Real Estate Sales Advice- Document Like Your License Depends On It
Boy the things they don't teach in real estate school. Knowing what a "usufruct" is may earn three points on an exam, but doesn't do much in daily practice. But what I'm covering here will. Let's examine why documenting our steps is so important.
1) Fill Out The ENTIRE contract-- If there is a space on the purchase agreement for the other broker's information, take the time to fill it out. Include relevant phone numbers and emails. This will save the title folks the trouble of having to look up the information (trust me, don't make the title people angry). Draw a line or write N/A in the blanks. Make sure all signature fields, check boxes, and initials are marked.
2) Keep a spiral notebook or journal handy-- When something stumps you (and early on many things will) make a note in the journal, then leave room to write in the answer. After doing this for a couple of months you will have a handy dandy notebook!
3) Update your clients in writing at key points-- Yes the phone is terrific for a quick text or update. At key points send a detailed email and ask them to read. I've had several instances where a client said "wait a minute" after reviewing the email update. Naturally this was something they had agreed to verbally over the phone. A small step like this can help avoid problems down the road.
4) Smell Trouble in a file (you will from time to time)REALLY document everything. To the point that you write a note after each phone call. When deals end up in court, depositions are normally months or even a year after the transaction. Try recalling key facts from a file 11 months back. The lawyers will make you look stupid. And that's the point.
Real estate is easier when you take the above steps. You should make fewer mistakes, which in turn means less headaches. And as the headaches decrease, the number of deals you can close goes up!
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