Why You Need to Micro Manage That Deal All the Way to the Closing
From Tom Nardone, Millionaire Mailman …
You just tied up your first deal! Now…
Do you just wait to get your check at closing? Uhhh… not really. You need to micro manage that deal all the way to the closing!
Once you tie up that first deal, you need to nurture it so that it grows into an actual closing.
Tying up your deal under contract is just the first part of the deal. The next thing you need to do is get the contract over to the title company asap to find out if the title is clean or dirty.
While the title is being checked, start marketing your deal like crazy to lock down an end buyer.
If your seller is an individual and not institution, ask yourself if you can really trust the seller to honor your contract. If you think they might sell you out to a higher offer, then consider recording an affidavit of contract on public record to cloud the title and protect your deal.
Be sure you keep in touch with the seller the whole way through the transaction, keeping them up to date on what is going on.
The same with your buyer. Keep them in the loop every inch of the way until you get the deal closed.
Be sure you get a sufficient non-refundable deposit from the buyer to be sure he doesn't bail out on you, and get a release of deposit agreement from the seller to the escrow agent, in the case the buyer doesn't perform so you can collect your money from the escrow agent without having to get the written release from the buyer who is defaulting.
If there are any title glitches that pop up, find out exactly what they are and offer to help round up information in the event it will speed up your closing.
Our Business = Results
I recently had a deal that closed, and it could have taken a full month extra because it was a probate deal that involved needing to get a copy of the funeral bill that had been paid. So instead of sitting there – waiting – I jumped in my car and drove over to the funeral home, and an hour later I had the paper that the title company would have taken several weeks to get.
When it’s YOUR business, you have to be willing to do whatever it takes to get a deal closed.
There is NO reward for a deal that ALMOST closes.
This is not a TIME and EFFORT BUSINESS.
This is a RESULTS BUSINESS.
I have gone as far as buying a plane ticket for an absentee owner seller to fly in to attend a closing. I have picked people up at the airport, and the train station, and driven to their house to give them a ride to the closing table...
It doesn't happen often, but it does happen on occasion and you have to be prepared to bring in the results.
You are the quarterback in every deal micromanaging the closing and getting all the ducks in a row at every moment until you get your check.
In a recent deal I did, I counted more than 75 emails back and forth between all the parties in the transaction that needed to be notified on the deal to get it ready to close. These were emails between the buyer’s private lender, the title company, the short sale lender, the lawyer and the Realtor.
Look, the quarterback knows where all his players are at any time on the field. So should you.
So be aware of what is going on around you every time you lock up a deal.
You take on the responsibility.
And enjoy the journey!
PS. Need a mentor?
Agree with me? I wanna hear your thoughts about this in the comments section below.