Dave Ferro
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Contract Dates
Real estate, as a profession, is both simple and complex. It is simple in that our role as Realtors® is to make friends and then help our friends with real estate issues. Sometimes we get paid, and sometimes we don't. It is complex in that once a contract has been signed, dates have to be counted, deadlines have to be met, and communication has to be seemless. Let's metaphorically think of a real estate transaction as a play. The Realtor® is a director using the purchase and sale agreement (contract) as a script. There are actors who each play a role. Typically the actors are buyers, sellers,home inspectors, termite inspectors, insurance agents, lenders, and closing agents (law firms or title companies). Each actor has a role to play. The script (contract) says when some of the actors come on stage and leave the stage. It is the Realtor's® job to remind the actors of their lines and when they should come on stage and off the stage. Realtors also document progress and keep all of the actors informed about where we are in the script (contract). In order to keep all of these moving parts straight, the Realtor® has to be able to tell time. Time in real estate transactions is defined by the contract. Sometimes you count calendar days and sometimes you count business days. Realtors® must have an understanding of these rules to ensure that the transaction goes according to the contract. Imagine a director whose watch is wrong. The play won't go according to planned. Realtors®, as licensed professionals, shouldn't use a contract if they don't understand it. I teach my team to read the contract frequently, and when there are updates to the contract forms, we review, review, review. Florida Realtors® has a two part series on time frames in the FAR/BAR contracts. I strongly encourage Realtors® to read these articles (links below), so that they don't miss deadlines. The goal is a smooth transaction all the way to the closing, so that the crowd cheers as the curtain comes down. And when the play is successful, Realtors® may be asked for an encore. The top two sources of business for Realtors® in each of the offices I manage is sphere of influence and past customers. Your first deal with a customer is an audition for more business. Being licensed as a professional separates us from the swamp salesmen of yesteryear. Let's be professional and give our customers the care and service that they are paying for and deserve.
