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!
Shanda Macomber
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.
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!
