Is it really short sale business or no business at all?

Closing a short sale transaction can be a tough way to earn a commission. Weary eyed and frustrated agents roam the halls after making the umpteenth millionth call to the lender asking if approval has been authorized only to hear no. Buyers are frustrated, sellers are oddly disinterested and co-broking agents are hungry for their split that may never come.

So I say to the agents, why not be more selective and avoid short sale transactions that are obviously going to be tough and most likely never close? You know, the ones where there is a second mortgage or the seller plans to high tail it immediately after signing the listing contract? The most common answer I receive is "they can't be avoided because that is all the business that is available right now".

Oh really?

I decided to ask the top producing agent in the office this year how is it that short sales are not wearing her out. This is the agent who has closed more transaction and has more volume sold than anyone else within the office. Her answer was revealing. Of all the closed transaction this year only one was a short sale. That's it, just one.

Only one deal this year has been a short sale transaction? I asked her how this is possible since so many other agents contend that short sales make up the biggest part of the transaction? Her answer was that this is simply not true. There is other business out there if you know where and how to look for it. She has been able to be selective with listings she will agree to take and can assist buyers with finding comparably priced homes for sale that are not contingent upon a short sale.

I'm hoping that more of our agents find a secondary source of business to offset the time and energy spent working a short sale. I do not wish for them to ignore the short sale business. I have spent considerable time going over the finer points on how to successfully close these types of transaction. Our agents are the best trained, most prepared to handle the issues associated with short sales. I would like to see them be more selective, that's all.

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- Greg Staker - Watson Realty Corp. - 407-304-0255