Developing a Short Sale Team

Agents who specialize in short sales often have a support team of assistants and/or other agents who are responsible for various aspects of the short sale process. As in any team, each member must be proficient in a particular job, cover his or her area of responsibility fully, and communicate effectively with other team members as well as agents, lenders, and the public. An effective system of accountability must be established, and goals must be clear. The best interests of the seller client must prevail.


A team must be managed
The delegation of duties can lead to unclear communication and a lack of responsibility, resulting in "buck passing" and poor service. The ethical standards of Realtors and the rules of the MLS systems do not change because a property is foreclosed or undergoing a short sale. The "lead" agent and broker stand responsible for the performance of his or her team.

Roles within a team include:

• A marketing person
• An agent who handles the purchase agreement negotiations
• A property and marketing management person
• A buyer's agent relations/communication person
• A negotiation and administrative person who works with the lenders
• A closing agent

One person might serve several of these functions, but no matter how large or small the team, the work should be organized and systematic. There should be an update process that selling agents, customers, and lenders can rely on. Many short sales are lost because someone "dropped the ball"-the workflow was not consistent and methodical, details were missed, or the buyer and agent were not kept informed.


The preceding was an excerpt from our online course, The Short Sale Investigative Report, authored by Jim Tice. See if the course is approved in your state.