Communication The Key To Getting To Closing Day!

Today is a great day.  Always is when we finally get to a closing.  Especially a closing with no issues.

Working in the investment field I find it critical to do a lot of due diligence during the inspection period.  Verifying rents and expenses.  Speaking with current and future tenants.  Mechanical inspections.  Etc. 

And just like every other real estate agent in Olathe and the United States there are a plethora of duties to your buyer/seller, the co-op broker, your own brokerage and to the lender. 

Here Are My 5 Tips To A Successful Closing:

1. Stay in communication with EVERYBODY.  Do not let phone messages hang.  If there is something needed ask immediately.  Bad news to be delivered? Do it immediately.
2. Check with the lender when you send in the contract.  Verify they have the docs.  Check every  week to be sure everything is going well with the buyer/seller.  Make sure the party is cooperating!
3. Don't forget the details.  As a private pilot I learned to use a checklist.  On every take-off everything is done the same way and in the same order.  When I became a real estate agent I made a checklist.  Get the picture?
4. Make sure your party understands what their obligations are.  Utilities, when to be out, how clean to leave the property, tenant notification, etc.
5. Attend the closing!  I'm shocked when another agent doesn't attend a closing.  I've ironed out a lot of last minute issues at closings.  No matter how well you are prepared something can still creep up.

    BONUS.  Work with a lender that understands what a contract is.  Closing on the 25th means closing on the 25th.  Everything must be ready.  None of this "we'll just have to close a day later" stuff.  Moving vans are hired.  Arrangements made already.  Tell the lender to get his job done.  We should know WAY BEFORE CLOSING if there is going to be an issue.  See Tip #1.  (Sorry if this sounds harsh.  Lenders that have never worked with me before get my call early to make sure they know what I'll expect.  After all, we are after the same goal!)

Now, if we real estate agents only got paid as much as people think we do...