After all the hard work that you do as a real estate agent, it’s disappointing when a real estate closing fails. If you’ve ever been in a situation where a deal falls through, you probably asked yourself where everything went wrong. As much as your clients wanted the deal to succeed, what could you have done to make things end better for everyone? Here are five secrets for a successful closing that experienced real estate agents swear by.
1. Take a Proactive Approach
Successful real estate transactions are the result of many professionals collaborating on the buy or sell. But when any one of those professionals drops the ball, it can detonate a chain of events that ruins the closing. When this happens, don’t sit by idly while your deal is wrecked. Take matters into your own hands. This may mean:
Acting as a courier to get docs from one set of hands to another
Picking up the phone to find out what’s causing a delay
Personally following up on things that were supposed to be done but weren’t
Hiring a different professional when someone isn’t “willing” to do their job
2. Hand-hold First-time Buyers and Sellers
First-time clients don’t know the ropes. What is commonplace in the real estate world may seem strange to clients who’ve never done this before. For instance, a first-time seller may get personally offended by a buyer’s request to lower their asking price. You must hand-hold your first-time clients so they don’t hijack what could have been a successful closing. This will include gently guiding them toward choices that are in their own best interests, like adjusting a price point or relenting on throwing in a used patio set as part of the sale.
3. Be Nimble
Because every transaction is unique, there will be inherent unique challenges to each one, too. Be nimble and ready to pivot your energy and strategy. Don’t get bogged down by one obstacle. Always be ready to figure out a way around; figure out another way to get things done.
4. Get Clients Pre-Approved
Ensure that your buyers have their lending solution in-hand. This means getting your clients pre-approved. Not just pre-qualified, but pre-approved. Pre-approved means that the financial and other information they provided has been verified with a credit check. This way, there will be less chances for surprises at the closing table.
5. Provide a Closing Table Checklist
You can set your clients up for success by providing them with a closing table checklist. This would be a piece of paper of items they need to bring to the closing, “just in case.” This will eliminate the odds of your client forgetting something important because of the excitement of finally buying or selling their property.
A large part of your success will have to do with your own actions when faced with challenges. Use these five tips to ensure a successful closing, every time.
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