Closing on a home is the most important part of the home buying and/or selling process and it can be overwhelming as a new real estate agent. There is a lot of pressure to make sure the process goes smoothly and ensure your clients are happy. Not to mention, you want to get paid! Read below as we discuss how you, as the real estate agent, can facilitate a successful closing for your clients.
It’s crucial that you prepare yourself and your clients for the home closing. Without adequate preparation, you more than likely will hit some roadblocks that you are not ready for. To have a successful closing you need to take these steps before you get to closing:
- Make an earnest money deposit – This shows the sellers you’re seriously interested in buying their home.
- Order a title search to get title insurance – As the real estate agent, you want to make sure that the home your clients are interested in is in fact available – meaning no pre-existing claims or liens on the property.
- Encourage a home inspection – A home inspection isn’t required but you should strongly encourage your buyers to have one done. Usually the offer will be contingent on the home inspection, that way your buyers won’t be trapped into the sale if the inspection goes awry.
- Set up an appraisal – If a lender is being used, they will require an appraisal to make sure the appraisal value meets the offer amount. If less than the offered amount, the lender will not approve the request.
- Change offer terms if needed – Depending on the home inspection, you may need to negotiate the contract to accommodate for repairs or other expenses.
- Schedule closing date and final walk-through – As the real estate agent, you will also be responsible for scheduling both a closing date and the final walk-through. The final walk-through is imperative to check all repairs and anything discussed in the contract have been taken care of.
The closing process itself doesn’t take too long since it’s just signing the necessary documents and double checking all the terms are correct. Usually the home closing will take place at a real estate attorney’s office or a title company’s office.
The real estate agent’s job at closing is to assist the title agent in explaining paperwork and answering any questions you have. It’s also the agent’s job to make the experience as stress-free and fun for their clients as possible. Buying or selling a home is a big, expensive decision. Your clients may be anxious when they show up on closing day and will need reassurance and support from you.
Need advice as your first home closing draws near?
Be yourself! Your clients chose you for a reason. You’ve been their sounding board and rock through the home buying or selling process. If you show up to closing with a positive attitude, ready to help them in any way you can, they will be appreciative! It wouldn’t hurt to bring them a little closing day gift and offer to take their picture to commemorate their big day!
Give us a call at (574) 551-0316 or visit the contact page to talk with one of our team members about how we can assist you in your first closing. We’d love to offer our advice and talk to you about our online real estate programs.