Lenders, title companies, property inspectors, insurance agents, locksmiths, etc....are all entities that in the great majority of cases will be involved in a real estate transaction. Some more than others, but they will all will have a direct impact in how smooth or how rough a transaction will be. And although the task of building your network is not necessarily a complicated one, it is not something that can be accomplished overnight or that should be overlooked as a lower priority. I am fully aware that there are people out there that completely disagree with my opinion on this subject, but stop for a moment and give it just a few seconds of consideration. Are you REALLY ready to get your first listing if you have NO IDEA what title company you will use once you have an executed contract? Are you REALLY sure that you want to use ABC Title simply because Sally said that "she used them a couple of times in the past and had no problems"????
The truth is that anyone, your broker, other agents, Google, etc. can give you a list of vendors for whatever specialty you are looking for. Most brokerages have so-called "in-house" or "preferred" vendors, and that is perfectly fine. But I strongly encourage you to do your homework and exercise due diligence as you are building your trusted network. Think of conversation starters-----open-ended, probing questions that you can ask anyone recommending a vendor:
- What in particular about this company do you feel is better than in the others?
- When was the last time you used them on a transaction and how many times have you worked with them over the last 6-12 months?
- If there is anything that you wish that this vendor would improve on, what would that be?
Once you have done this with enough people and have begun building your list, you should meet with each person you are considering (and by the way, they would love nothing more) at least once for a few minutes. Super Sally may get along great with Sensible Susan but you may feel that she is extremely rude and condescending. You don't want to find that out AFTER you have sent her your executed contract and have opened title, do you?
And just because you have several years of experience under your belt and have a long-established network of great professionals you can depend on, you shouldn't forget about continuing to keep that list fresh and validated. People in every field change careers, work habits, and areas of coverage every day. Your top inspector might have moved to El Paso and your most reliable closer might have retired two months ago. Your trusty loan officer, once hard-working and dependable, might have lost her touch and not done so well over the last couple of deals you sent her. Do you have replacements ready if you land a new contract tomorrow? You don't? Well then, it must be time for you to-----Gather Up Your Posee!
