Alright…we received the new contract on the house you just sold.
Thank you so much!!
At this point, you have some idea of what attorneys do such as ordering title, ordering survey, looking over the contract and making modifications, etc., but you’ll need a little more than that.
If you’re asking yourself, “Why would I even want to know this?” the answer is simple…because it can help you get the listing and future referrals. The more knowledge you have about the entire transaction the more perceived value you bring to the table. This, of course, increases your chances of getting the listing and adding another referral source to your database.
The last thing a seller wants to hear when they ask what happens after the contract’s signed is, “I have no idea. Talk to the attorney and let me know.”
Instead, you should say something like, “I’ll be coordinating the contractual obligations with your attorney and make sure you’re kept up on each aspect of the transaction. Once everything is ready your attorney and I will coordinate the final closing date and time.”
Before I start, though, let me mention something important.
Everything Peter and I do has you, the real estate broker, in mind. You are the star in the minds of our clients and we’re the supporting cast that makes you earn the Oscar. You’ve educated our client, you’ve advised them and you’ve guided them to a successful contract. Referrals are headed your way, but don’t stop now!
Continue educating, advising and guiding until the day we close. Although Peter and I are doing all the work, we’d like you taking all the credit.
When I first receive your contract I immediately create a new file and make a contact information sheet (very similar to the one you make when you get a contract signed).
Secondly, I create a task for all the upcoming deadlines: attorney modification date, inspection date, contingencies, etc. I then task any service providers: survey, village inspection, final water reading, etc. Once this is done, I send you the itinerary so you can inform our client of what they can expect from day one until closing.
It’s important that you do this because it, once again, increases the value and service you’re providing.
Third, I request the title commitment. If you would like to learn how ordering title works read my blog Attorney’s and Title Fees or give me a call. Finally, I send out Peter’s engagement letter to our clients so they know a little more about who we are, what we charge and what we will need through out the process.
That pretty much ends the initial work on a file.
From that point on it’s simply a matter of following the dates according to the contract. If certain dates cannot be met I’ll either send an extension request or receive an extension request.
If I receive a request from something that is brought up in the Inspection Report I’ll send the request to our client for direction or get direction from our client if they are the buyer. The important thing to remember is you’ll have my itinerary and you’ll be informed every step of the way regardless of what the task is.
About a day or two before closing (which you’ll be one of the first to know about) I’ll prepare the figures and get them to the Title Company so the Title Company can prepare the Pre-Hud. If our client is a seller, I’ll need your commission statement in order to prepare the figures…but no need to worry about that. It’s on the itinerary and I’ll also follow up with an email reminder.
Once we get to closing it should be all downhill from there. If I did my job right (and with your involvement I’m sure I will) the closing is nothing more than signing some documents and getting paid.
By this time our clients will realize they made the absolute best choice by hiring you, they’ll realize your commission was worth every penny and they’ll be happy to send you referrals anytime one of their friends, family or co-workers needs a professional such as yourself.
All there is left to do is spend your commission!