Keep reading to learn 5 easy, actionable tips that you can apply to your practice today that will help you close on time, every time.
The home buying process is one we are all familiar with. You find your real estate lead, you nurture them and they become a client. They find their perfect home and put in an offer, but then a number of things come up that lengthen the closing process, making it seem like there is no end in sight. How do you help this?
Help Your Clients Get Pre-Approved
Encourage your clients to get pre-approved for a mortgage amount before starting the house hunt. The pre-approval process will highlight any obstacles ahead of the time. This will allow for proper planning to avoid specific criteria that would make clients unable to buy a home.
Pre-approval is also an excellent way for the client to get a more realistic budget for their home after viewing estimated cash flows.
Establish Timeframes and Expectations
Many factors go into executing a mortgage loan. It is essential to understand what factors can delay loan approval and closing.
Essential information includes what your clients need to supply for their loan approval and the information you provide as their realtors, such as purchase contracts, addendums, and revisions.
Choose Vendors Wisely
When it comes time to purchase, you do not want to continue to sell your services to your client but instead, act as a consultant.
Recommend service vendors that you know and trust. Your clients are trusting you with one of the most significant investments of their lives, so you should be recommending vendors that have their best interests in mind.
Conduct Inspections Early
Schedule an inspection as soon as the offer has been submitted. This will allow time to review findings and negotiate if need be.
Staying one step ahead will make room for any objections and problem resolution.
Be Prepared For The Closing Appointment
Limit the number of changes, credits, and amendments five days before closing. Last-minute changes can lengthen the loan process and may require re-assessment.
Sellers, just like buyers, have their preferences when they wish to close the house. There are advantages and disadvantages to both, and there needs to be a consensus on when it happens.
Whenever it may be, the best week-day for a closing appointment is early in the week, because it gives time to resolve last-minute complications.
Engage these 5 tips to help you close on time, and find yourself and clients be more prepared for the fast approaching move-in date!