Buyers Agent Action Plan

[Simply2Assist]

Does anyone by chance have an action plan for buyers side transaction coordination? This will be the first one im working with.

Thank You,
Roth

[Action Jackson VA]

I just have a couple of questions:
A) Are you a real estate agent?
B) If not, what are the laws in your state regarding Buyers Agent?
C) Are you representing the buyer?

I ask the above questions because as a real estate agent in my state a Buyers Agent can only be a Licensed real estate agent.

Andrea~

[Balancing Act]

Roth,

Does your agent work for a large company? Usually they are provided with a checklist of every document that is needed to close the file. If not, ask that they put one together for you as not all companies require the same forms.

Andrea, she's not acting as a buyers agent so she does not need to be licensed in any state to T/C a file.

[Action Jackson VA]

April,

I was going by the statement "buyers side transaction coordination". Which is why I asked those questions.

Cheers,
Andrea

[micarter]

I agree with april. However if you don't really want to ask the agent here is what I did when I was in the "office"
*Signed contract and Addendums in file (if nessacery)
*Enter all info(closing date, closing office, loan officer etc.) into Top Producer/AgentOffice etc.
*schedule closing with closing office (Law or Title Co.)
*Order Warrenty
*Order Inspection
*Order Apprasial (this may be done by Loan or Mortgage co.)
*Schedule walk-thru
*Schedule final walk-thru
*Order gift for buyer from agent ( Agent may prefer to do this.)
There may be a few things I missed right now but I hope this helps. My little "monkey" is tearing his room up! UGH!

[Cathryn Jones]

Your action plan should be customized to the state you are closing in as well as how the agent does business. My team of VAs does Transaction Coordination nationwide and no two action plans are the same. There are similar elements, of course, but you need to customize the plan.

Work with your client to develop the action plan so you are certain it meets the client's needs. In addition, you should be fully informed of unlicensed assistant laws in your client's state. You will need to learn the "lingo" in that state as well. For instance, in New Mexico, they refer to an ILR (improvement location report) and those are obtained many times rather than a survey. Thus, in NM, many times my team is following up on the ILR rather than the survey. In Ohio, our title company schedules the closing appointments and we don't have to. All this to say, real estate is "local" and you should work with your client to fully understand the "local" ways so that you blend seamlessly into his team.

Best wishes!

[micarter]

Great points Cathryn. I have only worked in Georgia, Flordia, And Alabama. That helps me to remember to ask the client and to check out the laws in that state in which I would be working for.

[Balancing Act]

Also, sometimes if you don't ask for their checklist you can look like you don't know what you're talking about. I know that First Team (a large franchise in southern california) has their own checklist that EVERY one of their agents has to adhere to in order to get paid on their file. If you don't ask for it and the agent forgets to give it (very common) you won't look too bright later on when you think you have all of the correct forms. Each agency has different disclosures that have to be signed and it's your job to know them.

[faithfuladmin]

These are some very great points, I will make a special note of this and create a checklist that works with my client and I, once I gather all the information and complete, I will post for your viewing pleasure. Thanks for all the helpful insight.