Think back to your last several real estate transactions...did either of the following occur?
- Something fell through the cracks. You forgot to do something, or you were a little late getting it done.
- You got so bogged down by administrative tasks—paperwork, emails, etc.—that you spent too much time in front of a computer...and not enough time in front of people. In other words, you didn't have enough face-to-face time with your clients, or you didn't do nearly enough prospecting. Or you simply missed out on precious family time.
If you experienced one or both of these scenarios, you should consider enlisting the help of a real estate transaction coordinator.
What is a Transaction Coordinator?
A transaction coordinator, or TC, is someone who assists a real estate agent by performing the administrative duties required during each stage of a transaction from contract to closing. Duties include:
- Opening escrow
- Coordinating inspections, repair negotiations, and completion of repairs
- Communicating updates to clients, agents, lenders, and other people involved in the transaction
- Monitoring the contingency period
- Ensuring that all documentation is submitted
- Coordinating the closing process
- Scheduling client follow-up calls (after close) to check in and ask for referrals.
Some brokerages offer in-house TCs, but you can also hire an independent TC (which might provide you with a higher quality of service, according to this article for REALTOR® Magazine).
The Benefits of Hiring a Transaction Coordinator
Here’s how a TC will benefit your real estate business (and just plain make your life better!):
- Your TC will keep every little detail in check so nothing falls through the cracks. It will be insane how on top of everything you are—the purchase agreement will ALWAYS be filled out 100% correctly, the earnest money will ALWAYS be deposited on time, repair requests will ALWAYS be sent prior to the deadline...you get the picture.
- Your TC will take care of the time-consuming administrative tasks required for each transaction, giving you more time to focus on:
- building relationships
- providing an exceptional client experience
- converting leads
- spending quality time with family and friends
- enjoying hobbies
- living your life
And if hiring a TC just isn't in the cards right now...
...you can still take some of that tedious administrative work off your plate and ensure that everything gets done correctly and on time.
Check out Realvolve, the real estate CRM that allows you to build out and automate your transaction process through dynamic workflows. You can manage every aspect of a transaction—people, listings, escrows correspondence, documents, events, tasks, critical dates—on a single platform.
And if you do get around to hiring a TC one day, everything they'll need will already be set up in your CRM!
[WEBINAR] From Transaction To Closing
Can you list all the moving pieces to a real estate transaction?
Check out our recent webinar, where Jackie Egan and Cathy Purcell of RESCU (Real Estate Service Center Unlimited) joined Dale Warner (COO of Realvolve) for a unique discussion around how to automate key tasks in the transaction process.
You'll learn how to:
- Track all the key tasks from transaction to closing in Realvolve
- Create a flexible but repeatable process for every transaction
- Build workflow activities around milestone dates
- Rethink your transaction to closing process with automation
- BONUS: A deep dive of "The Best of" Jackie and Cathy's transaction management workflows!!!