As we have seen with the ups and downs of the online agency business, getting deals through in today’s market takes a great deal more effort than just listing and getting an offer. It’s a rare deal indeed when transactions move through in four to six weeks.
Here are our top tips of how agents can help get deals through more effectively.
1. Get it right from the start
It sounds obvious, but we are still seeing too many chains based on optimism rather than a clear defined path. Qualifying both sides of the deal is critical, as is checking the chain (when it completes) to ensure that timescales work for everyone.
2. Get the right lawyers on board
For those agents that have a choice to recommend a lawyer, it’s never been more important to have the right people involved in your deals. The best lawyers are those that are accountable, available and have well-managed caseloads. If you can’t speak to a lawyer or they are too busy, it is going to significantly restrict your ability to help get deals through.
3. Manage the chain
The most successful agents we work with have a good understanding of the chain which helps to eliminate bottlenecks and set expectations. We see agents that are able to build relationships with other people in the chain, whether they are agents or lawyers, having greater levels of success than those that do not.
4. Drive completion dates that work
There is a common misconception that lawyers set the completion date of a deal – this is not the case. The lawyer is there purely to carry out the legal work – the agent is responsible for setting dates, and those agents that have a good understanding of the chain’s timing requirements are more likely to have a positive impact.
5. Diffuse tensions and keep everyone calm
One of the most overlooked benefits that an agent can bring to a transaction is the ability to keep their clients calm and ensure that no-one panics. Given that agents typically know more about the process than their clients, they can use this experience to set expectations and reduce the likelihood of a fall-through.
In conclusion, going beyond the offer stage has never been more important. By helping ensure the right people are involved in the deal in the first place and that everyone is kept informed, agents have a vital role to play in helping buyers achieve a successful outcome.