How Real Estate Agents can Simplify Closings and Focus on Customer Service

Want to focus your time and energy on customer service? Real estate agents now have more resources to make it so. With a paperless environment and better customer service, closing real estate becomes a simple process.

How can real estate agents simplify closing real estate?

Get the details straight from the start.

There is an incentive to finish your documents sooner rather than later. That is, the best method for proofreading details and important documents is to finish them, proof, then wait a day to proof them again. The more time you have away, the easier it is to catch mistakes. This goes for both home buyers and lenders, as there are some personal details that only your home buyer will know.

For this reason, try getting your documents completed faster. According to an article on MSN Real Estate, “[i]f one document — or even one signature — is missing, it can hold up the closing.”

Go paperless, and don’t look back.

A digital closing solution is just what you need to get ahead. Imagine a world where “misplaced” documents are a thing of the past. That’s what it’s like to go completely paperless with the closing process. Learn how a digital closing solution can help keep you organized and save time when closing real estate.

Ask clients to consider loan pre-approval.

Work with a lender to secure your financing in advance. This is a good way to help real estate agents and clients determine which homes fall within the budget range. Oftentimes, a client will find their “dream home”, and it goes before they have enough time to get approved on the loan.

If your dream home is spectacular enough, it probably won’t last long on the market. To reduce friction and keep your clients working with instead of against the process, it might be a good idea to request that they are pre-approved. This keeps you both from wasting time and resources on a home that slips out of your hands.

Real estate agents can offer home buyers a home loan toolkit provided by the CFPB that helps you determine mortgage loan costs.

Encourage home buyers to ask questions and respond promptly.

Of course most real estate agents know that it’s important to educate the home buyer. When the home buyer knows what to expect with each step of the process, this sets everyone up for success. So home buyers should always ask lenders, real estate and title insurance agents questions throughout the process. In addition, there are plenty of deadlines that could trip up the entire process if you fail to respond.

An article on Angie’s List stresses the importance of the home buyer’s responsiveness. Real estate agents should let home buyers know of these crucial details and deadlines required of lenders. This allows the closing process to smoothly unfold.

“Respond to lender requests promptly. And by promptly, I mean within hours, not days. If the lender needs a pay stub or a tax statement — even if you think you’ve already given it to them — just get it to them again ASAP,” says Realtor Colleen Malone at Moxie Realty in Portland, Oregon. In addition, Realtor Ed Huck of the Ed Huck Teamin Westlake, Ohio mentions, “[m]any of our transactions are not closing on time because underwriters, at the lender, are asking for updated documentation just days before the scheduled closing.”

Realtors agree that deadlines are missed when lenders request updated information and the home buyer or agent fails to respond in time.

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***Disclaimer: ReswareTM is not affiliated with Bay National Title Company. Resware is a trademarked product of Adeptive.

SOURCES:

How to Simplify the Home Closing Process

4 Ways to Keep Your Closing Process Moving

5 Tips for an Easy Home Closing