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Aug 2005
Index of all
messages
from the Association President
Improve production with the fine art of co-oping
by Mitch Myers CRS, GRI
Our wonderful profession of real estate has so many different facets that allow you to improve your production. One such area is the co-oping with other agents. This should start at the creation of a transaction and carry through until the closing of the transaction. Professional co-oping can make you really shine.
Work the phone
Let’s say you are a buyer’s agent. Before you even write the offer, your first call should be to the listing agent. The listing agent may have a pending offer that he or she has not informed the office or team about. The listing agent may have just gotten a price reduction that the office doesn’t have yet. If the seller is being transferred and must deal with his relocation company, there may be certain inconsequential clauses that could be inserted to avoid a counter. Ask the listing agent about timelines such as ideal closing dates, etc.
A phone call can provide you with lots of information that will help you write a stronger offer by providing benefits to the seller that do not affect your buyer’s goal. Sometimes you get the added bonus of being told information that will really benefit your buyer.
Once the offer has been submitted, and if it isn’t accepted outright, co-oping comes into play again. This is where our “third party” position really helps our clients. So the listing agent calls you and says BLAH, BLAH, BLAH. Ask her what the seller is looking for and different ways to help both your clients win. Don’t make decisions for your client; explore options with the other agent that may be beneficial to both parties and present those to your client. Many times, with a few phone calls you can hammer out an acceptable counter-offer that can be reduced to writing instead of going back and forth.
Close with communication
Getting to the closing table sometimes is the hardest part. Good communication and cooperation with the other agent can make your job a lot easier. If you have an assistant, offer to loan him or her to the other agent in regards to your transaction. Even the best agents have times when they just can’t provide their normal service. A little compassion and an offer to help can go a long way.
Do not overlook returning feedback calls or better yet, make notes on your showings and call the listing agents first. You will start to get more feedback calls in return. As a side note, if you are the listing agent, call the buyer’s agent prior to their showing. A little chat about your listing will increase your odds of a possible offer.
Your rep is on the line
Your reputation as a good agent to co-op with is just as important as your reputation with your clients. If you take the time to co-op professionally, you will increase the showings on your listings, have smoother negotiations, and get more offers accepted.
Please send thoughts, comments and concerns to mitchmyers@mitchmyers.com.
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