A lot of us have lost jobs and continue to find new opportunities amid this global health crisis. While many of us have been trying to keep our finances stable during the COVID-19 pandemic, the real estate industry shows opposite results. This industry continues to rise despite the current circumstances. It has been seen that the property market has remained resilient.
Given this trend in the market, it can be said that it’s safe to invest in this industry. For those trying to penetrate this market, there are things to keep in mind before selling a house.
Double-check any inspection contingencies your property might entail. AC repair services and other ventilation systems should be up to date with repairs, especially today when proper ventilation entails good health.
Types of Contingencies
Before getting into details, let’s first define contingency in the real estate industry.
A contingency in this industry is sometimes known as a condition. This contingency is a provision in a given real estate contract that makes the contract invalid if a certain incident were to happen.
For those getting into the field of real estate, there are different types of contingencies known in the market. Here are some of them.
Inspection contingencies offer a general examination of the overall state of the interior and exterior of a home. This includes the above-mentioned HVAC repairs that need to be given attention to. Other inspections included in this contingency are mold inspection and damage from wood-destroying insects. If the buyer’s conditions are not met, the buyer can walk away from the sale.
A financing contingency is important, especially for those who want to use a mortgage. Getting a financing contingency will allow the buyer enough time to get a loan to purchase their desired home. This type of contingency states that if a buyer is unable to receive a loan, they can opt for alternative sources or choose to back out of the sale.
When it comes to real estate titles, there is the title contingency to think about. A title company or your lawyer will review the concerned property title to make sure that it will be free from any issues once it is transferred to your name.
These are only some types of contingency in the real estate industry that every real estate agent should know about. In closing deals effectively, familiarize yourself with the details and implications of each contingency type so that you can keep transactions smooth and problem-free.
Building An Agent and Client Relationship
As a real estate agent, it should be your priority to provide your clients the best option that they can afford. Likewise, you need to keep good and strong relationships with clients and potential clients.
While being yourself and showing your unique personality may be a good strategy in acquiring real estate clients, there are core characteristics that buyers look for. Here are some main traits that buyers consider before trusting a real estate agent.
Clients value honesty and integrity. While this is true for any profession, it is most important for clients who want to invest their hard-earned money on a big-ticket purchase. With honesty and integrity, there will be open communication between the real estate agent and the buyer.
When clients get a real estate agent, they want someone who has a wide knowledge of the whole purchase process and the real estate market. Given that real estate sales involve big money, clients would want to trust someone who knows very well what they are getting themselves into. If you are getting into the real estate business, study the industry’s ins and outs to make sure you can answer your clients’ queries thoroughly.
Apart from these, real estate agents have to be responsive to their clients. This is especially important for clients who are looking for immediate purchases. As an agent, you have to respond to their queries and concerns as quickly as possible. This is a basic customer service characteristic that you should concern yourself with.
These are some ways to build a good and strong client and agent relationship. It is important to keep these in mind to improve your sales skills in the real estate industry. Effectively communicate with your clients to make sure you are always on the same page with whatever sale you get into.
Before getting into the real estate industry, there are things you need to keep in mind to make sure you close deals effectively. One of the things you need to familiarize yourself with is the different types of contingencies that real estate contracts may entail. Apart from knowing these conditions, you should also remember the characteristics of real estate agents that buyers look for so that you can hone your skills in these areas for efficient sales processes.