1. Not Following Up During The Transaction
Following up with other parties (lender, listing agent, buyers agent, title company, seller, buyer, appraiser, home inspector) during a real estate transaction is a very important and often overlooked part of closing a real estate transaction that many agents fail to do. Most real estate agents would prefer not to "babysit" their transactions or simply aren't aware of the importance of it. Without every party in the transaction being on the same page, deadlines and details could be missed or overlooked, numbers could not add up and the transaction could fall apart.
2. Failing To Meet Critical Deadlines During The Transaction
Dates and deadlines are put into place during a transaction for a reason. Most parties in the transaction have a deadline to complete their tasks by, that is just the way real estate transactions work. Getting properly completed documents to the correct parties in a timely manner is a crucial part of a transaction and is something that can be easily forgotten when a real estate agent is handling multiple transactions on their own.
3. Not Hiring A Transaction Coordinator
Transaction Coordinators are an overlooked benefit to real estate agents during a real estate transaction. Transaction coordinators help prevent mistakes such as not following up during the transaction and failing to meet critical deadlines during a transaction. Other ways a transaction coordinator can benefit real estate agents is by looking over documents to ensure all information is completed and correct, reminding agents of the critical deadlines, following up with other parties in the transaction, keeping and delivering copies of all documents in the transaction to the real estate agent.
If you've made any of these mistakes during a real estate transaction and want to prevent them from happening again, contact us today!