Have you been going back and forth about the idea of hiring a real estate transaction coordinator? In this article, we hope to explain the many benefits of using a TC. A top-notch TC will help you maintain compliance, ensure smooth transactions, grant you less liability, and allow you to sit back and enjoy doing what you do best.
In addition to that, they can allow brokers to retain more agents, save you time, and boost your image in the minds of your customers. We’ll talk briefly about the qualities you should look for in a TC and then talk about why Close Concierge is the best choice for top-performing agents.
A TC Maintains Compliance While Multi-Tasking
Every state has got different compliance requirements. In fact, we talked about it in our Colorado and Florida articles. There are laws regarding real estate transactions according to national, state, and local laws. It can be extremely difficult to stay on top of them all – but thankfully, if you use a real estate transaction coordinator, you’ll know they have your back.
When Compliance Isn’t Your First Goal
There are so many factors to consider when it comes to selling homes. As a realtor, you have got to remain compliant – but there’s a good chance those laws weren’t the first things that got you excited about the real estate business. Since laws are always changing, it can be hard to stay on top of them. If you get a TC, though, they’ll take care of that side for you.
Laws Your TC Will Already Know
Your transaction coordinator will know whether you live in a wet funding state or a dry funding state. They’ll have a deep understanding of what unlicensed assistants and TCs are allowed to do within your state. They’ll know whether it’s an attorney or escrow state, and be on track with the most current statutes and regulations. Your transaction coordinator will stick to those regulations so your transactions are flawless and fully compliant.
The Best of Both Worlds
As a real estate professional, you’ll enjoy the best of both worlds: staying compliant (and not losing your real estate license) while simultaneously being able to focus on the parts of your business that you truly enjoy.
TCs Ensure Smooth Real Estate Transactions
A skilled transaction coordinator makes transactions so much easier. They’ve got the know-how to spot potential issues right away, and they handle those in a way that ensures the transaction will still close at their expected time.
Troubleshooting: A Second Set of Eyes
No matter what it is you do, you can usually benefit from having another set of eyes. Sometimes we tend to look at the same thing so much that we can’t see the mistakes right in front of us. This is true in drafting as well as writing and, we’re sure, the business of buying and selling homes. That’s why it’s so helpful to have another person look over the contract.
Another Level of Accountability
A transaction coordinator can let you know if the terms of the contract seem confusing or if the statements you made in it don’t make sense. They can spot timeline issues before it becomes a problem for you – and then they can talk to you about it to make sure that everything works out.
Say Yes to Less Liability
Most transaction coordinators (especially the ones from TC services) have Errors and Omissions insurance (E&O) to protect the broker or realtor working for them. This helps to cover any court costs that you may incur if claims are made against you, which means you can sleep better at night knowing that there are multiple layers of protection in place.
You Get to Do What You Do Best
There are parts of being a real estate agent that are intrinsic to the job, and there are other things that are more of a byproduct of the job. When you hire a transaction coordinator, you get to do what you do best while enabling your TC to exercise their skills to the best of their ability as well.
Real Estate Agents’ Talents
Agents are great at helping sell homes. They love to work with people: in fact, you’ve probably been called a “people person” more than once in your life. Real estate agents are charismatic and clever: fantastic communicators who love being around other people and winning them over. They also have to be clever about how to market all kinds of property.
Skills Agents Sometimes Lack
Transaction coordination is an entirely different level than what agents are used to, and some agents get into trouble because they work fabulously with people, but don’t have the organizational skills required to perform well in the industry. After all, being a real estate professional is more than talking to people – it’s also ensuring that your transactions close on time and that all the regulatory requirements are met.
Focus on Your Core Competencies
A great TC is detail-oriented, a skilled communicator, and has real estate experience. They can handle a lot of things at once, but they also don’t have to be as enthusiastic about client-facing work as you are. When you hire a transaction coordinator, you provide space for them to excel at what they do best while you go out and do the same.
They Give Brokers a Retention Edge
If you’re a broker, adding a transaction coordinator to the team can be a great way to retain your top realtors. This is a high-demand field, after all, and agents have their pick of brokers to choose from.
A Lighter Load for Your Agents
By hiring a transaction coordinator, you will enable your agents to enjoy all of the benefits we’ve already talked about. They won’t have to worry about the compliance side of things so much and can focus instead on being the best agents they can. After all, most agents would likely prefer not to have to deal with the paperwork side of things anyway, and focus on closing more deals instead.
A TC Saves Time For Their Agent
There is a lot of time that goes into a real estate transaction. For TCs, that’s great – they’re doing what they love. But if you’re a real estate agent who would rather be doing other things, here are some of the ways a TC can save you time.
Execute More Contracts
Many agents (34% of the ones we polled for the above article) prefer to use a TC to get more contracts executed. You can choose to use that time to go to listing appointments or show homes to your clients.
Save Time From Contract to Close
If you’re a people person (as we mentioned earlier), you’ll appreciate the time-savings because it means you won’t have to spend time working with a lot of paperwork that requires attention to detail to get right. You can spend more time with clients by having a transaction coordinator, ensuring a better customer experience.
They Help Boost the Agent’s Image
In our Agent’s Guide to Real Estate Transaction Coordinator article, we talk about how important it is to ensure that your clients have a fantastic experience as your customer and how your TC can help you look even better.
Real Estate is Customer-Centric
Real estate is a customer-centric industry. Real estate professionals who can’t pull off providing excellent customer service are dead in the water. You need to be able to communicate effectively with all your clients, and in a timely manner in the real estate industry. That said, as an agent you’re being pulled in totally different directions. Your clients can be emailing you with a question about forms at the same time you’re showing a home to others. What do you do?
Transaction Coordinators Fill the Gap
The amazing thing about having a top-notch transaction coordinator is that they will enable you to do more with less time. You can include them in emails and ask your clients to CC them on communications. If your client ever asks a question regarding something that your TC can answer, they will gladly do so. In fact, you may open your inbox only to find your TC already took care of it. What a relief!
Check-Ins That Show You Care
Your TC can even help boost your customer satisfaction rates after you’ve completed the transaction. They can send follow-up emails 3 months, 6 months, and a year after the transaction has been completed to keep you at the forefront of your customers’ minds. That way, they’ll be thinking of you when their friends ask if they know any good realtors – and you’ll get referrals because you’ll be a rock star in their eyes.
Qualities of a Real Estate Transaction Coordinator
Earlier, we touched on some of the qualities a TC should have, but in this section, we’ll take more time to examine each one so you’ll know what to look for if you choose to hire one. Our Real Estate Assistant Training article covers the fact that a TC should be detail oriented, “zoom” and “pan,” have customer service skills, and be a skilled writer.
Detailed and Organized
There are several dates involved in real estate transactions, and your TC will need to stay on top of those to maintain compliance. Paperwork will need to be submitted to the proper authorities and broker compliance should also be maintained throughout the process.
“Zooming” and “Panning” Capabilities
As important as it is to pay attention to details, a fantastic TC needs both “zoom” and “pan capabilities. What that means is that they should be able to see the overall big picture (and spot potential issues before they pose a significant problem) while focusing on the smaller details as well. Without the ability to perform at a high level of organization and see the big picture while looking at the details, a TC would flounder.
Customer Service Skills
Your transaction coordinator will need to be a good communicator and a likable person to work with if they’re going to succeed in the goal of making you look good – so make sure you find someone with exemplary customer service skills.
No matter how charismatic your TC is or how well they can verbally communicate, all of that can be “lost in translation” if they’re a poor writer. Grammatical errors and misuse of syntax can alienate, confuse, or be downright unappealing to your customers, so make sure you find someone who can communicate clearly through the written word.
Knowledge and Training of a TC
A good TC should have considerable training and/or experience in transaction coordination before they join your team. They should also know local real estate inside and out on every level: national, state, local, and broker. They’ll need to know how things are done and be quick learners. For more on the knowledge and training of a TC, check out the above linked article.
We’ve Got the Best Transaction Coordinators
While most TC services vet their transaction coordinators to ensure they have experience, many of them only hire TCs as 1099 employees. Here at Close Concierge, we do things differently. We hire all of our TCs as full-time employees because we believe a good worker is worth their pay. We offer fantastic pay and benefits to our employees in order to attract and retain the top talent in the industry.
We’re also the only transaction coordinator service with TCs who are willing to work nights and weekends to ensure your transaction goes as planned. Top-performing agents know that this business doesn’t fall neatly into the nine-to-five. Sometimes things come up unexpectedly, and when those happen, you’ll be glad you can reach your TC to talk about it and get things back on track.
Close Concierge is the best choice for top-performing agents and brokers because we only charge a flat fee of $1,000 a month: an amount that never goes up, even if you close several deals in a month. Are you a top performer who’s looking for a little help with your transactions? Contact Close Concierge today for a demo and we’ll show you what sets us apart from other companies!
Sean is CEO at Close Concierge. His goal is two-fold: to create the best company in the world to work for & to create the number one customer service company in the world, regardless of industry. He believes achieving both of these goals happens at the same time
Sean started his career at the Boston Consulting Group, where he met his wife. They live in Chicago with their son, London. Sean graduated The Wharton School with honors.