Don't Practice What You Don't Know

Short sales are a tricky business and not for the faint of heart or for the inexperienced. Over the past year the association has put out a great deal of information on the short sale process. However, reading information alone does not an expert make. Before you decide to take on the short sale process think about the skills you bring to the table. Are you adequately prepared and knowledgeable to complete this transaction? Are you the best person for the job? I know that this is harsh but over and over statistical data bears out that those REALTORS® who specialize in a field or market are those that survive and thrive over the long term. There are REALTORS® out there who specialize in short sales and have for several years. They know the ins and outs and many are either Loss-Mitigation Certifed (LMC), Certified Distressed Property Experts (CDPE) or Short Sale and Forclosure Resource (SFR) certified.

I believe that every practicing OKCMAR REALTOR® out there wants to do the very best for their clients and customers. The OKCMAR logo is the sign of quality. From our outstanding MLS, our syndication system to our public-sided search site to our phenomenal education programs, being an OKCMAR REALTOR® says to your clients; YOU ARE THE VERY BEST! So what do you do if one of your best customers or clients comes to you with a short sale opportunity? If you are not skilled and knowlegeable in the short sale process your best bet (Remembering that your time equals money out of your net income-the more time you spend on a transaction the less per hour you are making per transaction) may be to refer your client to a short sale expert.

A simple phone call followed by a policy letter can assure that you are paid a referral fee, your client has the benefit of your input (knowing his/her situation, likes/dislikes etc) and is grateful for a swift and clean short sale transaction. Your client knows that you have his/her best interests at the forefront of your actions and is more likely to refer other business your way. You also avoid the liability pitfalls that these tricky sales can sometimes result in.

If you have been participating in short sale transactions successfully and see this as a market specialization you may want to pursue get SFR certified. Please note that the SFR is the NAR certification and is the only program currently sanctioned and endorsed by NAR. At minimum, make sure you have read and reviewed the entire NAR short sales field guide.