In case you missed it, here is the 30-minute replay of the first Ask the Divorce Lawyers episode!
The #1 question I get from Realtors about the divorce niche:
This market is a challenge on many levels and the shortage of inventory is a self-fulfilling prophecy. Homeowners don't want to put their house on the market because there's no available housing for them to move to, so they keep the market starved.....and round and round we go.
The grind was brutal. Cold calling Expireds and FSBOs, Kwaku had a split second to blurt out a winning script amidst a sea of other Realtors, all vying for the same listing. 50% of his lead gen efforts were spent on this, yet they comprised only 15% of his closings. The rest of his business was sphere referral, but that is unpredictable.
He felt like he was knocking his head against a wall, and with a young family to support, he had to find another way before he completely burned out.
After a few divorce listings, he realized he had a knack and the emotional intelligence to succeed at them. “So I decided to pursue a path that created relationships with attorneys who were more than just a one-off deal. Each relationship with an attorney is like having an account that leads to lifelong business. They are exponentially more fruitful.”
ANSWER: There are at least three components that must be satisfied or they can torpedo your buyer's purchase:
Divorce filings are up 34% from this time last year. (MASSIVE increase). The increased due to COVID and people being quarantined together with unresolved issues. The stresses of the pandemic have made couple scrutinize their living arrangements. Now, people are facing many difficulties in these times. Clients have bigger financial issues; realtors have more trouble controlling the clients and getting the house sold. Realtors can make things more efficient when they know what they’re doing.
1.) Moving a person out of a house to get the house sold is called a kick out order
2.) When a divorce happens and a house is involved, there are three options.
- One party stays and pays the other party whatever equity amount they agreed to or that the court ordered
- Sell the house and divide the money either by agreement or court order
- One party stays and the other stays on the loan for a period of time (the worst option)
3.) Be sympathetic with the client
For realtors, when the house gets sold it is a happy moment. However, for the clients in a divorce case, it is heartbreaking.
One of my favorite times of the year is business planning and team retreat season. It's inspiring to see how far we've come as an organization, and to chart our course to reach our next destination!
This time last year, our Ilumni team rented a house at the beach and spent three nights together. Our agent services director (aka, "team mom") grocery shopped and meal planned, and we made dinner together, listening to music, drinking lots of wine, and talking about everything from hair color to politics. The next morning, we took a walk, enjoyed our coffee, and then "got to work" at 8:30am, reflecting on our personal "why," our personal goals, and our 1 year, 3 year, 5 year visions.