Listing opportunities series, part 2 of 7
A homeowner referral is a warm introduction to a homeowner, often one behind on payments, who has already talked with the KW Default Solutions team and agreed to hear from a local agent. Your job is to confirm what you’ve been asked to do, learn what the owner actually wants and report back clearly.
That’s where the local work starts. On our short sale and homeowner referrals, Joe always has that first conversation and makes the handoff himself, and the local agent brings the market knowledge and the follow-through. It may turn into a listing, but the introduction and the listing are two separate steps, and treating them as one is how agents end up pitching someone who just wanted to understand their options.
Before you call, know what you said yes to
Joe’s handoff should tell you why this homeowner is being introduced, what contact permission is in place, who is coordinating the file and what you’re being asked to do first. If any of that is missing, ask him now, not when the owner is waiting on an appointment you can’t make.
Pay special attention to anything time-sensitive. If someone mentions a foreclosure sale notice, that can’t just sit in the background notes. Find out who is getting it reviewed and how urgent questions are being handled, because when five people are copied on an email it’s very easy for everyone to assume someone else took care of it.
And check your own side honestly. Can you get to the property? Can you do what’s being asked in the time that’s expected? Does the arrangement need your broker’s review? It’s much better to raise a problem at this point than after you’ve accepted.
Let the owner tell you what they want
The handoff gives you context, not their goals. They may want to sell. They may want to know whether selling would leave them with anything at all. They may still be hoping to keep the house and need to reach their servicer (the company that collects their mortgage payments) or a housing counselor.
A simple opening works: “What have you already talked through with the team, and what would be most helpful for us to work on today?” That’s not a script, just a way to find out where they actually are before you start a listing presentation they weren’t expecting.
As you go, be clear about your role. You can help with the property and the local sale questions. Legal, tax and loan-assistance questions belong with the right professionals. And permission to contact the owner isn’t the same as a listing agreement, or authorization to talk to their lender about the loan.
The property visit is the part nobody can do remotely
An address and an online estimate won’t tell anyone whether the house supports the price people are hoping for. A visit, when the owner allows it and it’s safe, shows the things that change value, buyer interest and the plan.
Good notes are specific about what you saw and what you didn’t:
- which areas you got into and which you couldn’t access
- the condition issues you actually observed, with photos that show them
- how the house compares with the competition and recent sales
- what still needs an inspector or someone else’s review
“Water staining on the bedroom ceiling, source not verified” helps the team. “Roof is bad” doesn’t, unless you know that. The same goes for price. If you used renovated sales to value a house that needs a lot of work, say how you adjusted for it, because a number without its reasoning doesn’t give the owner or the coordinator much to work with.
Don’t call it an equity sale or a short sale yet
Your market analysis is one piece. The current payoff (the exact amount to pay off the loan on a given date), any other liens (legal claims against the property), the costs of selling and the timing all matter too, and each of those needs someone responsible for getting it through the right process. Until they’re in, say what the information suggests and what’s still unconfirmed, instead of labeling the file based on an old estimate.
If a short sale is possible, pin down who gathers documents, who is authorized to talk with the servicer and who coordinates the approval request. “The team handles that” isn’t an answer if nobody can name the person or the next step.
Send the update someone can act on
Here’s a fictional example of a note that works:
“Spoke with the owner today. They want to explore selling and agreed to a property visit Thursday. I’ll send condition notes and pricing support after the visit. We still don’t have a current payoff. Can you confirm who is requesting it?”
The coordinator knows the owner’s goal, the next scheduled step and the open question, and there’s no private loan detail in it. Sensitive documents don’t belong in a group text. A group text is fine for scheduling a visit, not for someone’s financial records.
If the owner cancels, the condition changes or a new deadline shows up, tell the person coordinating. Otherwise everyone keeps working from a different version of the file.
If they decide to list
With the agreements and permissions in place, the work continues the way you’d expect: listing paperwork, photos, the MLS, showings, offers and closing. Two things stay true the whole way through, and it helps to say them early instead of in a disclaimer at the end. A seller accepting an offer isn’t the same as a lienholder approving a short payoff. And a listing or a pending sale doesn’t, by itself, stop a foreclosure.
Foreclosure rules vary by state, so the homeowner should get local legal advice on deadlines.Before you accept your next homeowner referral, make sure you can name three things: your first action, the person coordinating the file and when your next update is due. If you can’t, sort those out first.
Previous: Not every listing opportunity is the same kind of work
Next: Behind on payments doesn’t always mean a short sale