Proper transaction management is vital when listing and selling your home. This will help ensure a smooth sale and avoid any stressful surprises. Keep reading to learn more about what goes into managing a transaction once a property is under contract.
What is Transaction Management?
Transaction management is a critical component of any real estate endeavor. It entails managing deadlines, reaching out to all parties involved in the contract for updates, and keeping an organized record of all paperwork and addenda related to the transaction. It’s important for managing deadlines so that financial approvals, inspections, and other key tasks stay on track throughout the process. When it comes to selling a home, managing each step of the way is necessary in order to get the best outcome. Transaction management can take some of the stress out of this process by ensuring key details don’t slip through the cracks.
Following up With All Involved Parties is Crucial
When it comes to real estate transactions in Maryland, following up with all parties involved is an absolute must. Reaching out to the title company for updates on lien certificates and title work can be the difference between getting to settlement or the contract falling through. You’ll also want to check in with the loan officer often to ensure that the buyers financing is moving forward as it should be, and there are no concerns that need immediate attention. Additionally, maintaining contact with the buyers or their agent during the entire process lets everyone know that you are taking the responsibility of a successful home sale seriously. Being persistent with follow-ups and ensuring that all details fall into place will help guarantee a smooth transition for all involved.Â
It is Important to be Aware of All Contract Contingencies and Deadlines
With any real estate transaction in Maryland, it is essential to be aware of all contract contingencies and deadlines. Certain parts of the contract need to be completed by agreed upon dates, or else there can be consequences that can hurt your transaction, such as a repair request. Buyers can oftentimes include when the agreed upon work must be completed by, and failing to do so can delay or even prevent settlement. Take our advice – Selling a home? Staying on top of the little details will help ensure you don’t miss out on important deadlines, and leave you better prepared in the end. Avoiding missing deadlines starts with understanding what contingency dates are included in your real estate agreement.
Do it Yourself or Hire a Professional Transaction Manager
Selling a home in Maryland can be an exciting process – but are you able to successfully keep everything on track throughout the entire transactions? There are two options: either take on the management yourself or hire a professional transaction manager. Hiring someone else could see you save time and energy while they are adeptly moving everything along, however consider some precautions if you are choosing this route—what are their credentials and experience? What are the professionals charging for their services? While the idea of leaving all of the work to a hired professional, you’ll want to know that they are properly suited to handle the job, and will take their responsibilities seriously. Hiring an unqualified transaction manager could end up costing you thousands.Â
On the other hand, taking your own transaction management may become quite difficult; it just depends on your skill level and how much energy you have available to put into the project. Before settling upon one or the other decision points, weigh up all the pros and cons so that you can make a wise choice.
Pitfalls of Poor Transaction Management
Dealing with real estate transactions can present its fair share of challenges, but missing important dates or not responding to other parties in time can quickly turn into a nightmare scenario. Poor transaction management may mean missing crucial information and misplacing documents, possibly leaving you vulnerable to added costs and delays at the worst possible moment. But fear not – getting the right advice and staying on top of things will ensure a smooth ride throughout your real estate journey, when it comes to selling a home in Maryland.
Managing the Transaction: Closing Thoughts
In short, transaction management is vital to the sale of a home. Be sure to follow up with all parties involved, be aware of deadlines and contingencies in your contract, and either do it yourself or hire a professional to help you manage the process. By avoiding poor transaction management habits, you can increase your chances of having a successful sale in the easiest way possible. And who doesn’t want that? If you’re looking for a flat-rate service to take care of all the stressful bits for you, we’ve got just the thing.