If there’s one quality lacking in the typical Real Estate transaction, it’s instant gratification. You have a contract signed today, and it can take weeks or months to actually close the deal.
You’re not the only one that don’t like the limbo between signing and closing. But how could you speed up the process? Let’s see some tips that I gathered while working with some experienced Realtors…
For those working with the Buyer:
- Get the real budget with the buyer, with a cap on how much they are willing to spend. Include costs with repairs, upgrades, inspection fees, and others.
- Work with your client and try to get a pre-approval letter from the lender as soon as possible in the process.
- Make the best smart and educated offer possible. Presenting a bad offer can delay or kill a good deal.
- Pay attention to due dates on the contract. Failure to submit a document can be time and money costly.
For those working with the Seller:
- The price must be right. Show to your client the value of recent transactions of similar properties in their neighborhood.
- Ask the seller to take care of the most exposed problems in the property first. It’s better fix a leaking from the roof than remodel the bathroom.
- Spread the word. Online marketing is the most effective way to reach thousands of potential buyers in a short period of time for a very low cost.
- Make sure to tell the buyers all the property issues before they find out by themselves. Save yourself time and potential legal problems.
Make speedy closings a consistent reality for you and get your commission faster… and get more time to make more deals.
– Julio Rocha – CEO – The Prospect Farmer