I have been doing this business a long time. I think it can easly be summed up in one word "COMMUNICATION". This business is all about communication. First we need to listen, and communicate with our buyers. Than we need to communicate the offer. Than we need to communicate with the mortgage agent, title company( Real Estate Attorney) appraiser, inspection company etc.
What makes this business difficult is when one of these people in the process break the big rule "COMMUNICATION". It is what causes files not to close on time, deals to fall apart, negotiations to break down, buyers not to get approved, appraisals not to come in at the price and title companies not to close on time or forget that this deal is a mail away.
I have found that when a offer is made on one of my listed properties I call the mortgage agent to go over the letter Pre-approval, pre- quailfied) written and see how they follow up. This lets me know if I am going to have a problem. We call the Title Company they are going to use and ask them who will be handling the file and try to talk to this person. It never fails though no matter how much we try to do the right thing there is always one person in the transaction that makes our life difficult.
The business is so easy if we just answer our phone and keep in touch throughout the process. When someone can't be reached it causes a chain reaction of events that is usually why deals don't close on time. I will answer my phone all day until 7 PM and than I will return the call first thing in the morning. I will listen to the messages and if important will return the call sooner. I think it is very important to be on top of your transactions either yourself or your assistant. Mortgage brokers have to return calls I think it is not asking to much if they are returned within an hour. Title companies have to place notes on deals if there is a mail away and the new person receiving the deal should make contact with both agents and the processor or mortgage broker immediately.
This business is so easy when the players are on the same field. I know we all have a team of players we love to work with because they do a great job and do it without over charging the clients. It is important to find a couple of great mortgage agents, Title company or Real Estate attorney and several good inspection companies. Not only is it your duty as an agent to try and save your clients monies but also to put together a great team who will get the job done and communicate through the process.
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