A
friend of mine works for a major car manufacturer in his capacity as a mechanic
and technician –
he’s been with the same company for over 20 years, so it’s safe to say he knows
a thing or two about how engines work, right?
Whenever I have a problem with my car that extends beyond needing new
tires or an oil change, I always reach out to him to see if he can give me an
idea of what’s going on and how much it’s going to cost to fix it.
In
the times he’s kindly come over to look at one of my ailing vehicles, I’ve
learned a couple of things. One is you
don’t need nearly as many “things” to change your spark plugs as the folks at
the auto parts store try to sell you. The
other little morsel of wisdom is in order for a car to start and run, it needs
three things: air, spark, and fuel. For
an internal combustion engine, if you take one of these three things away, you
don’t get the controlled explosion that makes the heart of your engine
pump. (Side note: this is not to be
confused with Earth, Wind, and Fire –
the band whose music you need as a vital part of a play list to make the heart
of your party pump.)
As
if you didn’t see this coming from a mile away, I’m now going to equate this to
a successful real estate transaction –
one that lives and breathes. The air,
spark, and fuel in a successful real estate transaction is, respectively, an
agent, a buyer, and a mortgage person –
if you take one of these three things away, you just have a couple of people
trying to make pleasant but possibly awkward conversation.
The
agent supplies the oxygen –
the vitality, if you will –
with her/his knowledge, expertise, attention
to
detail,
and zealous representation of the buyer’s best interests. The
buyer provides the spark –
the excitement and drive –
to acquire that first investment, a home in which to start a family, a vacation
property or second home, or a home after relocation. And the lender, of course, provides the
right type of fuel and
the correct amount to get
everyone to that final
destination.
There
are specific things that each party MUST do that the other two parties can’t,
of course. In most instances, this is
understood and doesn’t need to be discussed.
However, would it be a bad idea to get all three parties in one room
before a property is previewed or a prequalification occurs to discuss the
expectations everyone has of one another and have all three agree to live up to
their parts? If this were to occur
(assuming everyone did, in fact, live up to what they promised to do), we would
have smoother, shorter, and more seamless closings. Why?
One word: accountability. When
someone is accountable (buyer included), they pay better attention.
Let’s
return to our car analogy: whether it’s
a Mercedes-Benz S 560 (a
luxury home)
or a Fiat 500c (a
one-bedroom condo),
you still need air, spark, and fuel –
you can’t substitute even one of those things, and each one has to do its part
equally well, or all you have is a hunk of materials that no one wants to buy
or own.
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