Tag Archives: Communication

Post-Closing Checklists–The work is not done until it is done

closing, Marketing / Communication,

As a Massachusetts real estate attorney, my role in the closing is different from attorneys in almost every other state. Not only do I conduct the closing, and attempt to explain matters to the parties involved while I am doing same, my firm also researches the title, writes the title commitment, coordinates closing documents from the Lender, and, general, runs the “show”.

There is a lot for Massachusetts conveyancing attorneys to do, but, if I must be honest, I love every minute of it, even the messy closings where things just continue to wobble off the track. When the transaction is completed, and I send the documents off to the local registry of deeds, and give the keys (and garage door openers) to the Buyers, my work is far from done. I wanted to share with you some of the things that need to be done, post-closing, which are integral parts of my firm’s marketing efforts.

     1. Be in immediate touch with the mortgage originator.  In Massachusetts, the mortgage originator decides who gets the closing business. It took me a while to embrace this concept, but I now have it completely under control. So, I need to have a”relationship of trust” with my mortgage originators or they will seek other closing agents. I urge the mortgage originator to attend the closing. I give him or her scores of good reasons why it would be helpful for them to attend. They rarely follow my advice. Since they are so important to the contuance of my closing agent business, i have instituted a “no-exceptions” rule with regard to mortgage originators. After each closing, the attorney in my office MUST contact the mortgage person and tell him or her “how the closing went”

 Loan closings, like many other thngs in life, generally fall into three categories, good, great or bad. There follows my rationale for appropirate information disclosures to the mortgage originator:

         a. A good closing. Well, things went fine. Nothing much to report. All parties seemed reasonably satisfied. You are in “no danger” if you contact the Borrower, the Realtor or other referral cource. The deal got done, and the parties moved on.

           b. A great closing. The chemistry was there. The parties all got along. The Buyer complimented the Lender for efficiency and honesty. If my voice was no so dreaful, I would join everyone in singing “KUMBAYA”. This is good information for the mortgage originator. He or she knows that if a call is made to the Borrower, or the Realtor, that there will be much positive reinforcement. Many accolades will be exchanged. The seeds for the next deal will be sown. All parties are happy.

           c. A bad closing. These happen, and there is sometimes no way to prevent them. The Lender is late in getting closing figures to my firm. My paralegal makes a costly mistake on the HUD-1 Settlement Statement. The walk-through goes badly and infects the entire closing process. You do the best you can, sometimes even write the Borrower a check to ease some of the pain of the event, and move on. The first person you call is the mortgage originator. You tell him or her what happened, you try to explain why. Most importantly, you inform the mortgage person what you, or your firm, has done to make things a little better. At least, when the mortgage person gets the irate call, he or she is forewarned. Many times, just having the information improves his or her position. The originator can say “I understand that Topkins & Bevans wrote you a check for $250 as an attempt to make thngs better. Was that helpful?” Sometimes, this type of approach can turn a disaster into a marketing triumph. Sometimes not. The important thing is that your referral source is not “blind-sided”. He or she knows the facts.

     2. Make sure you follow through on promises made to closing participants at the Closing. if you said you were going to send them an Estate Planning Questionnaire, send it. If you promised to look into a special taxing provisions for owner-occupants in Somerville, look into it and get back. It is amazing how grateful people will be when they realize that you are a follow through person, who keeps his or her word.

As I said above, I am extremely fortunate that I live in a state where the attorney still runs the closing. I relish each and every chance to complete a closing. After all, it is a very important event in the lives of each participant, and I have done my part to make it happen.

The Hazards of Voice Mail–Don’t let the “Easy Way Out” Turn off Current or Potential Customers

Customer Service, Marketing / Communication,

Voice Mail is not new, and with the advent of increasing email and website usage, phone traffic is on the decline. The telephone still remains, however, a viable means for our customers to connect with us, and , now, when customers call, they have something important to state, or an important question to ask.

If you, or a reliable person in your office, is not available to respond, the customer may become frustrated, or worse yet, angry and disappointed. I have found in the three offices which I operate as a Massachusetts title attorney that putting the customer through an endless series of prompts and instructions will,  in the long run, lose business for me and my firm.

Think of it this way. You are the professional. You know your business better than the customer. The customer is often looking for reassurance or the answer to a simple question. When the customer hears your voice, the customer almost always calms down. The customer has asked for service, and you are providing service.

What if the customer is calling to ask you a question that you don’t know the answer to, although you have been researching the matter?  What if the customer is asking to see his or her HUD-1 Settlement Statement although you have not received “final numbers” from the Lender? My experience has told me that there is no harm in telling the customer that you do not have the answer or the HUD-1, but you are “working on it”. Isn’t that better than having the customer call 4 or 5 times and then decide that you really don’t care enough to even speak with him or her?

I try to stress upon every person in my firm the necessity of actually speaking with the customer, not putting the customer off. There is nothing any of us does that is so unique that another person cannot replace us. Letting the customer know how important we think he or she is, by trying as hard as we can to speak with them when they call, can make the difference between our success, or failure, as real estate professionals.

The Words “Actually” and “Absolutely”–Overused and Lacking Meaning

Uncategorized,

I don’t know about the rest of you, but I have become increasingly irritated by a person answering the phone and responding “Actually, he is away from his desk” or “She, is actually, on another phone call”. First of all, the term “actually” adds nothing to the response. If anything, it almost sounds like the person giving the response if making up a story on the fly. Our world would be better if people would do all they can to delete the word “actually” from their vocabulary.

Ditto the use of the word “Absolutely”. “Yes” will convey the same meaning with less bravado. If the response you receive is always “Absolutely” where a simple “yes” will do, what has been added? “Absolutely” is another word which could be comfortably deleted from most people’s vocabulary without any real loss of power to communicate.

As a 66 year old Massachusetts title attorney, I have lived through the lives of four adolescent children (now grown-ups) and their addictive use of the word “like”. Just when I thought it was safe to communicate with others using real English, I have been recently hit with a barrage of “Actuallys” and “Absolutelys”. Let’s all work hard to eliminate these terms from our everyday business communications. Their loss will be our gain!!!!!

Elliott Topkins   www.topkinsandbevans.com

System “5/25”—A Proven Way to stay in touch with your Players

Customer Service, Marketing / Communication, , , ,

Over the years, it has become more and more apparent to me that sales involves connecting with people who know, and appreciate, what I have to offer, not at my convenience, but, realistically, at theirs. One way I have found to stay in touch with these important contacts is to utilize the “5/25 System” on a consistent basis.

The System is simple. Pick out your 5 most important clients, or customers, and put them on a schedule. Then, analyze the rest of the important people in your business and pare that list down to 25 people. Obviously, the list of 30, as I call it, can change on a dime. The best way for it to change is for some new player to arrive on the scene to supplant someone else, who is marginal. The worst way your list can change is for a “favored 30” player and you to have a falling out, or disagreement, which makes continued contact with that person difficult, or maybe even impossible. If the latter happens, be decisive!!!! Excise that person from the list and find an acceptable substitute.

     1. The “Favored Five”.  You need to get yourself in front of the favored five at least once a week. Since these people are so important, it probably makes sense to vary your contact. Some weeks it may be a long email or a meeting for a cup of coffee. Other weeks you might invite them to a play or ball game. Whatever the excuse, you MUST be in front of these five people every week, without fail. At some point, your “Favored Five” are going to see what you are doing. None of mine have every held against me my elevating them to this favored status. Most understand that I am making a commitment to ============-][frequent communication with them so I can acknowledge how important they are to me practice.

     2. The “Terrific Twenty-five”.  These people are very important to me, but they have not achieved “Favored Five” status. In time, they may reach that level. For the time being, the “Terrific Twenty-five” need to be contacted at least once a month. Obviously, you can get with them more than that, but under no circumstances, should you let a month go by without an email, telephone call, visit at their office, or other contact. You need to stay on the “Terrific Twenty-five” radar screen. You do not need to make them a weekly contact, but they need to know that you are “around” and you care.

The results of this rathered structured approach have been impressive for me. My “Favored Five” people have generally been the ones who respond to new initiatives and proposals. When I am in front of them, they “remember” things which they wanted to discuss with me and thus new opportunities arise. The “Terrific Twenty-five” are in a slightly different category. They have not lost touch with me, but I am not a constant part of their business life, in most circumstances. That can sometimes be a good thing. Sometimes, the “Terrifics” want to change their role. Many times this is justified. The group of thirty is not static; you will see changes evolve as you move ahead.

There is nothing mystical about the 5 and 25 numerical selections. What is important is that you identify your “real players” and your “might be real players” as soon as possible, and then make sure you find ways to have continuing interaction with them. For me, this has been an incredible “practice builder” and also a way for me to develop lifetime friendships. What is better than those two results?