Why opening an escrow the right way is key to a successful closing

Morris Anderson
Morris AndersonJune 2nd, 2018 - min read

It is always exciting to get a new transaction. One of the first things we as agents do is begin calculating what the commission will be. Sometimes we are so anxious to get the ball rolling that we will call our favorite escrow officer with the good news and send them the signed offer, but not much else. Getting off to a fast start is certainly encouraged, but opening escrow with incomplete information will slow things down in the end. There is a better way!

90% are doing it wrong

Did you know that when it comes to real estate, the way a transaction begins is a good indication of how it will end? It is true that when an escrow is well-organized in the beginning, it will sail on through. Unfortunately, 90% of escrows are opened in an incomplete manner.

Cloud based please

Sometimes information has to be pieced together because everything is not known upfront. A cloud based application is the best way to handle this task. An account in the cloud can be edited from any desktop, laptop or smart phone, anytime. The ability to share information is just a click away, and all of the valuable details of the transaction will be there waiting for future retrieval.

Escrow loves it

In addition to making an escrow officer’s life easy, many of the bits and pieces of information stored can be used for all of the various mandatory real estate disclosures. Things not easily remembered like the APN, the Contract Date, or the agent/brokerage professional license number are all available online in one place. Replaix's Open Escrow will place all of this important data at your fingertips.

Doing business in an unorganized manner can cost thousands of dollars. The cost of a good cloud based Open Escrow solution is surprisingly low, and with Replaix’s beta release, the price is right - free! Get started now to improve the quality of your real estate transactions.

Morris Anderson
Written byMorris AndersonReal Estate Professional