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How can you adjust to unexpected changes in Real Estate deadlines?

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As a real estate professional, you know how important it is to meet deadlines for contracts, inspections, appraisals, and closings. But sometimes, things don't go as planned and you have to deal with unexpected changes that can affect your timeline and your clients' satisfaction. How can you adjust to these situations and keep your transactions on track? Here are some tips to help you manage real estate deadlines in a dynamic and unpredictable market.

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Alex Greer

Loan Officer and Co-Owner at The Mortgage Outlet | Commercial Property Owner
Michael B. Arthur

Guiding busy 9-5 workers and entrepreneurs with customized wealth-building plans, tools and strategies to secure…

1 Plan ahead

The best way to avoid missing deadlines is to plan ahead and anticipate potential issues that could arise. For example, you can research the local market conditions, the seller's or buyer's motivation, the property's condition, and the lender's requirements before you submit or accept an offer. You can also communicate with all the parties involved, such as the title company, the inspector, the appraiser, and the attorney, and confirm their availability and turnaround time. By doing this, you can set realistic expectations for yourself and your clients, and avoid unnecessary delays or surprises.

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Oasis Singleton

Owner of AIDE Real Estate Support Services
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As a owner of a transaction coordination company in real estate, we find this incredilbly important. Set expectations as early as possible giving room for the unexpected. Plan to get things done early and communicate that to all parties in the transaction effectively. You will likely be granted some grace with prompt communication.

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2 Communicate effectively

Another key to managing real estate deadlines is to communicate effectively with everyone involved in the transaction. You should keep your clients informed of the progress and the status of each step, and address any questions or concerns they may have. You should also maintain regular contact with the other agent, the lender, and the service providers, and follow up on any pending tasks or documents. If you encounter any problems or changes, you should notify all the parties as soon as possible, and explain the reasons and the implications. By communicating effectively, you can build trust and rapport with your clients, and prevent misunderstandings or conflicts.

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Alex Greer

Loan Officer and Co-Owner at The Mortgage Outlet | Commercial Property Owner
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Proactive communication is essential in real estate due to its inherent complexity and the likelihood of unexpected issues. With multiple stakeholders involved, such as buyers, sellers, agents, lenders, inspectors, and attorneys, challenges can arise at any stage. Timely communication identifies potential issues promptly, preventing escalation. Addressing unexpected problems proactively helps manage expectations, reducing frustration and anxiety. In the face of issues, open communication fosters collaborative problem-solving through regular updates, allowing all parties to contribute to more effective resolutions and to be invested in their success.

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3 Negotiate flexibly

Sometimes, despite your best efforts, you may face situations where you or your clients need to request or grant an extension or a modification of the contract terms. For example, there may be delays in the appraisal, the inspection, the financing, or the closing due to unforeseen circumstances. In these cases, you should be prepared to negotiate flexibly with the other party, and try to find a mutually acceptable solution. You should also document any changes or agreements in writing, and get them signed by both parties. By negotiating flexibly, you can preserve the deal and protect your clients' interests.

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4 Prioritize effectively

Another tip to adjust to unexpected changes in real estate deadlines is to prioritize effectively. You should focus on the most important and urgent tasks first, and delegate or outsource the less critical ones. For example, you can use technology or software to automate or streamline some of your administrative or marketing tasks, such as scheduling appointments, sending reminders, updating your website, or posting on social media. You can also hire an assistant, a transaction coordinator, or a virtual assistant to help you with some of the paperwork, research, or follow-up. By prioritizing effectively, you can save time and energy, and avoid stress or burnout.

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5 Learn from experience

Finally, you can adjust to unexpected changes in real estate deadlines by learning from experience. You should review each transaction and identify what went well and what could be improved. You should also ask for feedback from your clients, your colleagues, and your service providers, and listen to their suggestions or complaints. You should then use this information to update or refine your systems, processes, or skills, and avoid repeating the same mistakes or oversights. By learning from experience, you can improve your performance and your reputation, and prepare for future challenges .

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Michael B. Arthur

Guiding busy 9-5 workers and entrepreneurs with customized wealth-building plans, tools and strategies to secure funding to buy real estate and make extra income streams from it (in 60 days or less)
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Here is a practical approach I use to deal with those situations: 1) Review the terms and conditions of the contract with my real estate lawyers to understand what the expectations are to fulfill the contract. This includes clauses on the consequences for missing deadlines. 2) Use Microsoft Power BI to create a project plan that provides a work breakdown structure that provides a clear timeline of tasks and milestones to track and complete before the deadline. 3) Develop an issues and risk management process to anticipate risks to mitigate and resolve issues. 4) If necessary, make a request to the other permission for an extensions: If so, my lawyer will make the required changes to the original contract via an addendum.

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How can you adjust to unexpected changes in Real Estate deadlines?

1

2

3

4

5

6

1 Plan ahead

2 Communicate effectively

3 Negotiate flexibly

4 Prioritize effectively

5 Learn from experience

6 Here’s what else to consider

Real Estate

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How can you adjust to unexpected changes in Real Estate deadlines?

1

2

3

4

5

6

1 Plan ahead

2 Communicate effectively

3 Negotiate flexibly

4 Prioritize effectively

5 Learn from experience

6 Here’s what else to consider

Real Estate

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