Long term, lasting success in the real estate and lending business is a step-by-step trust building process. Long term, lasting success comes from doing little things right, every day. In The 7 Habits Of Highly Effective People, Steven Covey coins the term building an emotional bank account. When your clients see you as unique and distinct from salespeople, they become raving fans.
Real estate and mortgage lending are complex transactions. It’s almost inevitable that a glitch will occur somewhere in the process. When it does, the amount of trust in your client’s emotional bank account determines how they react.
When a glitch occurs, and you have made regular deposits into their emotional bank account, they tend to be calm and trust you to guide them over the bumps. The Turbulence letter is an excellent tool for building your clients emotional bank account.
The 56 Types Of Turbulence We Could Run Into
Selling your home is like taking an airline flight across country. When you start on your trip you have no idea how the trip will go. Neither does the pilot! You could run into 56 different types of turbulence, or you could have a smooth flight and land on time.
Certainly the pilots will try to use their experience to navigate around the storms and go for the smoothest flight plan, but if they’re honest, they can’t promise a turbulent-free trip. Their job is simply to get you to your destination in the least time and with the least aggravation, while keeping you informed throughout the trip.
Attached is a somewhat humorous list of the 56 different types of turbulence we might run into. This list is not all-encompassing, but it catches most of the common issues. While some of the items are “picky” to some, they are very real and fearful to others.
Please take a minute to review the list.
As your Real Estate Consultant, I see myself as the pilot of your plane. My job is to assist you in getting your home sold for the most money, in the least amount of time, with the fewest aggravations.
I can’t promise you no turbulence, but I can promise you that I’ll utilize my experience and expertise to take you on the smoothest flight that I can. If we do hit turbulence, I won’t bail out on you. I’ll be your teammate throughout the flight until we get you safely to your destination.
Rest assured your advocacy is my number one goal, and that means you must be delighted with the product we provide and deliver beyond your expectations during the process.
As always, should you have any questions or concerns, please don’t hesitate to call me.
Warm Regards,
Bobbie Roland CRS GRI LTG
Realtor/Auctioneer
Your Real Estate Consultant For Life!
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56 Types
- Lender does not properly pre-qualify the borrower.
- Lender decides last minute they don’t like the borrower.
- Lender decides they don’t like the property.
- Lender wants property repaired prior to closing.
- The market raises rates, points, or costs.
- Borrower does not qualify because of a late addition of information.
- Lender requires at last minute, a second appraisal.
- The borrower does not like the fine print in the loan documents that are received 3 days before the scheduled closing.
- Lender loses a form or misplaces the entire file.
- The lender does not simultaneously ask for all needed information from the buyer, they ask for information in bits and pieces.
- Lender pulls a "bait & switch" on the buyer.
- Lender does not have the money, so makes up some excuse for rejecting the buyer or delaying the transaction.
The Buyer:
- Did not tell the truth on the loan application.
- Did not tell the truth to their agent.
- Submits incorrect tax returns to lender.
- Lacks motivation.
- Source of down payment changes.
- Family members or friends do not like the house buyer chose.
- Is too picky regarding condition of house.
- Finds another property that is a better deal.
- They are "nibblers" (always negotiating) and angers seller/lender/agents.
- The buyers bring an attorney into the picture.
- They do not execute the paperwork in a timely manner.
- They do not bring their money to escrow via a cashiers check.
- Job change, illness, divorce, or other financial setback.
- Comes up short on money they stated they always had.
The Escrow/Title Company:
- Fails to notify agents of unsigned or unreturned documents so that the agents can cure the problems.
- Fails to obtain information from beneficiaries, lien holders, title companies, insurance companies, or lenders in a timely manner.
- Lets principals leave town without getting all necessary signatures.
- Incorrect at interpreting or assuming aspects of the transaction and then passing these items on to all parties such as lenders, buyers, and sellers.
- Loses paperwork.
- Incorrectly prepares paperwork.
- Does not pass on valuable information fast enough.
- Does not coordinate well so that many items can be done simultaneously.
- Does not bend the rules on small problems.
- Does not find liens or any title problems until last minute.
The Seller:
- Loses motivation (i.e. job transfer did not go through, etc.)
- Illness, divorce, etc.
- Has hidden or unknown defects that are subsequently discovered.
- Home inspection reveals average amount of small defects that the seller is unwilling to repair.
- Removes property from the premises that the buyer believed was included.
- Is unable to clear up problems or liens.
- Last minute solvable liens are discovered.
- Seller did not own 100% of property as previously disclosed.
- Seller thought getting partner’s signatures were "no problem" but they were!
- Seller leaves town without giving anyone Power of Attorney.
- The notary didn’t make a clear stamp when notarizing the seller’s signature.
- Seller delays the projected move-out date.
The Appraiser:
- The appraiser is not local and misunderstands the market.
- No comparable sales available.
- Appraiser delays (too busy, etc.)
- Makes important mistakes on appraisal or brings in value is too low.
The Inspection/Termite Company:
- Too picky with conditions and "scares" the buyer.
- Infuriates seller.
- Makes mistakes.
- Delays report.
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