How to "Tripple Side" a Deal
February 5, 2007 by Don MurrayHello Bloggers:
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Single Client Listings are in Full Bloom
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Be sure you are aware of how to "Triple Side" a deal.
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The number of expired listings each day"?has diminished in our market area (Orange and San Diego Counties in Southern California."? Orange County typically generates about 75 expired listings a day now and San Diego County typically delivers about 125 expired listings a day."? While these number are half of what they were a few months ago, there are still plenty of expired listings to work with and there are still plenty of anxious sellers.
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Many of our "low ball" offers are being rejected now"?and our buyers are having to raise their offers considerably to get the deal."?
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All this while interest rates continue to rise.
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Monthly rental rates are seriously jumping up in all spectrums of the residential rental marketplace.
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Buyer's are still a precious commodity."? Our best source of buyers today are renters who should become buyers and investors that up to now, have largely been on the side lines.
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So how does all this play into a triple sided deal and single client listings?
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First I want to make sure you know what a triple sided deal is."? This is where you write the loan and simultaneously represent the buyer and the seller in the transaction."? Basically you get paid 3 times for your work on these 3 elements of the transaction.
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These are"?the steps:
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- The first thing you do is underwrite the loan to be sure you have a real buyer.
- Next, when you are searching the MLS for potential properties for your buyer set the system to select "Expired Listings.""? This will show you the properties that meet your buyer's criteria but are not currently listed."?
- Make note of the expiration date for each expired listing of interest.
- Next go to your broker's MLS archive database where the broker keeps the daily downloads of"?all the new listings in the MLS. If your broker does not maintain the archive, hire a 3rd party database manager that tracks your MLS database for you.
- Look up the dates that correspond with your expiration dates you obtained in step 1.
- Pull the Owner's phone number for that listing from the showing instructions ("call first go direct")
- Advise the seller that you have a client that would like to view their property and that you would like a 10 day single client listing for what ever the a full commission rate is in your area. In our area that typically runs about 6%.
- If your client buys the home you will receive the loan commission as well as both the seller side and buyer side of the real estate commission.
- Obviously your buyer is only going to buy one of the several properties you have secured these single client listings for."? When you advise the unsuccessful clients your buyer selected another home you can discuss whether they should keep"?or expand the"?listing with you.
There is considerable work involved in this but the compensation is well worth it.
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Good luck!!
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DonMurray@CalFirstFinancial.com
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-- We Make Our Clients Wealthy
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