S.E.C. Real Estate Observer

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Editor’s Note: This article was first published in the December 1972 issue of the Real Estate Observer.

The sale of a listing doesn’t begin until a prospect says, “Yes, I’d like to own that property.” The buyer is a “taker.” Now, the broker must put together a transaction with which both parties can live. This isn’t always easy, as any broker knows, who has both a buyer and seller agree on price and then can’t cement the transaction to both parties’ satisfaction.

A property transaction (either acquisition or disposition) is like a suit of clothes; it should fit the person both financially and psychologically.

The client should feel comfortable with it because he is the one who must live with it. If it doesn’t fit, then perhaps he shouldn’t be involved. In property transactions the broker is comparable to a tailor and must adjust things to fit the needs of the people involved.

When a “taker” says, “Yes, I will take it if…” it is here that the broker’s work begins, whether “it” represents potential purchase, sale, lease of residential or commercial space, or an exchange.

Experienced exchangors know that the exchange procedure usually begins with a “taker” for their package. Often, the “taker’s” property is unacceptable to a second party and the beginning of a multiple exchange occurs.

Obviously, the “taker” is a key figure in almost every real estate transaction. Unfortunately, many real estate practitioners do not know how to handle a “taker” properly. If he is “well heeled” in terms of cash and property, the problem is minimal, but in most cases, this is the exception rather than the rule. Creative imagination is necessary to turn this situation from possible failure into success.

The success formula has two ingredients: Knowledge of both clients as to motivation and financial capability (including non-liquid asset). Creative transaction capability on the part of the broker.

There are many ways to acquire property using little or no money. In fact, there are over 100 solutions to a real estate problem. Only one of those is solely CASH! These formulas are being used daily to solve thousands of real estate problems for the mutual benefit of the clients involved.

If you have had “takers” but haven’t been closing as many transactions as you would like, perhaps you need to sharpen your skills by taking some courses in creative real estate problem solving.