The contract phase is a critical time for any real estate transaction. If you are an agent, your job is to get the buyers and sellers from the contract phase to the closing date as smoothly as possible.
This can be done by following timelines, communicating well with everyone involved in the process, and making sure that nothing gets missed along the way.
When it comes to communication in this situation, two key things need to happen:
1- addressing potential problems before they arise
2- maintaining good lines of communication with all parties throughout the process.
Let’s dive in more
The first thing to address is potential problems before they occur. You can do this by working with the agent for each party, checking in regularly, and making sure that everyone knows what’s going on at all times so no one feels left out of the process or surprised when new development occurs during this phase.
For example, if you know the house is priced at the top of the price point, be sure to communicate with your customers regarding the appraisal process and the potential pitfalls that can occur. For more on working with appraisers, read this.
The second thing is maintaining good lines of communication with all parties throughout the process. Since there are two different agents involved, it can be easy to get left out when one party calls their realtor and not both.
To keep everyone in sync, you want to email constantly. This offers that open line of communication. To do this in a timely manner, set up auto emails at the beginning of the transaction, so when you get busy with the other stuff, the communication is still happening.
The third thing is making sure nothing gets missed. This means checking with the other agent to make sure all of their paperwork got filed and that they have a copy for you as well, double-checking what’s going on in the transaction with your lender or appraiser, and so forth. The more people involved in a real estate deal, the more communication is needed.
If you’re unsure of best practices for getting your transaction from contract to close, you might want to check out my on-demand course. With the downloads, forms, and processes in this course, you’ll be sure to have a smoother transaction.
If you’re looking for a timeline tracker to follow along with, you can download one here.
If you’re looking for more detail on learning your way through the transaction, be sure to read The Standout Agent, available on Amazon and everywhere books are sold. There’s a reason why it quickly became a #1 seller!
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