Realtor Life with Theresa Grant

Follow along as we explore how Realtors work. Literally.

8 closings in 113 days? Let's do this!

When your Broker issues you a challenge...

We're on track at Coldwell Banker Sky Ridge Realty to end our 2018 year with 1,000 closed sales. That's a lot of people we've helped to change their mountain lives! A few days ago our Broker-Owner, Steve Keefe, issued us all individual challenges to meet the goal. We're a powerhouse of full-time agents, and we all love our blue and white colors, so of course we're stepping up!

My share to meet this goal is 8 closings.  To the lay person 8 closings sounds easy, right? Here's how it breaks down, though. The average time to close a home sale is 36 days right now if it's a Conventional financed sale, and 47 days if it's FHA or VA financed. So *if* I put something in escrow right now in an average sale scenario, and *if* all the buyer inspections go right, and *if* there are no issues with the buyer's loan then it would close on October 15th. Now factor in all the days we lose due to holidays in the 4th quarter that can also get in the way, add in the weekends, and suddenly those 8 closings are a bigger challenge to meet than if we were doing this in oh, say, April.

I have a small ace up my sleeve, though. I am getting ready to close escrow on three sales, that's narrowing the field, right?

Sigh. No. It's not.  I learned a long time ago that the average fallout rate can kick you in your butt. That's when the buyer fails to qualify for the loan, or there are inspection issues with the house, or there's a last minute issue, or the buyer's sister's uncle's bff's dog doesn't like the house (aka the buyer gets cold feet), or Jupiter doesn't align with Mars, and escrow gets cancelled. A 30% fallout rate means that I don't need to simply put 8 properties under contract - I need to put at least 11 homes under contract by November 15, 2018 to meet the goal and have some breathing room.

Follow my journey as a Realtor as I walk the walk and talk the talk, no holds barred, though edited for language content. There will be highs and lows, mid-range moments of doldrums, and most likely a martini or three. Will I get this done? Let's find out!

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