Conducting Your Real Estate
Closings With Grace And Style
By Omar Johnson
The author has permitted the reprinting and redistribution of this
article.
First of all, if you are coordinating your own closings it is either
because you are new and still learning (which is good, keep at it),
because you truly enjoy that part of the business (which is
understandable, it's the most rewarding), or because you are unaware of
the existence of virtual closing coordinators (you are now cured).
Virtual closing coordinators are professionals who specialize in
coordinating closings. They don't do in person work but can work from
any location, hence the term virtual. A good closing coordinator,
virtual or not, will handle all of the responsibilities outlined by the
article, but that doesn't spare your need to have an understanding of
the process in order to be an effective entrepreneur.
The best title company to go to is one you know, but you should be
constantly growing your list of title company contacts in all stages of
your business. Title companies (or attorney's offices, in certain
states), as the institutions charged with managing real property
transactions, are key players in the real estate game, and as such you
should strive to develop and deepen your relationships with them
whenever possible.
So keep this in mind while you are networking. Whenever possible try to
get references for title companies from investors and others you
interact with. When you receive a title company reference make sure it
has a name to contact along with it, and make sure you know the name of
the person who gave you the reference.
Title companies have their own version of etiquette. Understanding how
it works is key to getting on their good side. When you call or show up
for the first time you should have three things a contact person in
mind, a viable deal in hand, and a familiar name in your mouth as a
reference.
This is the best way to make a first impression. In further dealings
simply understand that the title company is a neutral third party;
don't drag them into any disputes among the parties, and make their job
easier whenever possible, and you will see the effects of their
appreciation.
Managing a closing involves keeping the three main parties involved up
to date and coordinated as the closing proceeds. These parties are the
seller(s), the buyer(s), and the title company. Other parties who may
need to be involved, and hence coordinated and kept in the know,
include but are not limited to agents, brokers, and lenders.
When the big day comes, finish gracefully by making sure everything
happens smoothly and putting on the finishing touches. You can show up
if you want to meet face to face and chitchat with the other parties,
but it's not generally required for most transactions.
You should in all cases finish by paying any referral fees (hopefully
generous ones), collect testimonials from satisfied parties for your
marketing materials, and follow up with all parties, staying in touch
whenever possible so as to maintain the relationship.
As the ancient texts said, the ending is as important as the beginning.
Being able to close gracefully and with skill is an important key to
generating repeat customers for your real estate business. Remember
that the ancient texts also said, one deal never closes without another
one opening.
Omar Johnson is a successful real estate investor and author of the
home study course Renegade Stealth Marketing For The Savvy Real Estate
Entrepreneur For more info visit httpwww.renegadestealthmarketing.com
If
you would like to take advantage of the market and learn how to invest
in real estate and you are local to the Dallas Fort Worth area, I know
a really great teacher and mentor here in Arlington Texas. Please take
a look at his web site: DennisJHenson.com,
Dennis has a great Mentoring and training program, I know because I am
one of his former students. I learned a lot from his one on one
teaching technique. - Michael Harman 817-457-7572
mchfun.business@gmail.com
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