Relevant experience is imperative –the absolute most important quality–to look for when hiring a great transaction coordinator. Be sure that the candidate for the TC role has experience in your geographic area and fully understands the dos and don’ts of real estate in your state or specialization.
Be sure to check references. Speak with previous clients before you decide that a candidate is right for the transaction coordinator job. Gain a full understanding of how the TC handles the transaction from contract to close. Remember, it’s the role of the TC to offload some of the tasks keeping you from focusing on your 20%. A good TC should help to ease a real estate agent’s stress and workload. Make sure the candidate is nimble and able to switch gears quickly and is adept at problem solving. Try your best to really understand their abilities before onboarding them and introducing your real estate business to them.
7 Qualities of a Good Transaction Coordinator
So, you’ve done all your research, had your interviews and completed your homework but still aren’t sure. How can you tell if you’ve found the right real estate transaction coordinator? Let the seven below qualities be your guide.
- Makes Decisions Quickly
If the transaction coordinator possesses problem-solving skills along with emotional intelligence, this will be quickly evident. If your new recruit has the ability to jump in and take on the reins with little to no supervision from you, you’ve got a winner. This level of confidence comes from experience, so be sure your TC has extensive experience closing transactions.
- Pays Attention to the Details
You’ll know your TC is good if they check the fine print, are comfortable following up with all the parties involved in a transaction, and are not easily distracted. If your real estate deals start running more smoothly, this is a large indication you’ve got the right person doing the job.
- Embraces Routine
Structure and organization are key skills for a transaction coordinator. If your TC is dedicated to following a certain process,has checklists and also creates detailed to-do lists, these are great indicators that you have chosen the right person for the job.
- Pivots Easily
Even though an emphasis on routine is important, so is flexibility. It is absolutely necessary to be nimble when issues or the unexpected pops up.. Having routines and processes helps to be able to pivot when curveballs arise.
- Fits in Culturally
Whether your transaction coordinator is remote or inhouse, it’s important that they exude the qualities of culture you have taken the time to grow at your office. Are your agents more productive and less-stressed? Do you have a good customer satisfaction rate? Then you’ve found a good real estate transaction coordinator! This person fits in and improves the overall experiences for everyone around them.
- Communicates Clearly and Thoroughly
Being able to clearly and easily communicate with pretty much anyone is a needed quality in a TC. When you see how comfortable, helpful and professional a TC is when communicating with agents, customers and vendors on the phone or through email, you can be satisfied that you have found someone good for the role.
Additionally, a real estate transaction coordinator should be able to “read the room”. When they can adjust the way they address others and pick up on all the idiosyncrasies of each individual, these are tell-tell signs you’ve got a winner on your team.
- Has a Passion for Paperwork
Believe it or not, there are people who love the complex paperwork that needs to be done in real estate transactions. If your new transaction coordinator is happily tackling their work with zest and contentment, this is a key indicator that you have found a good fit.
Successful Transactions Start With Your TC
Success during a real estate transaction starts with a qualified, competent, and experienced transaction coordinator. Your Realty Leverage offers Transaction and Listing Management services that are proven and streamlined. Our experienced transaction coordinators are here to make your life easier.
The YRL Admin Services department provides immediate, dependable leverage to agents, teams and brokerages. During this market shift, look to YRL to partner with you to ensure success. With Your Realty Leverage, you can enjoy services provided on a per listing/transaction basis, use us as much or as little as you need and/or fill the gap that exists due to downsizing in a shifting market.
Let YRL ease your stress and your workload. Simply go to https://submitafile.com today to get started. If your TC is looking to level up their skills, we also have coaching available!
Owner, CEO of Be Happy TC
Coach, Your Leverage Coach
Direct (Call or Text): 951-474-1938
Need to schedule a 30-minute meeting with me? Please click on the link
Coaching is now available, inquire if you are interested.
Well, this summer certainly came in like a wrecking ball! We are teetering on August and that means the majority of people are getting the last bit of vacation in. Probably even more so this year than ever!
So if you are sitting there dreaming of being poolside sipping on mojitos and still want a flourishing business, there are a few steps to take to make that happen. We all deserve downtime, self care is essential to a thriving you AND a thriving business. Here are five ways to set up your business to carry you through the rest of the summer and set yourself up for success for the remainder of the year.
1. Master your mornings: you may be thinking “where is she going with this” but let me tell ya.. The way you start the day is a big indicator of how the rest of your day is going to pan out. Wouldn’t you rather have a peaceful morning where you are not rushed for time and feeling like you are ahead of your day instead of rolling out of bed and rushing to the office with no time to stop for coffee? This is where you set yourself up for success. Get yourself out of bed, meditate if that’s your thing, go to the gym, journal your gratitude or intentions for the day. Get yourself prepared for what’s to come and start your day with the energy that you can conquer it all.
2. Timeblock: this one is HUGE. You need to lay out your day, have a clear picture of what the expectations are for the day so you can execute them properly. Your calendar should be planned a week in advance so that when Monday comes you are not flying by the seat of your pants. In your schedule you should have everything laid out, I recommend starting by filling in your non negotiables (Dr appts, childrens extracurriculars etc) and then move on to the daily tasks you have (for instance if you are a realtor or ISA you should have consistent lead generating time) and then move on to meetings/work related appts etc. Be sure to review your schedule for the next day every evening so you know what to expect for the next day.
3. Stick to your schedule: This is HUGE and sounds WAY easier than it actually is. We all know life and distractions can get in the way. However if we are building a business we have to act like it. We have time blocked our day for a reason and sure there are going to be times that there are conflicts with it that you just cannot escape, however that is when you have to erase and replace. Just because something came up during your time blocked lead generation time does not mean you can just skip it… you need to make time somewhere else.
4. Maintain your self care: This is also a big one and is vital to a growing business. We as entrepreneurs have a tendency to work ALL the time. While that is great, we are passionate about our careers, we need to make ourselves a priority too. Schedule in that self care time, weather it is an hour a day or a half day each week, this time is important to unwind, breathe and have those moments to yourself without the hustle and bustle of work ,/p>
5. When you are taking a day off or on vacation UNPLUG: we all deserve time off. When you are enjoying the last bit of your summer please remember to unplug. Set your vacation time up for success by making sure you have someone covering your business. YOU DESERVE IT!
Can professor X be my EA please?
Telepathy is the superpower that allows you to read a person’s thoughts. Professor X is a gifted fictional character in X-man and he has this superpower. He can read minds and in his story he can also manipulate minds. He’s someone I would definitely want on my bus, especially at the negotiating table.
Professor X also known as Xavier, is best known for the creation of a device called the Cerebro, a technology that serves to detect and track those individuals possessing the mutant or gifted gene, at the same time greatly expanding the gifts of those with existing psionic abilities through his schooling & mentorship.
I use this as an extreme relation to being an EA that is held to an impossible standard. We’re expected to create our version of a Cerebro and enhance the production & experience of those who need them. AKA we need to build something that sees all gaps and opportunities which in turn will enhance the support & experience for executives & the consumers of the businesses.
Being held to a standard as an EA is fine, Being held to an impossible standard isn’t always going to play out as one may dream.
Can we seem like we’re mind readers with incredible super powers? Sure. And to me how we “seem” goes hand in hand with the analogy of the swimming duck. Where the duck is kicking like Christano Ronaldo under the water and has their graceful sway above the water. Or that iceberg image that has all the positive enticing words like success, dreams, money, happiness, at the top of the iceberg and below it you see the not so woo hoo words like focus, work, discipline, missed events, tight budgets, etc.. Looks can be deceiving.
Because we work so closely with our executive as their EA we have a different relationship. We begin to move with the same tempo and beat. We nearly have silent communication after quite some time of working with this tempo or beat and we are able to sense the slight shifts of our each others tones, mannerisms, or facial expression And because of this silent communication we can mistakenly assume just that. We have heard silent communication. The executives move quickly and with this assumption of heard silent communication floating in the air they jump right onto the moving car and this is now the “how it is” The EA can now ANTICIPATE MY NEEDS and bam I can drop it and focus on that thing I know I want, need, desire, dream to have done.
As EA’s we have the ability to look at things at a much slower pace than that of our executives. We move behind the scenes & watch things evolve from a level executives just can’t or sometimes won’t. At this level, in our cheap seats, we have the ability to see patterns & habits, gaps & opportunities that can be undetected. We have the ability to see that one man way down the field who is wide open, ready for the quarterback to throw him the ball. We have an ability – Our ability is just that: an ability. Ability means “the power or capacity to do or ACT physically, mentally, legally, morally, financially, etc. We have the CAPABILITY and POWER to do something when we have the ability. So when we truly put in the exercise & discipline to work that ability we can see and begin to predict things to happen well before it even becomes a thought of a thought to our executives.
We can “seem” like we’re capable of being your professor X and the reality is we’re not quite THAT amazing AND when we put our learned & sharpened tools to work we can look pretty damn amazing.
This is all a lot of talking and the truth is you have to believe in your ability before you can begin to sharpen these tools and put them into action. You have to hear that the right EA has the desire to want this ability – we want to be ahead of you, we need to be ahead of you and in the beginning we need to learn HOW and as long as we know our why before we worry about the how the journey to development and growth because it’s way more exciting.
An effective assistant is the backbone of any organization and is more than just a glorified filing cabinet: They should be organized, proactive, and communicative. Let’s break down what makes the perfect assistant so you can bring the best people for your company on board.
An effective assistant works well under pressure and can find creative solutions when unforeseen challenges enter their work environment. Effective assistants maintain their composure and a positive demeanor in the face of change. They learn from setbacks; rather than getting frustrated or giving up, they remain calm and persevere until an issue is resolved—or at least until another solution presents itself!
This is the most important skill for any assistant to have. An organized assistant can make your life easier, while an unorganized one will just make you crazy. High-level organizers are able to balance conflicting priorities in order to manage workflow, ensure the completion of essential projects, and meet critical deadlines.
An effective assistant is proactive, not reactive. A proactive assistant does what needs to be done when needed instead of waiting for someone else (like their boss) to tell them what needs to be done next. Proactive assistants know enough about their job function and business goals to make informed decisions on how best to solve problems without waiting until someone tells them what should be done first; after all, who knows better than an expert?
The ability to listen, articulate thoughts and ideas clearly, and communicate with confidence using clear, concise language is essential for top assistants. Your assistant will be working in many different situations—some formal, some informal—and must be able to adapt accordingly. In addition to listening skills for understanding what is being said at face value (including nonverbal cues), an effective assistant can think on his/her feet by anticipating questions or requests during a conversation before they’ve even been made.
A great assistant will be able to interact with clients and associates as though they are an extension of you. To ensure that your assistant is giving you the best possible client service, have them shadow or experience your service offerings as if he or she IS the client. This will help your assistant understand how to handle your clients’ needs at a high level and even anticipate what your clients may need so they don’t have to wait for a request before providing great service.
Effective assistants understand fundamental business concepts and the overall industry in which your company operates, so he or she can protect your assets and hone key systems and processes. Great assistants also have a good understanding of your competitors and how they operate and how to position your company as the superior choice.
An effective assistant will work as a competent member of the team and willingly and proactively provide back‐up support for team members when needed. Your assistant should also be actively supporting group goals and pushing the organization forward with his or her unique skills.
An effective assistant is a resourceful person with an eye for technology and a knack for solving problems. He or she is confident in using office equipment like printers, scanners, copiers, and fax machines, and is always looking for new ways to improve the way things are done at work by adopting new technologies as they become available.
Effective assistants own the ability to make competent decisions in the absence of direction. In addition to being able to solve problems as they arise, a great assistant makes sure that issues are referred to the appropriate person(s) when necessary and works effectively without constant and direct supervision or guidance from you (or any other managers).
As you can see, there are plenty of ways to be an excellent assistant. The most important thing is that your assistant enjoys the work and feels fulfilled by it. As long as that’s true, everything else will fall into place!
We know real estate agents do a lot more than show homes, submit offers, and procure the keys to a client’s new home. There’s no doubt there are a ton of transactions throughout the process of buying and selling homes. The paperwork can soak up every minute of a realtor’s day leaving you no time to provide face-to-face customer service to clients.
A transaction coordinator steps in and takes over processing all of the paperwork a real estate agent is required to do for each client. When you need an expert in contracts, to ensure contractual compliance, or to track the important deadlines and contingencies, you need a transaction coordinator.
What Goes Into a Real Estate Transaction?
When people buy and sell homes, there are hours upon hours spent on phone calls, showing homes, hosting open houses, and tons of paperwork. Negotiations have to be made, offers have to be presented, and hours need to be spent speaking to clients to make sure you’re meeting all of their needs.
It isn’t uncommon for real estate agents to spend long hours at the office, or driving between meetings and open houses, seven days a week. Let’s face it, real estate is all about customer service and people aren’t easy to please these days. The last thing they want to hear is that you, their realtor, are unavailable because you’re doing paperwork, or learning the broker compliance system and not focused on their house hunt.
In order to keep clients as happy as possible, you’ll need to be available to your clients, and the best way to make this happen is an extremely organized, professional, and detail-oriented transaction coordinator.
How a Transaction Coordinator (also known as a Closing Coordinator) Assists Real Estate Agents
When a realtor is starting out, doing all of the transactions is important to learn all of the processes and how to handle issues if they arise. Plus, it saves on your budgets if you don’t have tons of clients.
However, keeping every transaction for every client organized and under control becomes a full-time job. This full-time coordinating makes it impossible for an agent to grow a business. Real estate agents need to provide lots of attention to clients, and when you’re buried in paperwork, there’s not enough time to show the required attention to your clients.
Instead of dealing with things like:
- Seller’s transactions (initial contracts all the way through to final agreements)
- Keeping track of the contractual contingencies and deadlines
- Maintaining communications between clients, agents, loan officers, underwriters, title officers, and escrow
A transaction coordinator, sometimes referred to as a closing coordinator, handles all of the above and much more for you.
Be Happy TC Provides a Seamless Process
If you’re an agency that has realtors:
- expressing how burnt out they are
- they have no time to devote to their clients
- are making mistakes on paperwork
- missing appointments
It’s time to call Be Happy TC. We’ve been providing excellent transaction coordination services to California real estate professionals. We’re the gateway to successful real estate transactions, the answer to spending more time with clients, and the best way to dedicate even more time to growing your real estate business!