[Best of 2022] The 1 Thing You Must Do After Every Transaction

We're continuing an annual tradition of counting down our top 10 articles of the year. The following article was originally published in September and is #6 in our countdown. See #7 here.

The most experienced real estate agents will tell you that they get more business from their sphere of influence than any other marketing channel.

According to the National Association of Realtors, agents with 16+ years in the business say that nearly 40 percent of their business comes solely from referrals.

Although research also says 90 percent of sellers and buyers say they would recommend their agents, fewer than one in five do.

The challenge for agents is staying top of mind, and one of the best ways to do that is to build into your closing process this one task: provide your clients with a complete set of documents related to their transaction.

Leveraging the power of transaction management

It has never been easier for agents to provide their clients with a complete set of documents related to their home sale or purchase, especially when agents use a transaction management system like Form Simplicity.

Agents who have gone fully digital by using Form Simplicity, or a comparable transaction management solution, find three huge benefits when it comes to this seemingly simple task:

• Every document is in one place: No paper search or shuffling is needed, and no chasing down missing documents is ever necessary.
• Every transaction step and document is tracked: No more providing duplicative documents or determining if what you are including is the "final" version or an earlier draft.
• It's easy to export it all at once: Because everything is together, all you need to do is export your electronic version of everything or print it out all at the same time.

One thing – so far – that hasn't changed is the amount of documentation connected to a purchase and sale. It feels like we have created more, not less, documentation: more disclosures, more addendums, and more forms.

That makes it doubly difficult if you are a broker or agent still living in a paper-based world. The chances of losing or misplacing a document are a genuine business hazard. Using Form Simplicity or any other leading transaction management systems removes this potential pitfall.

Digital or paper?

Ironically, many agents who use a transaction management solution like Form Simplicity still will provide their clients a paper version of everything. But is that a bad thing? It depends.

Agents get to know their clients well during a transaction. Communications to clients will vary by what works best for each client.

Some clients only want to converse through text. Others are highly active on Facebook and prefer Messenger. Many clients expect everything via email, while others like an old-fashioned phone call.

Agents know they need to be chameleons and adapt to each client's communications needs.

The same is true when an agent needs to decide how to give their clients a complete set of documents from their closed transaction. Today, the fallback is digital – and a physical flash (thumb) drive is cheap and easy.

If the client expects a paper file, one should be provided, but be careful.

It's a stereotype, but most Millennials would cringe if you gave them a folder with paper documents. If in doubt, ask your client, and confirm the format they want. Or just provide them with both automatically.

Keep it secure

Finally, it's essential to remember that there is often personal and confidential information on closing documents. Therefore, you will want to make sure they are secure.

Fortunately, you can encrypt the entire flash drive or individual PDF files securely with a password.

Then, all you need to do is provide the password to the client that is unique to them, such as the first four letters of their first or last name and their mobile number or the last five digits of their social security number.

If you can, make sure you have a cover sheet with all your branding and contact info on the digital or paper version. Better yet, if you are giving clients a flash drive, add a small label with your name and number to that.

A lasting impression

When tax time rolls around, this will be their go-to document. Your client may find dozens of other reasons to retrieve information from this vital documentation as a homeowner. It's a small step in the scheme of every transaction, but one that can benefit an agent for many years to come.

If you need a transaction management solution and would like more information about Form Simplicity, go online to formsimplicity.com.

Tricia Stamper is Director of Technology at Florida Realtors®, which owns and operates Tech Helpline and Form Simplicity.