The Key to Standing Out as a Realtor: The Escrow to Close Process
Jun 18, 2024
How do you WOW potential clients? What makes you different than every other real estate agent?
Especially with the onslaught of real estate technology, the value you can deliver as a house hunter is minimal. Why would a client pay you to find them a house when all the information is available on Zillow and Redfin? Of course, there will always be new and off-market properties, but the real value you deliver to both buyers and sellers comes after the offer is accepted.
When deals fall apart, it’s almost always because of the agents. It’s not buyers remorse, although it does happen, or financing falling through, which also happens. Most deals fall apart because deadlines are missed or communication fails. This falls on the agents’ shoulders.
To truly set yourself apart from the crowd, you need to be methodical about your process and precise with your communication every step of the way. The gold is in the details, which is what this blog post is all about.
Why the Escrow to Close Period Is So Essential
I’ve already covered the number one reason this period is so essential: it shows your value. However, it’s only possible to show your value by documenting and sharing every single thing that you do for your clients.
In future buyer and listing consultations, you should be able to walk them step-by-step through your process for getting the deal done. Show them how you ensure a smooth closing and how you plan to communicate with them.
The second reason this period is so essential is because it ensures a higher closing ratio. Remember: you only get paid once the deal closes. It’s not only in your client’s best interest, but your own, to make sure this process goes smoothly.
Last but not least, having a strong process from escrow to close helps mitigate buyer and seller remorse. It’s normal for this period of time to be emotionally charged. After all, this is when it gets real for your clients. They might be going through a huge life transition or potentially making the biggest purchase of their life. The best thing you can do is help them feel guided and supported. Let them deal with their emotions instead of worrying about scheduling inspections or meeting deadlines. Setting their expectations for each step will also help mitigate emotions getting out of control.
Now that we’ve established the importance of this period, it’s time that we dive into exactly how to make your services shine. Follow these four simple steps to stand out from the rest and grow your business through your sheer value and ability as an agent.
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Step 1: Complete a transaction sheet with all deadlines
During the escrow to close period, a missed deadline can mean an entire deal falling apart. Exact dates and expectations from those working on the deal are of the utmost importance. My first task is to complete a transaction sheet with the specific dates and tasks of everyone involved. It’s essential that you double and triple check the accuracy, and update the sheet should anything change. It likely will! Think of yourself as a conductor of a symphony. It’s your job to make sure everyone does their part at the exact right moment.
Step 2: Share the transaction sheet with all professional parties
Next, it’s time to share the transaction sheet with everyone working on the deal. I do this by creating a single email chain with everyone cc’d. This allows me to not only share the dates but introduce everyone to one another. As an extra bonus, this helps you create a wonderful rapport with everyone involved. You’re working on the transaction, and creating great business relationships that may benefit you down the line.
Step 3: Give your client the next step
You’ll also want to share important deadlines and dates with your clients. While I’ll share all important dates initially, I’ll also always email them the next step as we go. This helps keep things from getting overwhelming so they can focus on just one task at a time.
There is no such thing as over-communicating during this essential phase. Not only will I send next step emails, but I’ll also call and text regularly to check in. You’ll never hear of a buyer or seller who is annoyed with their agent calling too much during this period. They’ll appreciate you being on top of it and making sure they stay informed.
Step 4: Be present and manage emotions
One of the most impactful things you can do is simply stay present. If time allows, I always show up for inspections and appointments where I can be of use. I prep the client beforehand: reminding them that the purpose of an inspection is not to go on a shopping spree looking for things the seller can pay for. Setting expectations and being present to explain things that come up will help the client move smoothly through each step. This may mean calling the lender directly and not simply waiting on someone after a missed deadline.
It’s normal for issues to arise when closing a deal. It’s normal for buyers and sellers to be emotional and unsettled. Your job as a Realtor is to prepare them for each step and support them through to completion. Remember the following things and you’ll be successful both in the deal at hand, and closing more and more deals down the road:
- You can never communicate too much.
- You are responsible for deadlines.
- Always prepare your clients.
- Be present.
- Document your process and share with potential clients to show your true value.
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