Closing Your First Real Estate Transaction

Whether you are a real estate agent or a homeowner, closing your first real estate transaction is a big deal and understandably nerve-wracking. As an agent, you are eager to sell your first property to get that hefty commission and as a homeowner, you are excited to close the transaction to begin fixing the property and making it your home.

Before you begin your first real estate transaction as a homeowner or as an agent, the key is to have patience and be flexible to survive since there are unexpected circumstances that would throw off your expectations and if you are not flexible enough to roll with it, except that the deal would fall through.

Plan Ahead

Like other important activities, planning ahead would lessen the chances of any pitfalls or at least having a contingency plan. For example, if you are a buyer and you are already set on a property, the agent can inform you that either the seller increased the asking price or they have changed their mind and decided not to sell it anymore. As a buyer, it is recommended that you have extra cash should the first scenario happened or another property as your second option should the latter scenario come to pass. Don’t be absolute in your choices since nothing is yet set in stone. As an agent, it is better that you always keep a list of properties that are within your client’s price range and their other preferences if in case the property owner changed their mind which frequently ensues.

Correct Assessment

No matter how much you plan ahead and research everything, if you are not able to provide a correct assessment, the deal would be much harder to close. If you are a commercial real estate agent and you have provided an incorrect appraisal of a property to a client, the buyer would likely look for another agent or real estate developer. Every transaction involves a substantial amount of money that one mistake would likely put off the buyer. From the buyer’s side if they were not clear with regards to their budget and preferences, the agent would have a hard time matching them to properties that are available in the market.

Be Hands-On 24/7

Sometimes there is a major source of confusion when the agent and the buyer is not in constant communication about the little issues regarding the transaction. Another cause of delay is if spouses that are talking to the agent are having different choices or they could not make up their mind regarding the properties that have been shown to them. Or if the agent is juggling a lot of clients and is not able to entertain each and every query and is sending someone as a substitute when showing properties. If both of the parties are not on deck 24/7 during the transaction, a lot of mix up is bound to ensue.

Closing a real estate transaction is complex, requires patience and complete attention. The circumstance is constantly evolving and if you are not able to keep up with the pace, closing the deal would be more difficult than you expect.

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