There are times in the Real Estate business when the lid blows off the pot. Times when you can’t give the normal promised turn-around times due to unexpected large volumes of business or lack of help.
These times can kill your hard earned business if you don’t act fast. It’s never fun to call a client and let them know you can’t make the timeline promised. But it has to be done.
When times get tough, the tough communicate. Communicate with your Selling Agents, Builders, Buyers and Escrow Coordinators as soon as you know the problems. NO matter what the problem, things will be better if you communicate on a regular basis. If people are aware of the problem and feel like you are doing your best, working hard for them, they are more likely to understand, than if you avoid breaking the bad news. The worst thing you can do is avoid delivering bad news or avoid those phone calls that come in wondering what’s going on. No communication makes everyone upset and guarantees a lost client in the future.
When you know your teams our overloaded, make sure you notify everyone involved of the tight timelines, UPFRONT. Talk about it in meetings so all are aware. Make them aware how long the timelines are for each stage of the transaction. Set realistic dates accordingly, upfront.
Then second step, turn in complete files, clean and ready to go…be ahead of the game, getting everything in advance. Set the right expectation upfront with all involved, making sure everyone is communicated with daily if necessary when things get off schedule. A status report weekly and monthly closing list along with frequent phone calls and emails will avoid mishaps and communicate every stage on the loan with the clients and Managers.
It’s time to stay on top of your business and communicate fully. Trust me, it’s the best way to handle bad news, take it head on and work your way through it. Dig in and get it done. They say that communications is 90% of the world’s problems, so make sure you are an amazing technician at communication in many different ways. It’s the best thing you can do.