Staying on top of real estate transactions is a vital but challenging part of selling property, so the more efficiently you can handle this process, the better it will be for business.
To that end, here are a few actionable pieces of advice that will really make a difference to how smoothly transactions are managed going forward.
Use The Right Tools
There are plenty of software tools built specifically for real estate transaction management, and harnessing them is the best way to streamline every aspect.
Of course, you need to compare these solutions in order to find the right one, so weighing up Paperless Pipeline vs Skyslope vs Dotloop is sensible.
Features like customizable reports, along with scalable pricing and unlimited users, are all good selling points for this type of tool. Be sure to match your needs against the options available to pinpoint your perfect transaction management software package.
Also remember that if you are unsure which platform is suitable, you can use free trials to test the waters before you come to a decision.
Set Standard Policies to Follow
One thing that can derail real estate transactions is a lack of clarity over who is responsible for what aspect of the process, and how they should go about fulfilling their allocated role.
This is where it is wise to put policies in place which unambiguously define these elements, and thus give team members all the info they need to pull their weight when transactions are underway.
Also remember to document any policies thoroughly, which should avoid confusion or conflicts further down the line, and catalyze property sales.
Keep Clients in The Loop
It’s not just the internal responsibilities that are relevant in the case of a real estate transaction; you also need to manage clients and ensure that they are up to speed with how things are progressing.
Again, the right software can help you with this, by automating some procedures and allowing you to contact those involved in the transaction to make sure they have done what they need to before deadlines roll around.
It’s great to be ambitious about overhauling how you manage transactions in your real estate business, but this isn’t an improvement you can make overnight. In fact, you could find that it actually causes some short-term disruption as you make the transition.
For this reason, you have to plan carefully and recognize the reality of how much time it will take to implement new software and to roll out your updated policies and best practices. This way, you will not be sideswiped by the administrative burden involved.
Providing employees with adequate training and support should be part of this; don’t just throw them in at the deep end and expect them to swim.
Listen to Feedback
Other agents, as well as clients, could have input which is valuable for enhancing how transactions are wrangled. You need to give them the opportunity to share this, and also be willing to listen to this feedback, whether it is positive or negative.
The worst thing to do is to push through changes without heeding what others have to contribute, or to stick with existing policies and solutions if they are not working well for everyone that relies on them.
So long as you are patient and you plan thoroughly, you can grease the wheels of real estate transactions and sell more properties as a result. Plus because customer satisfaction will increase, you’ll be able to win loyalty that will repay itself over years to come, as well as with word of mouth recommendations.