We all understand that this economy is difficult. In the aftermath of the real estate crash, many homeowners found themselves behind on their mortgage payments and in a difficult financial situation. The good news is that because foreclosures and bad financial news seem like the norm, ways up - and out of the situation - have been created to help these individuals and families: Short sales.

For brokers willing to learn to navigate the complex hurdles of short sales, there is plenty of business. However, that business comes at a high price. If you are willing to learn the intricacies of this process, you can then be in position to give some great service to the homeowners out there that really need the help of an industry professional.

A strong word of caution: Venturing into this field isn't for the light-hearted. The average short sale success rate is far too low, and much of that is caused by agents not investing the considerable time it takes to learn the process thoroughly. It isn't enough to know a little about short sales, you must become an expert in this field - or you will not succeed.

On some transactions, it will seem like all the doors are shut, and you won't know how to go around them, leaving you unable to close the deal, without a commission, and worse, your clients now have a foreclosure on their record. By taking the time to really learn the ways around all of those shut doors, you will increase your success ratio and improve the way clients perceive your abilities and emphasis on service.

The determining factor between success and failure, the one benchmark by which homeowners and critics can evaluate a broker's credibility, involves their level of service. Service encompasses a variety of things: Willingness to speak candidly with clients, the ability to navigate the complexities involved with certain transactions, and customizing solutions for each person's circumstances. With short sales, each client's situation is different and a cookie cutter approach can leave a lot of clients in the dust, which then reflects poorly on the service provided.

The one attribute that ensures your client's business for subsequent transactions is, indeed, the quality of service you offer. So, think then, of service as a euphemism for enabling brokers to work with clients throughout the course of a person's life. From purchasing a starter home to buying a bigger property to accommodating the needs of a family, a real estate broker can play a decisive role in these milestones. And yet, too many brokers overlook the future by not giving just a little extra now. They ignore or don't understand their own responsibilities, to be more than just a transaction facilitator, but to be a friend - and, more importantly, a real estate counselor or advisor. In simple words: They just want to close a deal, and move on to the next project.

Clients aren't just numbers. Being a client's real estate advisor "For Life" will inspire you to work harder and earn a person's business for many years - and also win referrals from your quality service. If you don't apply those conditions to short sales, then your service fails your client and your long-term results suffer as well.

Successful short sales require experienced professionals who, by virtue of their specialization and respect within that niche, enjoy the trust of bankers who process these transactions. Without that trust and relationship, many opportunities to save the owners from foreclosure are missed, and everyone loses. That harms the brokers' credibility with their clients. It also leads to clients surrendering to the seemingly inevitable: Financial devastation.

Our call to service is a way for brokers to distinguish themselves. Call it smart branding or just good business, or the simple recognition that clients deserve to know what we are doing.

The real estate industry has seen challenging years before. Many left, some stayed, and a few thrived. The ones who thrived did so by improving themselves, and improving their service. So start by leaning everything you can about short sales - and other issues - so you can build a long-term relationship with clients and be their real estate advisors for life.

Jared Murphy Co-Founder of Marcus and Murphy. The firm can be contacted at 480-339-0004.

Published: March 2, 2012

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