As a title services company, we fancy ourselves a jack-of-all-trades when it comes to helping you acquire your first or your next commercial property. Whether we’re researching a title, helping to remove title defects, holding or dispersing funds or assisting with the closing process, we want to help however we can, but don’t forget that you play an integral role in helping us do our job to the best of our ability. In today’s blog, we take a closer look at some of the things a title company wants from a client to help the commercial purchase process run smoothly.
What We Want From You
If there’s something that you need from us, we’ll work to accomplish it as quickly as possible, but don’t forget that you can also help move many processes along by how you act. Here’s what an ideal client looks like to a title services company.
- Effective Communication - In today’s day and age, there’s really no reason to have poor communication skills when it comes to buying or selling commercial property. Phone calls, text messages and emails can all keep parties connected with one another, and we just want you to be able to return our communication in a timely manner so that we aren’t waiting on information or wire transfers to move the sale along. We’ll do everything in our power to get back to you as quickly as possible, and we hope you’ll show us the same courtesy.
- Realistic Timelines - We understand that if you had things your way, this deal would have been done yesterday, but there’s a lot that needs to happen behind the scenes to ensure a commercial purchase is handled appropriately. Rushing through a sale is a great way to get scammed or miss a title issue that now becomes your problem as the new owner. We need to be able to do our research during the due diligence period so that there are no surprises during closing. We can absolutely work within shorter than average closing windows, but we also want that buyer to be realistic about the challenges that these shorter windows present. We’re in the commercial real estate business, but we’re also in the risk mitigation business, and unrealistic or rushed closing timelines can put you in a financially exposed position, and that’s something we try to avoid if possible.
- Savvy Sharer - We’re going to need information from you in order to do our job, so getting us this information in an expedited manner only makes it easier for us to do our job. If we have to chase you down to get you to sign a form or provide us with financial information, it’s only going to slow the entire process down. We love working with clients who quickly get us the information we ask for to help move the sale along.
- Takes Advice Well - We also love working with clients who are open to feedback and advice. The world of titles and title insurance can be quite complex, and while we understand many of their intricacies, many people who aren’t working in this world regularly may not know the best way to handle certain situations that develop during a commercial purchase. We want clients who are open to our input and our professional recommendations, because at the end of the day, we want what’s best for you. If we believe an extra environmental endorsement is needed for the property or we’re concerned about a cloudy title chain, know that we feel this way because it could leave you exposed to unnecessary risk if not managed correctly. We hope clients at least give us the opportunity to share advice or concerns regarding a property.
Help us make our job easier for you by keeping these tips in mind. And if you’re wondering what you can do to help the process along, just ask! We’d be happy to explain what we’re doing at the moment and what we need from you now and in the future. For more information about any aspect of the commercial real estate purchasing process, reach out to the team at Commercial Partners today at (612) 337-2470.