realtor
Realtors have no standards
May 1, 2009 by Drew Burks · Leave a Comment
When it comes to file compliance, Realtors have very little standards.It’s true, but they are not alone. It seems that very few in our industry have standards when it comes to file compliance, but why should they since the DRE and our State & Local Associations haven’t set any for us to follow.
The lack of standards is most evident in the transaction coordination of our files. This is a very turbulent topic amongst Realtors, Brokers and Transction Coordinators. After 7 years in the business I understand the different points of view; however as a Broker I try to educate my team that ultimately the DRE holds the Realtor and Broker responsible. Additionally as the Broker I also hold the majority of the liability so of course I want my team to help raise the industry bar.
I have noticed the past 12-24 months the overall attitude of Realtors has become very LAZY. Most Realtors and Brokers seem to be content doing the very mininum required to stay out of jail.  This is really to bad because now is the time to increase your level of education, professionalism and business standards.
When I was the Realtor, I felt exactly like most Realtors tell they feel when they get the Broker file review in their email box telling them that several documents are incomplete and that they need to get the fully executed before the file can be closed out. In other words, the Realtor is now rushing around at the last minute to get docs signed so that they can get their commission check without any delays.
It seems that most Realtors feel like: “why should I be responsible for the file or getting last minute signatures when I am paying a transaction coordinator $300 $400 to handle it”. I get this!
On the other hand, transaction coordinators that I have worked with over the past seven years tell me: “we are not the Realtor, and it is not our responsibility to sit down with the client to advise & review the paperwork to confirm they sign the required pages. To be honest, I agree with the them. I am not talking about getting a few random signatures or initials that may have been missed during the signing, but the point is that Realtors need to accept more responsibility when it comes to the file.
My personal take (as the Broker & now better educated) is this… Yes the Realtor is hiring a transaction coordinator to handle the paperwork and to confirm all the required forms are fully executed and in the Broker file before close of escrow. However, this does not relieve the Realtors’ responsibility under the DRE Guidelines. In fact it adds another level of responsibility to the Realtorsduties – now the Realtor has to follow up with the transaction coordinator to make sure the file is being done correctly and that it is complete on or before the close of escrow.
Despite the online transaction managment platforms like Relay and Transaction Point I am always left feeling like this guy after doing my file reviews. As the Broker my policy is to review the file twice before the close of escrow: once approximately 2 weeks before COE and then again 4-5 days before COE. At this stage in the transaction the Broker should be able to quickly look at the list of executed docs and identify the incomplete docs; this list should always be in the same order for consistency. Unfortunately it never happens this way and I am confident that both the Broker, Transaction Coordinator, Office Manager and Realtors all feel this way at one point in the transaction.
Since I am not one for complaining without offering several solutions I have invited several local Transaction Coordinators to participate in a File Compliance Taskforce. Additionally I have invited my team of Realtors to participate in this taskforce to help develop the new standard and processes for file compliance. If you have any interested in helping improve this process, PLEASE CONTACT ME!
realtor
Smart Choice
January 17, 2009 by Drew Burks · Leave a Comment
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