When you start this business, you will probably find yourself with only 5 or fewer homeowners that you are working with. Keeping these homeowners’ deals straight and keeping them updated as to the progress of their property will be fairly easy. The problem comes when you suddenly find yourself with 15, 20, 30, or 50 deals. Now you have so many homeowners, that keeping them all updated is a full time job itself! Here is my recommendation for updating your homeowners. There are many techniques, and this is the one that I use. In my initial meeting with the homeowner, aside from making them completely clear on what is going to happen during the short sale process, I tell them what to expect regarding updates from me. What I tell them is that I will update them every two weeks. Typically, the update will happen on a Thursday or Friday. If two weeks pass and there is no update, I tell them to please be patient and that I will not go any longer than 3 weeks without updating them. I also tell them that I will update more often if there is a significant (good or bad) change with their file. Lastly, I tell them that they can contact me at any time if they have any questions at all.
My preferred method of updating the homeowner is via e-mail. E-mail is the quickest and easiest way to update, because it can happen at any time, and it doesn’t require actually getting the homeowner on the phone. In my initial meeting with the homeowner, I always get an e-mail address and let the homeowner know that this is how I will be updating and contacting them. Of course they always get my office number AND my direct cell phone number. Some people disagree with giving out my cell phone number, but I find that my homeowners completely respect my time and they rarely call me, unless it’s an emergency. Plus, it proves that you indeed care about the homeowner and their situation. It builds rapport and trust, which for me is critical in my business.
What you want to avoid is setting the stage with the homeowner incorrectly. Do not set the expectation that you will call the homeowner every day. Do not allow the homeowner to think that it’s ok to call you just to “see how things are going,” unless they have a serious concern. Do not make the homeowner think that the short sale is a guarantee and that it will happen quickly. They must understand that the process will take some time (average of 3 months in my state) and to be patient.
Setting the stage with your homeowner and updating them correctly will make your job easier and more efficient. Take the time up front with your homeowners and you will be very happy with the relationships you build with them.
Good luck,
