Often one of the greatest challenges even the best Realtors face is managing the transaction once the property enters the contract phase. Most buyers and sellers have no idea how much work is involved in the process of getting from contract to close. It is often difficult to juggle the demands of gathering the necessary documents, managing the other parties and maintaining communication with your client.

Of course even when you have a contract together and a closing on the horizon you must continue to market current listings, work with buyers and network for new leads or your business will not grow. The last thing you want is for your marketing dollars to go by the wayside because you’re not able to connect with the leads you’re generating while you’re faxing contract documents and spending time on hold looking for an update.

Almost fourteen years ago when I started my career in the real estate industry the FAR/BAR (Florida) contract was 2 pages and rarely were there ever addendums. Now, the 4 page FAR/BAR contract is just the beginning, we have multiple addendums and disclosures added to that. This has led to an unbelievable amount of paperwork to ensure proper signatures on, deadlines that must be tracked and kept and of course all the documentation must be stored by the broker and the agent for many years. Additionally, the educational requirements make it easy for the not so "professional" person to enter and make some money thus making it ever challenging for the Realtor to ensure a trouble free closing for their client.

So how can a great sales person also be great at managing the details? How can you continue to build their business even in this challenging market? By developing a system that will enable you to constantly stay on top of the details and the other parties involved in the process. The system of managing your transactions can be created by simply forming paper lists of documents that need to be gathered during this phase and tasks to be completed and adding them to the file. Or as elaborate as a computer system that will provides you with deadline reminders, send scheduled emails and file documents. The most important part is that whatever system you choose is that you use it. Don’t try to carry the details in your mind, put them into a system and work the system to achieve maximum results for you and your clients from contract to close.

Your clients rely on you to help them market their property or help them find their perfect home and also to make the process as convenient for them as possible. They also depend on you as the professional to help guide them through the process and make sure that nothing is overlooked along the way to the closing table. Systemizing the steps in any part of that process is critical to the continued success and growth of a Realtor.

Closing is really the easiest part; it’s only about signing documents and delivering or receiving funds. It should not be where issues are debated between the buyer or seller; it should be a pleasant simple occasion. Having a system to ensure that all items are handled before closing, that everyone has what they need before will make this last event for your client a memorable one, in a positive way. After all, buying a house isn’t like buying new shoes, everyone will know that your client has moved and will hear about their experience, good or bad.

About the Author: Michelle Spalding, lic. real estate broker, founded Transaction Management Consultants, in 2005. Over the course of her career she’s coordinated more than 10,000 transactions from contract to close. She believes that outsourcing iss the smartest and most efficient way to grow a real estate business. Together with her team they provide time and money saving solutions to elite real estate professionals throughout the United States.

Michelle also known as the Virtual Fairy Godmother, stays busy consulting with real estate businesses to help them find virtual resources and develop systems to grow their business. She speaks nationally to various groups on the systems and strategies she has created to effectively manage real estate transactions as well as a virtual staff. For more information please visit her website at OnlineClosingTeam.com or call (321) 332-0700.

Published: June 30, 2010

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