Communication Is the Secret to Smooth Closings

Most closing delays trace back to a communication gap, not a paperwork problem. 

1.  Proactive Updates:  Not Reactive

When you are dealing with sellers, buyers, title, lenders, etc. you want to be proactive with your communications.  You want to stay ahead of the game, as to ensure that you are avoiding the avoidable. 

Why It Matters – Clients and agents should not have to ask you for a status update, you should already be providing this to them.  They should already know before they have to ask. 

What Happens if it is missing – if you are delayed in your communications, or no communications at all clients, agents, sellers, etc. may think “something is wrong” even when nothing is.  This can cause a concern that is unnecessary and could start to unravel a deal. 

How a TC helps – A good TC will continually send updates to all parties, asking questions, ensuring that everything is on track.  They take the hassle out of each transaction, so you can focus on obtaining the next deal. 

2.  One Point of Contact

Having just one point of contact for all communication, ensures that nothing is being missed.  If you are reaching out, the seller is reaching out, the buyers are reaching out – all parties are asking the same questions, this can cause delays that are not needed, as the person that is being asked the same thing over and over gets overwhelmed. 

Why It Matters – Scattered communication or too much communication across all parties creates confusion about who knows what, and who is to be talking to whom. 

What Happens if it’s missed – Details get lost in translation.  This can cause delays, or misconceptions across the board.

How a TC helps – Centralizing the line of communication with all parties is a great avenue to have.  This ensures that everyone is on the same page, and that nothing is getting lost in translation, or causing confusion. 

3.  Setting Expectations Early 

Each transaction, each client will be different on how they want the line of communication to go.  Some may want you only to communicate with title or the lender; some may want you to be the main point for all parties.  Each TC adapts to each client’s preferred communication style.  Knowing this up-front will help each transaction move through the process seamlessly. 

Why It Matters – Clients who know what to expect stay calmer and let you do what you need to do to ensure that everything is on track and that you are working on avoiding the avoidable. 

What Happens if it is missed – every deviation from what was set up as an expectation can cause a delay in not only the transaction but in providing the information to all parties. 

How a TC helps – Having a TC can ensure that each communication style is addressed and that all information is being presented properly and in a timely manner. 

4.  Flagging Problems Immediately

Not every issue on a file is a big one – but every issue is easier to handle the moment it shows up than after it has had time to grow.  A missing document, a delayed response or a question no one has answered yet can seem minor at first, but left alone, small things have a way of turning into bigger ones. 

Why It Matters – small issues can be fixed early on if everyone is aware of them.  An issue that is small today but not addressed, can turn into a huge issue later on down the road. 

What Happens if it is missed – Problems compound and could threaten the deal successfully closing. 

How a TC helps – Having a TC brings the issues to light the moment that they appear, not after they have grown

5.  Confirming Next Steps in writing 

Having written documentation is always best to ensure that all parties are on the same page.  Recapping a phone conversation is a great way to ensure that everyone is on the same page for the next steps. 

Why It Matters – verbal updates are great, but they can also be misunderstood by one party – putting the updates into writing helps ensure that everyone is on the same page. 

What Happens if it is missed – miscommunication can cause issues or delays when one party’s understanding differs from another’s 

How a TC helps – Having a TC and one line of communication helps ensure that the communications/milestones are being properly conveyed between all parties, and that everyone is on the same page. 

Smooth Closings don’t happen by chance.  They are a result of the communications that never leave anyone guessing what next steps are, or where we are within the closing.