Imagine that you are a home buyer. Your agent has given you and your spouse a detailed needs analysis, gone over the home buying process (maybe given you a booklet explaining it step by step), and shown you 5 houses. All met your needs. One of these houses, the one on Cedar Lane, rang your bell and you want it, no, you have to have it. Now you and spouse are back in the office to do ‘the paperwork’ and this is what happens. Your agent sits across from you at the table and says, “Before we get down to filling this out, I know I gave you a copy in the buyer’s consultation. Shall I assume you read it front to back? <smile> In any case, let me explain the basic form to you.” Then she proceeds to describe what the different paragraphs of this form, a form that will change your lives, does.
The form is facing you and upside down to the agent. As we reach page three, you notice that she looked at the form for the first time, rather than read to us, she has maintained eye contact. Our agent is watching to make certain we understand what she is saying. It wasn’t until page 3 that she glanced at the form. You realize: Wow, she knows this stuff! How cool is this, the person we trust is also competent!
What does the client feel when he comes to realize his agent has nailed these forms? How willing will he be to accept the agent’s advice during the coming negotiations? Will this client feel comfortable enough to introduce his family, friends, and other people he cares about? I rate “Probably” to all the above.
The scenario described above is a show; like all great shows, it’s a performance with a purpose. You should learn it. If you read the contract form a few times a day for a week you will be able to quote it just about verbatim. Close is good enough; you must describe each paragraph and how it is used with a confident voice and steady pace. Memorizing it will come in time.
Mastering the contract paperwork is not easy. If it was easy, fewer clients would think they need your help. On the other hand, learning what each form does, how to use them, and underlying processes of real estate sales is large part of being a competent professional. Until you have mastered how to complete a buyer representation form you will not close buyer prospects. If you doubt your ability to complete the contract paperwork you will not close sales. Practice in private solves both problems.
Competence is the path to profit and a business that makes you happy.