How To Get Your Home Sales to the Closing Table

Techniques for Real Estate Agents

It's surprising how many real estate agents feel the most important part of their job is getting a signed contract. In the real world, a contract is just the beginning for any agent who plans to take the real estate profession seriously.  

Closings Don't Just Happen

What about getting the sale to closing? Most closings don't just happen, they take place because at least one agent involved in the transaction makes the effort to ensure everything is progressing as it should.

I've seen many contracts fall apart simply because the agents weren't staying in touch with their clients and other parties involved in the sale. They sent their clients off with a few names, waved good-bye, and said see you at closing. Does that sound crazy? It sure is, but it happens–more often than you can imaginep] The bottom line: no closing, no commission–and probably no referrals, your future income. Those of us who plan to be around for the long term must show that we are the people clients can look to for advice and results.

Agents Working with Buyers
Ask the lender for a list of items required for closing, and find out if they provide online or faxed loan status updates. If not, talk to the lender as often as necessary to make sure all work is being done–on your part and theirs.

If you're working with a VA or FHA loan, make sure you're up-to-date on all the current requirements.

Be sure deadlines are met, such as promised dates for all inspections and loan commitments. Convey all information to the seller's agent on time.

Although you shouldn't steer a client to specific individuals, you should provide a list of service professionals who have good track records: surveyors, home inspectors, pest control companies, attorneys.

Go with your clients to inspections if possible, sticking to the sidelines and watching what takes place. Home buyers are more likely to be stressed if repairs are required, even if they are minor. A thorough understanding of needed repairs makes it easier for you to counsel your clients and negotiate with the other agent if necessary.

Don't forget to give your clients a list of all utility companies that service the new home. They'll need to arrange for services to begin on the day of closing.

Make sure clients are talking with someone about home insurance. That sounds pretty elementary, but many home buyers wait until the last minute to obtain an insurance rider.

In my state, most closings are managed by attorneys, and an attorney performs the title search. In other states title companies perform the title searches. Make sure arrangements are made for the type of work required in your area. In short, make yourself available and stay informed.
Agents Working with Sellers

If a commitment date passes with no confirmation from the buyer's agent, call the agent to find out why it's late, and when it can be expected.

The appraisal is critical. If more than a few weeks go by with no appraisal, get on the phone to find out why. After the appraisal is complete, verify that the results meet the lender's expectations.

Your office staff should tell you when inspections are scheduled, since the inspector must enter the house. Call the buyer's agent the next day to ask for feedback. If there's a problem, you want to know now, not in two weeks.

Check-in with the other agent occasionally, to make sure things are progressing as they should.

Remind your clients about utility shutoffs or transfers.

If your clients are selling one house to move to another, you may be handling two transactions. That means double-duty in making sure both deals are progressing towards synchronized closings. Every transaction is different, you'll sometimes have problems that are deal killers. It happens. But it shouldn't happen simply because someone doesn't do their job.

Becoming a Success Real Estate Agent