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How real estate brokers can solve paperwork nightmares

From state to state, laws vary, but every real estate transaction has paperwork associated with it, whether printed or not, so the following four tips will keep any brokerage from losing sleep over paperwork nightmares.

paperless office

paperwork

Develop a Strong System

One of the biggest problems a broker may face (doesn’t matter whether it’s a large office or a small one) is the problem of control. Let a bunch of birds out of a cage and they may all fly in different directions. Real estate agents are not birds, but the analogy stands. Creating a good, strong, easy-to-use system is key to the success, longevity, and preservation of a real estate brokerage.

Depending upon the state in which you work, the list of correct real estate forms required for your real estate transaction file will vary. In California, for example, a simple purchase of a single family home requires somewhere between 40 and 50 different forms. The challenge that brokers face is this: How do I stay current and assure that agents are collecting those forms, preparing them properly, and including all of the right forms in the transaction file?

4 Steps to Success

Here are four steps to assure that your agent transaction files are error free:

  1. Create a strong infrastructure. Are you a paperless office? Do you operate in the cloud? Or, do you require your agents to turn in a paper copy of their listing and sales files? No matter how you operate, make sure that the system for creating and reviewing transaction files is easily accessible and clear to all agents and staff.
  2. Stay current. Big or small, it doesn’t matter. Many offices face challenges in keeping up with the newest real estate rules and regulations. State forms and contracts change regularly. Make sure that the checklist of documents you require for each transaction is clear, concise, and up-to-date.
  3. Provide training. You know what they say… “Rome wasn’t built in a day.” Even the top-producing agents require constant and continuous training. Agents need to be regularly trained on the forms, and how to use them. That’s the job of the broker and the brokerage.
  4. Review all files. File review is a key component to assure that transaction files are error free. Whether the broker or a designee reviews the transaction file, this is a key component of success in real estate. Since all the birds may be flying in a different direction, a strong review component will create teachable moments for the agent and for the entire agency.

Taking the time to control the infrastructure of your business by creating workable systems and training programs will lead to better qualified agents and, of course, more closings.

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Written By

Melissa Zavala is the Broker/Owner of Broadpoint Properties and Head Honcho of Short Sale Expeditor®, and Chief Executive Officer of Transaction 911. Before landing in real estate, she had careers in education and publishing. Most recently, she has been able to use her teaching and organizational skills while traveling the world over—dispelling myths about the distressed property market, engaging and motivating real estate agents, and sharing her passion for real estate. When she isn’t speaking or writing, Melissa enjoys practicing yoga, walking the dog, and vacationing at beach resorts.

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