Office Policy Qualifications for Agents Who Do Short Sales

Wondering if any of you have a document in your office that you would be willing to share, that spells out what the minimum office requirements an agent must have in order to list and negotiate short sales. 

Views: 735

Reply to This

Replies to This Discussion

I think that's a great idea, Deb. I have a small office.  I have required short sale addenda. The one agent who actively does short sales was personally trained by me.

Thanks, Wendy.

We have an office of over 150 agents and some of them think just because they have a real estate license, the SFR, CHS,or CDPE designation they are qualified to do a short sale. I don't discount those trainings (except for SFR) because they are valuable but nothing teaches better than actually doing it, but you can't go in blind.

I have picked up the pieces of more than one deal going sour because the agent didn't really know what he or she was doing.   I'm trying to put something together to propose to my broker and Agent Leadership Council (ALC) that doesn't discourage agents from getting involved in short sale but does set some minimum requirements such as working under the supervision of another experienced short sale agent for the first 3 to 5 transactions after which time the agent can go out on his or her own. 

Interested in thoughts from anyone who wants to offer insight.

Deb unfortunately the fact that they have a real estate license means that they could be qualified to do a short sale.  The ALC job is not to make rules that affect others business (For non KW agents, ALC is an agent council that works with leadership in the office to help to form office policies and procedures).    There are plenty of agents who have done 3 to 5 or more short sales and who have designations who still stink at short sales.  

I disagree with cant go in blind, that is exactly what alot of us here on this site did, 5 or 6 years ago.  I remember my first short sale in early 2007, I was very blind going in. Since then I have closed a few hundred and do not have any designations.  

This in my opinion is a broker decision and not necessarily an agent decision, at least not an ALC decision (again a KW thing) .  If you do this, what is next? New agents have to work under experienced agents for a minimum number of transactions?  

Remember that agents are independent contractors and other agents should not be able to affect their business.

Just my 2 cents worth from a former ALC member and a short sale agent who has no designations and is basically self taught on the short sale process. 

You are right about agents who have done 3 or more short sales Jeff.  I used to work in the short ale/ modification department of a big bank and was formally trainined to do short sales and modifications.  The most important thing to know or realize is that it doesn't matter how many short sales you have done, mistakes can still be made.  You can have 50 short sales under your belt and each one will more than likley be diferent because you are dealing with differant lenders almost all of the time.  What needs to be taken away from this conversation is that the agent, no matter how experienced or inexperienced he or she is, it is crucial to pay attention to details of the transaction and never get lazy and take short cuts.  If I had 50 under my belt, which I probably do, I still would take my time on each one.  One can never be too cautious when it comes to closing a deal.

 

Roger C. Fountain

Plano, Texas

 

roger fountain, roger fountain jr, roger c fountain, roger clayton fountain, roger clayton fountain jr, roger fountain plano texas, roger fountain plano, roger fountain and dallas, roger fountain and dallas texas, roger fountain and capital one, roger c fountain and capital one bank, roger fountain and capital one bank, pitbull consumer advocates, roger fountain and pitbull consumer advocates, roger c fountain and pitbull consumer advocates, roger c fountain jr and pitbull consumer advocates, roger c fountain jr

As a former KW Team Leader, I can say it is the Broker's decision about who can handle what transactions and how much experience is needed since it's his/her license at stake.  It is not an ALC decision.

That said, my former office (I'm no longer with KW - I'm on my own) had a policy that every agent had to be mentored by another experienced agent for their 1st 3 transactions - Broker's decision.  Mentoring programs typically don't work because the agent loses X% of their commission which goes to the mentor - so that creates animosity if the mentor isn't available 24 x 7.

Like Jeff, when I started doing Short Sales in 2006, I had no training and still have no designations but, I'm successful at getting them done, quickly, ethically, and with the highest compassion for all involved. 

Thom, great response from a TL.  I do believe there needs to be guidelines in place and like you believe this has to be a broker decision and not ALC.  Imagine if the ALC was comprised of short sale and REO agents and they passed a rule that said you had to have 100 short sales or REO in order to work short sales or REO....  Imagine if they said you have to be a mega agent or have worked under a mega for a year before you can take a listing... extreme I know but stranger things have happened.  

ALC is not there to affect another agents business....

The ALC exists for 2 primary reasons; 1) to make sure the OP / Owner is not "skimming the till" having an effect on Profit Sharing; and 2) To help keep the office profitable by teaching, and coaching. 

Yes, they are considered to be the "Board of Directors" (LOL) but they really have no power, as they shouldn't.  In most offices the OP or Broker / Owner makes the rules and the ALC follows along.  The TL also has no "stroke" as they are truly only a cheerleader and recruiter and cheerleader. (let's make sure the priority is right :-)

Our company will not allow an agent to list short sales unless they have completed the CDPE course and taken an additional 8 hour short sale class put on by the company which further covers California-specific laws and forms.  Agents representing only buyers in short sale transactions only need to take the 8 hour class.

Wendy - Does your office charge for that 8 hour class ?

No charge for company class.

Wendy Cutrufelli, is that a broker requirement in your office?  State specific law class is a great idea as is any education for sure.  

Contrary to what it sounded like in my previous post :)  I do wish that there were a short sale license required to do a short sale over and above just getting a real estate license but then again I wish our dues to be a realtor were MUCH more expensive and wish that our educational requirements just to have a license were much more stringent.

I am just not a fan of my fellow agents (ALC in KW) passing rules that affect others business in a negative way.

It is a broker requirement for all offices within the company and is closely monitored.  Additionally, our bi-annual legal updates also review the latest short sale "hot topics".   A side benefit to the policy is that it results in a group of agents who can share short sale best practices, lender contact information (like a mini Short Sale Superstars) and give an early "heads up" for the short sale schemes that continually seem to pop up.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************