The Perfect Closing

 



What Does the Perfect Closing Look Like?

Even though a listing process from start to finish can take weeks, months, or even years, real estate brokers only get paid when the property changes hands – at the closing. One might assume, then, that brokers would want to do anything & everything in their power to ensure a smooth closing process, yet there are still horror stories of disastrous closings, dissatisfied clients, and ultimately no pay days for anyone.

After an offer is accepted and the due diligence process begins (see my previous blog about the due diligence period!) any number of things could come up to derail or hinder the closing. So, what can we as real estate brokers do to help bring our clients to a perfect closing?

To achieve the perfect closing, subvert any surprises. Neither the buying or selling parties want to sit at the closing table and encounter an unforeseen or unexpected expense, title issue, financing complication, or other such complication. The most common surprise would be an additional expense to the buyer for which they were unprepared or less money being netted to the seller due to fees or charges.

How can we mitigate this for our clients?

Every real estate broker should review their client’s portion of the closing statement at least 24 hours prior to arriving to the closing appointment. A quick glance while you’re waiting in the lobby would not be an adequate amount of time to provide any explanation or modify any fees, charges, etc. Take the time to highlight and clarify fees & expenses that are being charged to your client, including your commission.

Personally, I’ve made it a habit to send my clients draft copies of the closing statements as soon as they are sent to me. I make sure to color code explanations line by line so that when the parties I represent get to the closing table, it is all smiles and no surprises.

It might take a little more time but the alleviated stress is well worth it. Try it next time, your clients will certainly appreciate the extra attention and you’ll know that if any surprises do arise, they didn’t come from you!

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