How to Create Your Own Contract to Close Checklist
Hello again, my friends!
Today’s post is ideal for both transaction coordinators and agents alike, as we are focusing on how to create your own personal contract to close checklist from scratch! It amazes me how many successful agents do not have a true contract to close checklist written down! While they may be following the steps every time by memory, creating a checklist helps you do an audit of your overall process, have a written guide to make sure nothing is missed and if you are an agent, you can simply hand this checklist over to your TC and they will know exactly how you like things done!
In this example, we are starting from a blank slate. Keep in mind, you will probably continue to add to this checklist as new things come to mind. To avoid having too many steps on the checklist, I suggest doing an audit of the checklist and refining/removing/adding items about every six months, or at least annually - add this to your calendar!
To get started, here are the main questions we need to ask ourselves:
FIRST - And arguably most important, we need to ask ourselves what HAS to be done. Think - legal deadlines, compliance deadlines, mandatory items that MUST be done in order to make it to closing. I suggest starting by thinking about EVERYTHING that has to be done in the transaction, (Lender milestones, title milestones, client tasks, state/city-specific requirements, and brokerage-specific requirements). Then, ask yourself, How do I fit into this step? For example, maybe you have no control over actually ordering the appraisal, but you can set a task to confirm with the lender when it has been ordered.
SECOND - Now that we have legalities and formalities out of the way, our checklist should have at least the bare minimum of items needed to successfully get to closing. At this time, ask yourself, What do I WANT to be done throughout the transaction?
THIRD - So we’ve covered the basics and your preferences, now let’s take a moment and think, what are items that have been missed/messed up in the past? This step will require reflecting on past transactions and what may have gone wrong and what items you could put on your checklist to ensure the same mistakes don’t happen again. As you continue in your business, new issues may arise, and you can revisit this part of the checklist to continue to revise until you’ve got a pretty foolproof plan to make it to closing!
FOURTH - For this step, ask yourself, what are common questions clients have? If clients are constantly asking you when they will actually be able to pick up their keys and move in, consider adding instructions about closing/funding and key transfer to an existing email template. Or, having a separate checklist item to send an email to the client detailing how the process works. The goal here is to be proactive about commonly asked questions, so you aren’t getting texts in the middle of the night or when you are working to grow your business!
FIFTH - And last! The last step in creating your checklist is to think, What could add to this list that would improve the client experience? Because at the end of the day, we don’t just want files to close, we want them to close with very happy clients, who will hopefully gift us positive reviews and referrals for years to come. Use this time at the end of creating your checklist to reflect on what has made clients happy in the past, and what has made them upset or frustrated throughout the process. Adding a few key communication items or maybe a nice touch like delivering a closing gift can help ensure happy buyers and sellers.
Now you’re done! Look how much progress you have made towards streamlining your business! I suggest having a separate buyer and seller checklist, if you are a checklist addict, you can create specific checklists like referrals, new construction, etc. but I think it is most important to start and focus on a really really solid, buyer and seller checklist.
What did you add to your checklist after reading this?!
