Being New Means Lots of Firsts
As a new agent, probably nothing with have as much affect on your attitude and your feelings about real estate as your first closing. There is nothing like that first commission check in your hand. After all, isn’t that the reason we all become real estate agents, to make money? Whether it happens in 2 months, six months, or longer, it is the moment when you realize that all the hard work has paid off. But getting there can be an adventure and can take a lot of hard work.
Turning a lead into a client is the first step to the closing table. When I had sold my first home and had a ratified contract in hand, I thought the hard part was over. Little did I realize it was just the beginning. There was a lot left to do and I was left with one question. How do I get to the closing table?
Where to Begin
A great place to start is to have a checklist of what needs to be completed after ratification. The checklist should include things such as the home inspection, termite inspection, getting copies of the contract to your client and to the title company. Whatever broker you work for or if you are working with a mentor, they should be able to help you create that checklist. After you tell your clients that their offer has been accepted, go over the steps to closing and what they can expect. Make sure, per the contract, to tell your clients to call their insurance company and apply for insurance.
Along with following your checklist, one of the most important things you can do to make the closing process go smoother is to stay in communication with your client, the lender, and title company. In today’s market, closings do get delayed. If the closing date is nearing, be in contact with lender and be ready to write an addendum to extend the closing date. If the closing date comes and your client’s lender is not ready and you do not extend the date, your client will be in default.
Closing Tips
Advise your client that they will need to bring certified funds to the closing table. Virginia is a wet settlement state, which means the funds need to be in a liquid state and available the day of closing. Also advise your client to bring a photo id and their personal checkbook in case there are some last minute changes to the HUD and a personal check could be written for a small difference.
One more thing, don’t forget your final walkthrough! Make a copy of the walkthrough form for the settlement company. If you are doing the final walkthrough the day of closing ask the listing agent if he or she would like you to bring the keys to closing. Do not give the keys to your client until after the closing is complete.
It is truly exciting, sitting at the table with your clients, knowing that you did it! Whatever your goals are, getting to the first closing table is a part of them. It leaves you with that feeling of accomplishment and ready for the work to go get the next one. So if you are a new agent still waiting on that first check, hang in there, persevere, and keep working, your closing is just around the corner.
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{ 3 comments… read them below or add one }
A great article, Leah. I’m sending a link of it to all my new agents.
Nicely done Leah! Very clear and practical.
I’m still waiting for that first check Leah. I can’t wait!