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No One Gets Paid Until Something Closes
By
Michelle Spalding |
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In real estate, one thing always holds true, closing is the ultimate goal and can result in a nice payday or a miserable experience for the real estate investor. No matter whether you are new or a seasoned investor, it’s no secret that keeping the deal together once you’ve put it under contract can be challenging and time consuming. However, with the right tools, systems and possibly an assistant, it can be a much less work and result in a more successful process. Here are a few things to incorporate into your real estate investing business:
1. Checklists – A simple yet comprehensive checklist that can remind you of the steps and actions needed to manage a transaction from contract to close. Knowing exactly what must happen and what has taken place can free you up to focus on finding more deals or just enjoying more free time in your life.
2. Calendar Reminders – Once you have the deal together and the contract signed, take a few moments to add reminders to your PDA, Smart Phone or other calendar to keep you on top of the deadlines. Knowing the inspection and financing deadlines can help prevent you from losing a lot of money and becoming frustrated
Insider Hint – when the contract calls for deliver of something by a certain date, set a reminder the day before. Calling someone the day before something is due and reminding them will catch them off guard. This will make them more likely to take or return your calls and help you not to forget to take care of this the actual day the item is due.
3. Communication Log – Keeping notes on your conversations, emails and other events in a transaction is essential. When you take the info out of your daily thoughts and put it into a communication log, you are giving yourself the opportunity to focus on something else other than your last conversation with the seller. Additionally, should you ever need to defend yourself, this detailed communication log can be critical.
4. Organization – This is without a doubt an ultimate MUST. Taking the time in the beginning of a transaction to set-up a file either online or in an old fashioned paper folder will enable you to handle more business simultaneously. No matter what your business is, you have to make the highest and best use of your time. Keeping your transactions organized will truly empower you.
5. HUD-1 Settlement Statement Review – Making the time to thoroughly review and understand this document BEFORE your closing is the key to making sure that the deal you put together is the deal that closes. Having the title company or closing attorney who is handling your transaction send you a preliminary HUD as early as possible will provide you the time needed for review. When the time comes for you to sign the HUD-1 Settlement Statement, you can simply refer to the preliminary one you received and compare the two.
Real estate investing is a wonderful and generally very lucrative business. It provides the business owner the opportunity for large financial payoffs, extreme flexibility and a small investment to get started. With the right training and tools, you can be a very successful real estate investor in no time. Having a team to help you with your business can speed up the process and enable you to have greater success and more free time. Experts agree hiring a virtual closing coordinator will provide you more time and much less stress during this part of a transaction. For more resources on the contract to close process such as training, closing coordination services and reference materials, go to www.OnlineClosingTeam.com.
Author's Bio
Michelle Spalding is a transaction specialist from Orlando, Florida. She founded TMC in 2005, on the firm belief that outsourcing is the smartest and most efficient way to grow a real estate business. Since then she has created a team of closing coordinators who have been busy helping Realtors, Investors and Developers manage their deals from contract to close. TMC brings technology together with the outstanding service to provide it’s clients with a resource to help them focus on building their business, not the day-to-day activities that can hold them back.
An expert in systems, Michelle also consults with small businesses helping them find virtual resources and developing systems to grow their business. She also speaks nationally to various groups on the systems and strategies she’s created to effectively manage real estate transactions.
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