By Omar Johnson
The author has permitted the reprinting and redistribution of this article.
First of all, if you are coordinating your own closings it is either because you are new and still learning (which is good, keep at it), because you truly enjoy that part of the business (which is understandable, it’s the most rewarding), or because you are unaware of the existence of virtual closing coordinators (you are now cured).
Virtual closing coordinators are professionals who specialize in coordinating closings. They don’t do in person work but can work from any location, hence the term virtual. A good closing coordinator, virtual or not, will handle all of the responsibilities outlined by the article, but that doesn’t spare your need to have an understanding of the process in order to be an effective entrepreneur.
The best title company to go to is one you know, but you should be constantly growing your list of title company contacts in all stages of your business. Title companies (or attorney’s offices, in certain states), as the institutions charged with managing real property transactions, are key players in the real estate game, and as such you should strive to develop and deepen your relationships with them whenever possible.
So keep this in mind while you are networking. Whenever possible try to get references for title companies from investors and others you interact with. When you receive a title company reference make sure it has a name to contact along with it, and make sure you know the name of the person who gave you the reference.
Title companies have their own version of etiquette. Understanding how it works is key to getting on their good side. When you call or show up for the first time you should have three things a contact person in mind, a viable deal in hand, and a familiar name in your mouth as a reference.
This is the best way to make a first impression. In further dealings simply understand that the title company is a neutral third party; don’t drag them into any disputes among the parties, and make their job easier whenever possible, and you will see the effects of their appreciation.
Managing a closing involves keeping the three main parties involved up to date and coordinated as the closing proceeds. These parties are the seller(s), the buyer(s), and the title company. Other parties who may need to be involved, and hence coordinated and kept in the know, include but are not limited to agents, brokers, and lenders.
When the big day comes, finish gracefully by making sure everything happens smoothly and putting on the finishing touches. You can show up if you want to meet face to face and chitchat with the other parties, but it’s not generally required for most transactions.
You should in all cases finish by paying any referral fees (hopefully generous ones), collect testimonials from satisfied parties for your marketing materials, and follow up with all parties, staying in touch whenever possible so as to maintain the relationship.
As the ancient texts said, the ending is as important as the beginning. Being able to close gracefully and with skill is an important key to generating repeat customers for your real estate business. Remember that the ancient texts also said, one deal never closes without another one opening.
Omar Johnson is a successful real estate investor and author of the home study course Renegade Stealth Marketing For The Savvy Real Estate Entrepreneur For more info visit httpwww.renegadestealthmarketing.com
If you would like to take advantage of the market and learn how to invest in real estate and you are local to the Dallas Fort Worth area, I know a really great teacher and mentor here in Arlington Texas. Please take a look at his web site: DennisJHenson.com, Dennis has a great Mentoring and training program, I know because I am one of his former students. I learned a lot from his one on one teaching technique. – Michael Harman 817-457-7572 firstname.lastname@example.org>