representation Contract and Addendum(s) and obtain client’s signature.
The Offer and Contract
- Counsel client on offers. Explain the choices available and the best options to pursue.
- Prepare and convey all Letters of Intent (LOI) or contracts to seller or seller’s agent.
- Contact other party’s agent to review and discuss offer.
- Deliver all necessary contracts/agreements to Client and other parties as soon as possible.
- Negotiate all offers on client’s behalf, establishing time limits for acceptance and closing date.
- Prepare and convey any counter offers, acceptance or amendments to seller’s agent.
- Email all pdf copies of contract and all addendums to closing attorney and/or Title Company.
Closing Preparations and Duties
- Ensure contract is signed by all parties.
- Coordinate closing process with seller’s agent.
- Ensure client has all forms and information needed to close the sale.
- Confirm closing date and time and notify client.
- Request copy of closing documents from closing agent.
- Receive and carefully review closing figures to ensure accuracy of preparation.
- Confirm receipt of recorded deed and title insurance commitment.
- Review all closing documents carefully for errors.
Follow Up After Closing
- Respond to any follow-up calls by client and provide any additional information if possible.
In the Client/Agent relationship, an agent who is Connected, Responsive, and Knowledgeable has the elements that are essential for a healthy partnership, to not only build fruitful relationships, but also to sustain them and prevent their deterioration over the years.
Today’s Real Estate industry offers an assortment of service models to choose from, such as:
- Full Service
- Limited Service
- Fee for Service
- Sliding Scale
As a buyer/seller or tenant/owner, no matter which service model you choose – before you sign a Listing or Buyer’s Agreement and agree to any compensation, you should understand what services the agreement entails, and what will or will not be provided by your chosen Real Estate Agent/Firm.
(Watch for Part 3 of the 3 Part Series: Client/Agent Relationships.)