|
|
Negotiating the Home Inspection - Seven Tips for Real Estate Agents
In many real estate markets, the home inspection can be the kiss of death to the buyer's dreams, the seller's plans and the real estate agent's commission check. Whether you work in historic neighborhoods or brand-spanking new subdivisions, becoming a master at negotiating the inspection process just may be the most important (and profitable) transaction-related skill you can develop.
Here are some tips to getting through the process.
First, always attend your inspections (unless specifically forbidden by your office policy or state license law). Many agents don't and that's just abysmal customer service. Yes, yes, I know the attorney-types tell you to avoid inspections like the plague, just in case you get sued as a result of being there, but to that, I say: baloney!
It's much more prudent to take the chance of an unlikely lawsuit than risk losing the loyalty of a buyer client by not being there - and remember, he's the gatekeeper to all his potential home-buying friends. If you aren't there, your buyer will notice and he won't be impressed by your explanation of potential legal liability. He'll just think you don't care.
But here are some other reasons it's important to attend:
* It's hard to negotiate repairs found during inspection that you didn't see firsthand.
* It's good customer service.
* When you're new, inspections are an excellent opportunity to further your real estate education.
* You need to be able to recommend good inspectors to your buyers and if you don't attend inspections, how can you judge?
Second, never, ever belittle your buyer's concerns about conditions noted by the inspector. Never say,"Well, it's an old house, you can't expect it to be perfect," or "It's a foreclosure; of course there are going to be problems."
Your buyer isn't an idiot, he knows that. The minute he thinks you're trying to talk him out of being concerned about an issue, he'll feel you're more interested in your paycheck than in his purchase. You'll lose his trust, and thus, his future referrals.
Third, take your directory of home service contractors with you to the inspection. If issues arise, it's helpful to have phone numbers on hand to make phone calls on the spot for answers. For example, if the HVAC system installation looks suspicious, you can call your HVAC contractor and ask for his opinion. If the roof is composed of asbestos tile shingles, you can call your favorite roofer to ask about the implications of future roof replacement.
Fourth, if you don't have your very own handyman on call, make this your top priority. You must have a great handyman in your back pocket to be a great real estate agent. You can even call your handyman during an inspection with a question and he might drop everything and rush over to check it out... thus putting your buyer's mind at ease (or at least making you look fantastic).
Fifth, if an inspection goes poorly, let your buyers sleep on it. Inspections can be exhausting, but after a good night's sleep, your buyers may feel much better.
Sixth, when preparing an inspection notice for the seller, never use inflammatory language. Just state your requests clearly and succinctly, without embellishment. For example, instead of saying "Seller shall repair the leak under the kitchen sink to avoid further mold and mildew damage to the cabinet, flooring and possibly the basement ceiling." Simply say, "Seller shall repair the leak under the kitchen sink."
Seventh, keep your inspection requests to as few bullet points as possible. Group your requests into categories; for example, all plumbing issues go under one bullet, all electrical items under one bullet.
It can't be emphasized enough... always support your buyer, not your paycheck, no matter how badly you need that paycheck. Put yourself in your buyer's shoes and advise accordingly. The brownie points you win by truly being on his side will pay off big time for you; not only in this transaction, but for years to come when he tells everyone he knows what a great Realtor you are.
About the Author Jennifer Allan is the author of Sell with Soul: Creating an Extraordinary Career in Real Estate without Losing Your Friends, Your Principles or Your Self-Respect. You can learn more about Jennifer's philosophies at her website or follow her blog .
|
 |
Please Rate: |
|
Rating: |
 Processing ... |
(Average: Not rated) |
| Views: | 35 | |
|
| More Articles from Selling | | |
| Top Articles in Selling | | |
|
