3 Things You Must Consider If You Want To Add Real Estate Transactions To Your Practice
Real estate transactions can seem like a profitable area of practice. However, real estate attorneys must complete a range of complex calculations and fill out detailed CD and HUD forms for each closing. What makes this job even tougher is the fact that, to be profitable, real estate attorneys must process closings at scale - only a high volume of closings will generate revenue sufficient to run a profitable real estate law practice.
Here are three essential points to consider before you add real estate transactions to your practice.
1. Understand your local market
Do your research to diagnose the health of your local real estate market. After all, your success as a real estate attorney will depend on how many homes are being bought and sold every month. This is an economic factor external to your business and skillset, so it’s a good starting point if you’re considering getting into real estate law.
Start with a search of recent property listings. How many were listed? How much were they listed for? Is there an upward, steady or downward trend in terms of volume and price? Sites like Zillow and local realtor sites can assist with this research.
Next, consider your competition. How many real estate attorneys operate within your local area? Given the number of real estate attorneys to property listings, do you think there is room in the market, or is it already saturated?
2. Do you have the right staff with the right training?
It may be worth speaking to legal recruiters about the staff you may need, such as Associate Attorneys or Paralegals with strong real estate experience. Are these staff in ready supply, or are they rare? How much are these staff being paid? Do people tend to stay in these roles? If not, what is causing them to leave?
You may find that a reason for leaving this field may be the repetitive nature of the work. Implementing good real estate software could resolve this issue, as it would automate many of the dull and complex calculations that can make real estate transactions so cumbersome. It could also allow attorneys to work more flexibly, and avoid working after hours. Happy attorneys are productive attorneys, and this could be your point of difference to attract talent.
3. Do you have the best technology to accurately close a high volume of real estate transactions?
Select real estate software that fixes the pressure points for real estate attorneys. Easysoft Legal Software, for example, automates many of the complex calculations necessary to complete a closing. This includes TRID compliant HUD and CD forms, or the ability to automatically file the 1099-S to the IRS. If you’re unfamiliar with the needs of real estate attorneys - and specifically what makes their days difficult - ask a real estate attorney or recruiter. Find out why real estate attorneys leave jobs. Often, the pressure of keeping up to date with documents or filing accurate government forms or 1099s can be significant. This is doubly so if real estate attorneys are required to process a high volume of real estate transactions manually, or using sub-standard software.
Where possible, look for software that addresses these pain points. Assess it with the help of experienced real estate attorneys. Implement what works best for your practice.
Real estate transactions online, what you need to know
Why do real estate attorneys love online real estate transactions? There are a few notable reasons.
First of all, real estate transactions are becoming increasingly complex, and real estate attorneys play an important role in ensuring that these transactions are carried out smoothly.
One reason why real estate attorneys do real estate transactionsonline is to save time. By conducting transactions online, attorneys can avoid the need to travel to meet with clients or to attend court hearings.
In addition, real estate attorneys can use online tools to keep track of deadlines and other important information. This allows them to better serve their clients and to avoid making mistakes that could delay or disrupt a transaction.
Finally, real estate attorneys who do real estate transactions online can take advantage of technology to provide their clients with more efficient and effective service. Online tools allow attorneys to share documents and information quickly and easily, and to communicate with clients more conveniently. For all these reasons, real estate attorneys who do real estate transactions online are able to provide their clients with a higher level of service.
What do real estate attorneys need to be careful of with online transactions?
Real estate attorneys need to be careful of a few things when it comes to real estate transactions online.
First, attorneys need to make sure that they are working with a reputable real estate company. There are scammers who pose as real estate companies, and they could try to take advantage of an attorney who is not familiar with the industry.
Second, attorneys need to be sure that all of the documents related to the transaction are in order. This includes the purchase agreement, the title report, and any other necessary paperwork. If you’re missing documents or file incorrectly, your reputation as a real estate attorney will suffer and you may lose clients.
Third, real estate attorneys need to be available to answer any questions that their clients may have about the process. By being proactive and addressing these concerns, real estate attorneys can help to ensure that real estate transactions go smoothly.
If you're looking to add real estate transactions to your law firm's practice, there are a few things you'll need to consider. Understanding the local market is key - what are the average sale prices in your area? What kind of properties are people buying and selling? You'll also need to make sure you have the right staff with the right training. And finally, finding the best technology to accurately close a high volume of real estate transactions is essential. Our team can help you get started with all of this - book a demo today!
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