If you ever take a head count of actual people who are involved in a single real estate transaction, from start to finish, the number will blow your mind. No contribution to a deal is too big, and no contribution is too small. This is just how our industry works.
Perhaps we should give it a try!!
Think of it this way, from the moment we sign a listing, just at our firm alone – our team of 3 + listing manager + principal broker + admin + photographer + floor plan drafter + digital stager/stager + graphics team + tech team + printers + PR Team = just on agency side alone, a minimum of 15 people get engaged. And we have not started showing the listing yet at this point!
Let’s presume we identify a purchaser immediately upon launching the listing. Now we have to prepare a deal sheet which lists seller’s attorney, buyer’s attorney, their paralegals and associates, transfer agent, managing agent, perhaps buyer’s broker, by extension their respective brokerage and administrative staff. And we have not yet started the financing part yet.
Once a contract is signed, then buyer will apply for a mortgage with a loan officer, who will then send the file to a loan processor, who will process the file and start gathering conditions. They will order an appraisal from third party company rep, that rep will assign an appraiser who will inspect the property, request a questionnaire from management’s questionnaire preparer, complete report, after which the loan file goes to the mortgage underwriter.
Are we there yet?! NO!
Lender will request financials of the building, which are audited by an Accountant, building Insurance, which is issued yo the building by an insurance broker. Once all the conditions are received, loan file goes to the Underwriter for issuance of a Commitment. Bank then engages their own Legal Department rep to issue recognition agreements and FedEx/UPS (which involves drivers, sorters in some to buyer. Some 10 FedEx/UPS people minimum, including the sorters, pilots and drivers get the package to the borrower.
Buyer then prepares a board package, which typically calls for references (people who know you personally and professionally), employment verification by HR, CPA or Management, Bank reference letters issued by bankers,