Real Estate Agent Blog

Getting Through Your First Real Estate Transaction

Posted by Caitlin Smart on Jan 16, 2018 11:02:00 AM
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So you're new to Real Estate and you've been working with your first buyer client who just found the house of their dreams... what's next? RE-21s, confusion, over analyzing, and so much more.

During my first transaction, I couldn't figure out how to get my buyer client to e-sign the offer we were making. I ended up accidently sending a copy of the offer to everyone listed in the transaction before he even was able to sign it. He was physically right next to me and the look on his face made me feel like a failing agent (incase you're curious, it was a great offer).

Going through your first transaction can be overwelming, but it doesn't have to be! Practice with your specific MLS transaction software and other real estate tools, ask questions, and communicate with the co-agents involved. You may feel nervous during this transaction, but once you get familiar with each step involved, you'll feel much more relaxed and confident moving forward. 

Three Simple Ways to Gain Confidence as a New Real Estate Agent

Practice! I was filling out each form manually until I realized that our local MLS had an app built in that would import each piece of information that corresponded with that MLS number such as listing agent information, address, and legal description...certainly these are things you don't want to mess up. Create a fake transaction for your first time and practice enabling edits for the signers and making sure you know how to send it to your client for their e-signature to make it a smooth transaction. Let software help you take the guessing and errors out of your paperwork. If you don't know how to access it, ask your broker or your local MLS, it's what they're there for.  

Ask questions! Don't pretend you understand something if you don't. You're dealing with legal written offers that once signed, are binding unless rejected or inspection falls through. Writing up your first RE-21 is something you should do with your broker easily accessible to help clarify anything that might be up for interpretation. What does the late acceptance paragraph mean? What agency should I put to receive the earnest money check? What time frame should I put this offer must be accepted by? Once you get these questions answered the first time, you'll be confident in writing your next 100 contracts, knowing you completely understand everything because you took those 30 seconds to ask instead of assuming and getting something wrong.

Communication! If any offer you present gets rejected, don't be hesitant to ask the seller's agent why. You're allowed to ask anything, they just might not give you the answer in the full detail you want. Ask about the terms of the offer that WAS accepted and don't be shy about it. It'll help you be more informed in the future, and most of the time it will help you feel more confident when the situation was simply out of your hands... like when you can't compete with an all cash offer... (cough, cough). If you're the listing agent, communicate with buyer's agents in a timely fashion so they can keep their clients in the loop. Our best experiences have come with listing agents that made themselves available for communication via email and phone and didn't ignore a phone call in order to text back out of personal communication preference. Most things we discuss are detail oriented and can be answered quickly with a phone call. Also, write a thank you note to agents you've enjoyed working with. It's a small gesture that can go a long way. Letting the agent know you enjoyed working with them can lead to future business together and a good impression that can be conveyed to other agents in their network. 

We'll leave you with this... after your first transaction, you're going to feel 100% better and excited for what's in store with your career in Real Estate. Feeling confident with the tools and software, asking questions, and good communication with other agents will help set you up for a successful future in the real estate business. Best of luck and if you have any questions, feel free to call us here at Mode Realty Group. This industry is a community and we're happy to help each other along the way.

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Topics: Agent, Client, Relationship

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