The Real Estate Industry continues to grow and year after year more rules and regulations are added to the list of agent responsibilities. It is not always easy to keep track of what is new, what is required and what specific document is needed for a certain situation. Being compliant is important to all real estate agents, however your focus is more drawn to providing a great service and what brings in commission such as marketing homes and to new leads, current clients and negotiating deals. Working on commission is not always easy and is why a lot of busy agents are stretched thin.
Therefore, delegating tasks to an experienced professional is becoming more sought out than ever. A fantastic transaction coordinator is one of the more valuable assets an agent can have in the fast paced, competitive world of real estate.
So why would a transaction coordinator be essential to your business?
What services will a transaction coordinator provide?
How you know you are outsourcing the right transaction coordinator to help you succeed?
Benefits of hiring a transaction coordinator for your real estate business
Ensure file compliance and documentation
As mentioned above, the list of rules and required documents for transactions can be a lot to keep track of and a transaction coordinator lives in this world. TCs are fluent in the requirements and tasks to complete to follow guidelines set forth by the regulatory agencies. From contract to close a TC will be hyper organized so all items are documented, signed and delivered for a complete file for you to keep on hand if ever audited.
Keep you on track
The dates and deadlines associated with each transaction is the timeline a transaction coordinator uses to keep all parties on the same page, forms are submitted, and signatures are collected. If a situation arises, they can make sure you have the proper amendment or documentation on file to keep the process moving along.
Equip with strong communication and admin skills
Along with fantastic organizational skill, transaction coordinators are great with technology, automation and on time communication. You do not want to spend your time concerned about the paperwork or always updating the title company and following up with the lender. These tasks can take you away from your focus for hours, having a transaction coordinator taking care of this gives you back that time.
You can handle more transactions
With all the other benefits listed you can be assured taking on more clients will become much easier. Whether you are planning on using the time your TC has freed up for you to scale your business, spend it with family or on other interests its hard to say that this time would not be valuable to your life in some way.
Can work remotely
An added benefit is the fact that a TC can work from anywhere they have internet. Finding a TC who has experience with your state’s regulations is important but knowing no matter where they are, their expert service will still be available to you.
Services provided by a real estate transaction coordinator
+ Opens escrow account
+ Gather and review contracts, disclosures and agreements
+ Ensure all parties are kept on track with dates and deadlines
+ Help schedule and verify completion of inspections, appraisals and surveys
+ Confirm with title, lender and co-op agent that contingences have been met
+ Check that file is up to date with documents and signatures
+ After closing and funding send complete file to agent for compliance
Outsourcing to the best transaction coordinator for you and your business
Are they knowledgeable?
Most TCs are going to be an expert in their field. If they have been successfully working with other agents in your state for a few years, they most likely have an exceptionally good knowledge of the requirements surrounding the transaction process. You may want to ask how long they have been doing this kind of work and how many agents they have worked with. This will give you a good idea of their experience. A transaction coordinator lives and breaths transactions so it does not take as long as you may think for them to become proficient, however I would not recommend anyone you would need to train or guide along the way.
How organized are they?
Staying organized and having efficient systems in place is essential for a transaction coordinator to be successful. Every transaction coordinator will do this a little differently because there are a lot of systems out there and they will want work with the one that fits their skill set. Just as you use a program for filing, marketing and customer relations an expert TC will have one for workflows. They will be a pro at setting up templates and automating emails. This is important for you to know because it shows how efficient they will be when handling a lot of transactions.
Do they have an onboarding process?
All master TCs will have a great onboarding process for new clients. During your first call or two they should be prepared with an extremely specific script on what they need from you, what you can expect from them and a conversation about how communication will work during your professional relationship. Other items on the call should include a run through of the task they will be performing and how their fee will be collected. This is also the perfect time for you to ask questions about how to get a transaction started with them, how will they communicate with your clients, and what is their billing and payment options. As well as anything else you are curious or concerned about. You will get a considerable understanding of how the two of you will work together to be successful.
Remember like any relationship it can be awkward in the beginning as you feel each other out but if you both agree to make the effort the opportunities for you will become endless.
What are the best ways to find a transaction coordinator?
- You can Google search for one in your city/state
- Ask other agents if they use a transaction coordinator and would they recommend them
- Visit www.TCCREATED.com to get in touch with me, Jessica an experienced transaction coordinator and get started right away!
Ready to delegate the tedious tasks and start working on your future goals?
Here at TCCREATED I ensure you will find I am a skilled and passionate TC. I created this business with the intention to use my profession to help real estate agents who care about an excellent client experience and are used to having multiple transactions going at a time, that have become overwhelmed with paperwork and tasks with little freedom to grow their business or take time off.
My passion is your freedom, and it is not just transactions to me. I am ready and available to help give you the time and space to be where you need to be!
Let’s book a meeting! Call or Message me! (303) 656.9903
Find me on Facebook, Instagram or LinkedIn @tccreated
-Jessica Armstrong
Your Transaction Coordinator
Creator, Owner & TC of TCCREATED