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The art of the deal is something agents can spend their whole career perfecting. Mastering this process with skill and finesse can take years of practice. New agents might assume that once the sellers have accepted an offer, the deal is done, but that is very much not the case.
Deals can fall through, loans can be rejected, and buyers and sellers can back out at any time. Understanding these challenges and navigating them with ease and confidence will ensure optimal success for your client.
We always advise training your team members on closing the right way and being available to them every step of the deal. Here are a few of the best practices we advise our team members on to help close the deal.
Present the offer professionally
One of the most critical aspects of closing a deal is presenting the offer professionally. Take the time to speak with the listing agent and understand the terms that are the most desirable to the seller entirely.
Ensuring that the offer is clear and simply written with all the appropriate information and boxes checked will give you a better chance of getting the offer accepted without having to counter mistakes and delay the process.
Proof of funds
Having proof of funds ready with a personalized letter can go a long way in making the sellers and their agent feel a closer connection to the buyer.
Especially when a seller has multiple offers on the table, this can help seal the deal for your clients. In instances where the buyers require a loan to close, ensuring they are pre-qualified with a pre-qualified letter from their lender will illustrate to the seller that they have sufficient funding and will instill confidence in the deal.
Strengthen the offer
There are several ways you can ensure an offer is appealing to the seller. You can include a shorter escrow period, have an all-cash offer, have no appraisal and a short inspection contingency, and give the sellers their choice of closing services. All of these items will help to win over the seller and hopefully close the deal.
Put in a team effort
Working on a team has many advantages, including the ability to lean on one another when closing a deal. We always make ourselves available to step in and help our team members, even if that just means showing the listing agent that we are just as committed to the transaction as our newer team members.
Letting them know that further instills confidence in the deal or mentoring and guiding our team members every step of the way. We are always there to lend a helping hand.
Guiding your team members through a transaction can have its challenges; however, there are several things you can do to help finalize the deal — whether that’s presenting the offer professionally, providing proof of funds, strengthening the offer with a short escrow and minimal contingencies, or working as a team. Utilizing these tactics will ensure a seamless experience for both the agent and the clients.
David Parnes is a director at The Agency in Los Angeles. Connect with him on Instagram. James Harris is a director at The Agency in Los Angeles. Connect with him on Instagram.
