From state to state, the laws may vary, but every real estate transaction has paperwork associated with it. And, in some states like California, many transactions require over 55 different documents in order to be state compliant. Although we are definitely in a paperless world, there is still a lot of paperwork brokers require—even if it is ultimately housed in the cloud.
4 Ways to Improve Systems for Increased Closings
Whether the paperwork is printed or not, the following four tips will keep any agent or broker from losing sleep over paperwork nightmares.
Create a strong infrastructure Are you in a paperless office? Do you operate in the cloud? Or, do agents at your office turn in a paper copy of their listing and sales files? No matter how you operate, make sure that the system for creating and reviewing transaction files is easily accessible and clear to all agents and staff. If you are an agent, make sure you understand your office system and check in with your broker to see how files are reviewed.
Stay current Big or small, it doesn’t matter. Many offices face challenges in keeping up with the newest real estate rules and regulations. State forms and contracts change regularly. Make sure that the checklist of documents you require for each transaction is clear, concise and up-to-date. One good way to do this is to subscribe to updates on your state association website (and then read the emails when they arrive in your inbox).
Provide or participate in training You know what they say: “Rome wasn’t built in a day.” Even the top-producing agents require constant and continuous training. Agents need to be regularly trained on the forms, and how to use them. That’s the job of the broker and the brokerage. If you are an agent in a brokerage which doesn’t keep you up-to-date on policies and procedures, you may want to hang your hat elsewhere (or you may ultimately risk losing the hat).
Review all files File review is a key component to ensure that transaction files are error free. Whether the broker or a designee reviews the transaction file, this is a key component of success in real estate. Since all the birds may be flying in a different direction, a strong review component will create teachable moments for the agent and for the entire agency.
Whether you are an agent or a broker, taking the time to control the infrastructure of your business by creating workable systems and training programs will lead to better qualified agents and, of course, more closings.
(Originally published by Melissa Zavala on Agent Genius)