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How To Conduct A Real Estate Closing...Or Cat Skinning 101...!

By
Title Insurance with Patriot Land Transfer, Inc.

You've heard the expression I'm sure, 'There are many ways to skin a cat'...  

I've never been a fan of 'cat skinning', even though I don't consider myself a 'cat lover'...BUT...  

It came to me recently while contemplating the best way to conduct a real estate closing...!!!  

The answer may not excite you, but it comes from years of personally handling tens of thousands of closings...  

The first closing is the 'worst'...you have nothing to compare to...  

The second closing, is a little better...provided the first closing went well...if not, back to square one...  

Each successive closing serves to hone your transactional skills, as you gain more experience and hands on knowledge, and acquire a 'thinking on your feet' ability...  

At some point you gain enough knowledge and self confidence to feel like you can handle almost any circumstance that arises...either before, during, or after closing...trial and error is a wonderful way to learn and 'on the job training' isn't always available in many industries!!!   

YOU HAVE ARRIVED...not exactly...  

A short story is needed here! I used to pride myself on conducting the BEST closing in my area..and one of the best gauges of my effectiveness was 'how long it took me to handle the closing'...after all, don't most realty agents (those referring most title business), want to get in and out of closing ASAP? And with a commission check in hand! NOT NECESSARILY SO!  

And it isn't about making the agents look good at closing either...  

To continue the story...well having proceeded with my goal of providing the quickest and most efficient closings, one of my biggest referral real estate brokers pulled me aside one day and offered me this advice: Fran, I appreciate the way you handle my settlements, and having talked to other brokers who also appreciate your ability to professionally and quickly conduct a closing, I would rather you slow it down, take an extra 10 or 15 minutes and make the settlement experience a little more heartwarming, personal, and intimate for my clients...  

That one experience set me on the right road to truly conducting the 'PERFECT CLOSING'...  

I learned from there on out to conduct a closing best suited to the people and situation present...every closing different, every closing unique, every client special...yes, there are many ways to skin a cat...  

My goals had changed...THE PERFECT SETTLEMENT was always to be MY NEXT ONE...and MY NEXT ONE...and MY NEXT ONE...  

There ARE many ways to skinplease a catconsumer...treat them as special, not cookie cutter...!!!  

Oh, and by the way, don't refer to them as 'CATS' either...! Purrrfect...!!!

                                                

 

 

 

Bill Risser
Fidelity National Title - Saint Petersburg, FL
Fidelity National Title - Tampa District

Awesome post Fran!  I pride myself on being able to read a client very quickly and tailor the closing to their personality.  Nervous, Stand-offish, In-a-hurry, Jokester, Numbers Guy or Gal, etc...  Once you know their personality, the rest is a breeze.  The most important thing I do for any signing is convey to the client my complete understanding of the stack of documents we're about to attack.  I don't tell them "I know everything" (who really does?), but the manner in which I handle the HUD-1 at the beginning of the signing always seems to set the tone.  Out here in Arizona,  Realtor's don't always attend their signings.  I wish they did, because they do know the transaction better than anyone, and their presence is always noticed and appreciated by their clients.  Of course, I also like agents to be there to witness the careful way I handle their next potential source of referrals.  Have a great Thanksgiving!

Nov 26, 2008 07:55 AM
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Rich,

The stadium is the Phillies "Ball Park"...Citizens Bank Park in Philadelphia!

I use Google Docs, a free web based word processor, then I cut and paste to Active Rain and add graphics...works great! I started out posting right to AR, but lost too many posts in cyberspace, then I tried using Word and Notepad, but You can't beat Google Docs...!!! Hope this helps!!! Happy Thanksgiving! Thanks,   Fran

Nov 26, 2008 07:56 AM
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Bill,

Welcome to my blog! I spend the first couple of minutes 'icebreaking' and evaluating just like you said!!!

We also pride ourselves in explaining docs, not giving opinions, just explaining, but our Underwriters have cautioned us on many occasions NOT to explain mortgage docs...GO FIGURE...Ideally, a rep from the lender should explain Docs...not title people, brokers, or agents...JMHO, Thanks,   Fran

Nov 26, 2008 08:01 AM
Rich Ferretti
Rich Ferretti Real Estate - Charlotte, NC
ABR QSC Realtor/Broker, Charlotte NC Real Estate a

Thanks Fran, I check out Google docs. I'm originally from Jersey and moved to Charlotte 6 years ago. Love it down here. Enjoy the Holiday. Rich

Nov 26, 2008 08:04 AM
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Rich,

You still have your Joisey accent!!! :) Happy Thanksgiving! Thanks,   Fran

Nov 26, 2008 08:09 AM
Ken Cook
Content, coding, marketing, host. - Marietta, GA
Content Marketer/Creator

Very ables! Or is it variables? I think the best service is to answer questions in a language that is understandable, guide all parties into knowledge and spend as much time as reasonable until all concerns are addressed and no longer concerns. I have the feeling Fran Gaspari fits that perfectly.

Nov 26, 2008 08:25 AM
Jason Fleming
Jason Fleming Agency INC - Coon Rapids, MN

Lots of good comments so far, I also feel communication is key in any business! 

Nov 26, 2008 08:30 AM
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Ken: No BS for sure...and doing your homework before closings makes for smooth and pleasant!!! And referrals and repeat business...!!! :)

Jason: You're right on target, my friend!!! :)

Thanks,   Fran

Nov 26, 2008 08:51 AM
Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

Thanks for the post. Sometimes we get so caught up in delivering the message, or covering all the bases, that we forget to take a little time to be human.

Nov 26, 2008 08:54 AM
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Tim,

WOW! I like the way you think!!! Thanks,   Fran

Nov 26, 2008 09:52 AM
Greg Wilson
1st Cornerstone Realty - Schaumburg, IL

Thanks for the post.  Its always good to get good information.  Happy Thanksgiving.

Nov 26, 2008 10:19 AM
Tom Plant
WINEormous.com - Murrieta, CA

Fran - Excellent post. I had clients sign docs Friday, it was due to fund Monday when the lender announced they were closing shop effective immediately. I felt like skinning a cat!

Nov 26, 2008 10:58 AM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

Love it Fran, the next one is it. Perfection is what I strive for each and evertime. We call the closings sellabrations and make a party out of it.

Nov 26, 2008 11:03 AM
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

I do hate the closer that is the same for every client.  I don't like it when closers are like a cold machine

Nov 26, 2008 12:05 PM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Happy Thanksgiving, Fran. That is great advice, for Realtors in my area, we close at Title companies all over town. But, I like mine where they assertain the clients and proceed at a comfortable pace. Engineers like to go slow, others are just let me sign and give me the keys. I'm sure you see it too.

Nov 26, 2008 01:05 PM
Anonymous
Anonymous

Fran, I look forward reading more of you "stuff"

Jim Walker  REALTOR - Longmont, Colorado

Nov 26, 2008 01:41 PM
#39
Roland Woodworth
Blue Cord Realty - Clarksville, TN
Blue Cord Realty

Fran: This is a great post... You are 100% correct... Each closing needs to give special attention to the parties involved.

Nov 26, 2008 02:35 PM
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Greg: Happy Thanksgiving!!! :)

Tom: See, now you know at least one way how!!! LOL

Charles: We also have 'Closing Celebrations'!!! :)

Russ: I hear you!!! :)

Missy: Engineers and lovers!!! LOL

Jim: I write a lot of 'stuff'...stay tuned, subscribe, and come bacK...! :)

Roland: It is the only "ART" I'm good at!!! :)

Thanks,   Fran

Nov 26, 2008 03:58 PM
Kat DeLong
Realty ONE Group Mountain Desert - Prescott, AZ
REALTOR

Fran: Good one!!! And a feature...YES!    I think we HAVE to treat all people the same, yet differently. What I mean by this is, treat them all with the same respect, honesty and professionalism, BUT since we are all so different, we have to tweak the way we deal with them depending on their own personalities.

Nov 27, 2008 12:23 AM
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Kat,

Yes, we need to meet people where they are!!! Happy Thanksgiving!!! Thanks,   Fran

Nov 27, 2008 12:45 AM