Thread by @jt_ryder

I’ve closed 110+ commercial transactions in just over 4 years. That’s roughly a deal every 15 days.

Here are 12 things I’ve learned about closing deals I wish I would have known on Day 1:

1 - If a retrade must happen, remove the mystery and avoid the squabbling by providing an exact invoice from a certified professional for the work needed.

I have found most people want to make a legitimate problem right.

2 - Co-brokering is actually more fun & leads to more connections.

Two active brokers, all things equal, can move four times (or more) as fast.

3 - It’s easy to gloss over how important it is to provide an expectation of timing to all parties.

Use a countdown if necessary.

Aggressively (and politely) pushing for a close while over-communicating details is a strategy that has never backfired.

4 - How people did stuff before DocuSign I will never understand.

Efficiency is crucial for higher transaction volume — nail systems and processes.

5 - Pulling in a deal’s key parties and creating a sense of camaraderie is paramount: attorneys, engineers, closing agents, lenders, paralegals, etc.

Help to create a vested interest with all the players.

"There’s NOTHING we can’t do together."

6 - There is no better prep work for a listing agent than doing the due diligence work beforehand and dropping it in the lap of a buyer/agent in a neatly organized file.

Months of excuses — eliminated by hours of work.

Sometimes you have to do someone else’s job.

7 - There are many times when a broker’s commission is in the crosshairs at the end of a deal.

Practice this line and deliver confidently:

“Thank you! I’m ready to move on from that part of this conversation.”

8 - Time kills deals. Trite, but true. Make a point of progress.

Do anything but stay ‘here’.

Update people on all progress or update them with a lack of progress but an expectation that things might soon change.

9 - Conflict will happen, even at the closing table.

Sometimes people need to let their voices be heard if they have skin in the game.

Smooth is desired but rough-and-closed is still closed.

10 - Ditch your pride.

You don’t need it to close deals. You just need to be servant-minded.

The point is not to take anything personally, especially as emotions are running high.

It’s not about you.

11 - Put yourself in a position financially not to need the closing fee ASAP.

Threats lose power fast in the face of freedom to move on to the next project.

12 - Be the grittiest one in the deal about tackling issues:

Zoning issue? Tackle it.

Legal issue? Find the expert.

Use issue? Call the board.

Bank issue? Meet with the lender.

There is no single obstacle that we cannot overcome to get this closed.

Underwriting, modeling, chasing the deal, prospecting — these can be a science.

But closing is an art.

Thrilled to keep learning.

If you liked this thread, check out another I wrote on mistakes I've made in #cre brokerage.

Thanks for engaging.

https://twitter.com/jt_ryder/status/1642608298577764353