How to work with a real estate attorney to make sure your transaction runs smoothly
The world of real estate is fluid and oftentimes complex. As a broker, odds are you are spending half of your time coordinating between multiple parties, juggling client requests and attempting to manage the expectations of all parties involved. To make sure you keep each of your closings on track from contract to close, follow these five steps from the real estate attorneys at Anselmo Lindberg & Associates.
1. Establish a Means of Communication
As a real estate team it is vital for us to establish the best line of communication to keep in contact with brokers, lenders, and the client. Before any deal takes place, we ask each member of the team about their preferred method of communication, noting whether they rely on email or phone. Establishing communication before working with each other can save your business and clients from frustration regarding missed emails or phone calls. When communicating to the entire group, do your due diligence to make sure the opposing client or their agent isn’t included on the email.
2. Clarify Repairs Within the Contract
When working with buyers, we see one common pitfall after the inspection, and that is the request to have any and every issue or old item fixed or replaced. Repairs can hold up the transaction process. Although there are some repairs that are necessary, we work with our brokers to point their client to the home inspection paragraph in the contract. Often there is a dollar amount barrier on what is and is not considered a defect–this is especially true in some of our condominium contracts with repair requests for under $250.
3. Remind Sellers About Tax Credits
On the seller’s side, the one thing they are often surprised by is that they may be providing their buyers with a tax credit. This can often come as a big shock, since taxes can come with a hefty price tag, but since property taxes in Illinois are paid in arrears, the seller will still owe taxes for time spent in the home, even when they are out of the home. We try to prepare the seller for the tax credit price tag by reminding the broker to explain this clearly to their sellers.
4. Show Your Clients You Care
We want to go above and beyond to provide our clients with the best service, and we can do that by collaborating with their broker and lender. It’s important for us to help our brokers have access to educational resources that they can provide to their clients, like the ALA real estate section of our blog. Show your clients you care by addressing their questions promptly and with direction. Provide them with the information they need to feel confident that you have their back.
5. Set Realistic Expectations for Your Clients
Whether you are an attorney or a broker, it’s important to always be upfront with your clients throughout the entire transaction. From our years of experience, we’ve learned the importance of not over-promising on things such as the price of the home, inspection issues, and closing dates. At ALA, we put an emphasis on collaborating with the agents and brokers so that buyers and sellers are given all the information they need from the get-go.
Working side-by-side to establish partnership between attorneys and brokers is essential for our business. Whether we’re working with buyers or sellers, we want to make sure our clients are given the best service and experience possible, and having a real estate power team collaborating on all fronts can ensure this type of success. Are you a broker in need of a trusted attorney to join forces with? At ALA we go the extra mile to ensure our clients are happy and you have sustainable success. Reach out to chat with one of our real estate attorneys and see what a partnership with ALA can do for your business.