Hello, everybody.
California Realty Training here with our weekly video blog.
Thank you for coming.
Robert Rico here.
Hoping to bring us some great information that will enhance your careers.
Listen, today I want to talk about time and how important time is when it comes to real
estate.
In today's world, time flies quickly.
Nobody wants to wait for anything anymore.
We want things instantly.
Guess what?
When it comes to real estate, not only is that preferred also that we want things done
quickly, efficiently, and effectively but in many cases it's required as part of the
contract.
Let me explain.
I want you to remember this.
Real estate 101.
Time is of the essence.
What does that mean?
You know what time is.
Time means tick-tock, tick-tock.
Time.
Essence.
Time is of the essence.
Time is essential.
Time is crucial.
Time is critical.
Not just when you're in a contract.
I'll explain that in a minute but when you ... Prior to getting into a contract, for
example let's assume you have a buyer and you're showing a property and they find a
property they love.
You showed them that property and they want to make an offer immediately.
Why do they want to make an offer immediately?
Because right now there is not much inventory, which means everybody wants the same house
in many occasions.
You want to be the first one to get in there and have an opportunity of winning this house.
Let's assume you go back to your office and you sit there and you and your client discuss
the price or the offer you're going to make on the house.
You decide you're going to make an offer of a million dollars.
Just the way they want it.
Your clients says, "Thank you for taking us out to see homes today.
We can't wait for you to email us the offer so that we can sign it and move on and hopefully
we get our offer accepted."
As they leave your office, you're left behind to prepare the offer.
As you're sitting there at your computer ready to prepare the offer for your clients, you
get a phone call.
Your cell phone rings and you pick up the cell phone and you look at it and it's your
buddy.
You pick up the phone and your buddy says, "Hey, where have you been?
We're here at the restaurant, at the bar, waiting for you.
The game is about to start.
We're waiting for you.
Can you come on over before you miss it?"
You ask yourself, "What's the big deal?
I'll make the offer tomorrow morning.
My clients will never know.
It's already nine o'clock in the evening.
Not a big deal.
I'll make the offer tomorrow."
By the time they receive your offer at the other side, the seller's agent receives your
offer, they then already got two, three offers.
Yours could've been the first one if you would've sent it the night before just the way you
had promised your clients you were going to do.
Time is of the essence.
It's crucial, especially when it comes to a transaction.
Let's assume we get into a contract.
Yay, they accepted your offer.
Yay, it's a good day.
They accepted your offer.
You opened escrow.
Just so you know, in escrow, there's a whole bunch of dates.
A deal is a deal which means when you agree ... When a buyer and a seller agree to something,
it has to be done in that time frame.
The buyer has promised the seller that that he will close this deal in 30 days.
Guess what the seller is expecting?
That's right.
To close in 30 days.
The contact also states that the seller has to provide the buyer, that the seller has
to provide the buyer, with disclosures.
The contract says there is a time frame for that.
Time is what?
Of the essence.
The time frame for that is seven days.
The seller has seven days to get the buyer the disclosures.
The buyer then has 17 days to get their inspections done.
The buyer has 17 days to review the disclosures.
The buyer also has some stipulations when it comes to time.
Remember this, you future agents or those of you just getting started in this career,
you can't lollygag here and you can't lollygag there because what does that make you?
That's right.
It makes you a lollygagger.
Nobody wants a lollygagger.
Time is crucial.
Time is essential.
Time is critical.
Time is what?
That's right.
Time is of the essence.
Remember that.
When it comes to the contracts, time is important.
Time is of the essence.
When it comes to prior to contracts and your clients expect you to expedite.
Your clients expect you to move.
Your clients expect you to be proactive.
Your clients to be, ready?
They expect you to be efficient.
Time is of the essence.
Ladies and gentleman, I hope you learned something today.
That time is of the essence is important.
Nobody wants to wait around and lose an opportunity.
Have a great day.
Thank you for coming.
If you have any questions or concerns or any topic you want us to discuss, do us a favor
and better yet, do yourself a favor and leave them down here in the comments section.
Don't forget to subscribe to our channel.
Hope to see you next week.
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