And your quarterback is.....
Given that it’s Superbowl
Week (Go Giants!), I thought we might go with a football theme today. I can’t
tell you how many different people I hear proclaim that they are the
quarterback of the real estate transaction – the agent, the loan officer, an
attorney, accountant or financial planner. But for goodness sake, the
buyer/borrower had better be the one calling the shots. Not that everyone else
doesn’t play an important role, but the buyer/borrower is the one most impacted
by the choices made.
Here’s my opinion of how the team
works best:
§ Head Coach (Your Loan
Officer) – Your loan officer should be the Head Coach. After careful
analysis of your income, credit and assets, this is the person in the best
position to make sure you are playing to your strengths and minimizing your
weaknesses. Your loan officer can discuss the economic
realities of homeownership, while listening to your quality of life concerns.
(How often you’ll be able to eat out or vacation, for example.) The loan
officer can set up the game plan.
§ Offensive Coordinator
(Your Real Estate Agent) – Your real estate agent is your offensive coordinator. Armed
with the game plan (which includes your limitations), the agent calls the
plays, counseling you on the geography, the competition, the best ways to
negotiate your way to your personal touchdown. Agents know the playing field
(the inventory and the market). If you hire them to represent you, they can
disclose the weaknesses of your competition (the seller).
§ Offensive Line (Your
Attorney, Accountant and Financial Advisors) – Your attorney,
accountant and financial advisors are your offensive line. They are there to
protect you from the blitzes that come from outside (sellers, title issues, tax
consequences, and protecting your assets). Not the glamour positions, but vital
to any success you are going to have.
§ Running Backs and Wide
Receivers (Your Friends and Family) – Your friends and family are the running backs and wide
receivers. They often receive the glory and attention, but honestly, if
everyone else doesn’t do their job, they rarely ever see success. Bad game
plans, weak play calling, poor execution on the offensive line or by you, as
quarterback, leave them merely as names on the roster.
As
with any team, communication is the most important component to getting the
desired results. Being the center of the action on the field, the
quarterback (you) needs to honestly talk with your coaches and coordinators, so
they can help direct you on the proper play calling. Simultaneously, you need
to heed the feedback from your offensive line, running backs, and receivers to
filter wise advice from emotion. Be the quarterback of your own home-buying
process and you’ll be more likely to realize your dreams (and not the dreams of
someone else).