Before anyone hires a transaction coordinator, they need to first do their research.You’ll need to determine whether it’s time to hire a real estate transaction coordinator, learn some of the benefits of having a transaction coordinator, and ask yourself some basic questions to determine whether they’d be a good fit.
You can also find out some of the personality traits to look for in a good TC, increase your chances of attracting an amazing one for your real estate business, and discover whether a local or outsourced transaction coordinator is right for you. We’ll talk about how to post a job description and where to find top-notch transaction coordinators as well.
Finally, we’ll discuss how transaction management software can help you make your TC’s life easier and provide some pointers on how to build a better relationship with your transaction coordinator right from the start, before we discuss how Close Concierge can help you with your real estate business.
When to Hire a Real Estate Transaction Coordinator
A real estate agent should hire a translation coordinator if they find themselves becoming overwhelmed with the transaction process and missing important steps. If you find yourself doing more of the menial administrative tasks than you spend building relationships with clients and closing deals, it’s likely time to think about hiring a real estate transaction coordinator.
This guideline also applies to brokers. As the person in charge of several real estate agents, you need to keep your eye on their transactions and determine when it’s time to go beyond the initial setup of your brokerage and hire a TC. The following questions will help you decide if your real estate business (and your real estate agents) would benefit from transaction coordinator services.
Questions to Ask Yourself Before Hiring a Transaction Coordinator
A real estate agent, team leader, operations manager or broker who hires a transaction coordinator should first make an evaluation to determine whether a TC is necessary at this time. Here are some questions you can ask yourself:
- During the last few transactions, did I (or the brokerage) overlook key details, miss them altogether, or catch them late?
- What percentage of my time do I spend doing administrative tasks instead of spending time with clients?
- Do I feel like I’m taking too much time on administrative tasks when I could be enjoying time with my friends and family (or finding new leads)?
- Over the past several months, have I missed a contract deadline or allowed an inspection period to lapse?
- Over the past several months, have I neglected to follow up on an agreement for repair and thereby failed to meet the deadline?
- Have I been late to submit an offer for a buyer and they lost to another bid?
- Has a document been missing or partially signed during the past several months, or have we had to find a document post-closing to stay in compliance and close the file?
- If I had more time in the day, could I provide a higher level of service to my clients?
- Does the brokerage provide a low, medium, or high level of customer service to its clients?
- How many hours a week do I spend building relationships with clients?
If you find yourself spending more time doing admin tasks than you do building relationships with clients, it’s likely time to hire a transaction coordinator.
Benefits of Finding a TC
Now let’s talk about what a TC can do to enhance your business. We’ve dedicated an entire blog post to talk about the benefits of having a TC, but here’s a brief summary:
- They’re a great time saver. Instead of spending extra time on administrative tasks, you can enjoy anything else you’d rather be doing – whether it’s closing deals or family time.
- They lower your liability. Since most transaction coordinators (with the possible exception of freelancers) have Errors and Omissions insurance, your liability is even lower when you use one.
- More customer satisfaction. Real estate is all about customer service. A TC can answer questions even if you’re too busy, and make sure that clients’ needs are met.
- They allow you to meet deadlines. When deadlines are met, you don’t risk jeopardizing your customer’s earnest money deposit or losing your real estate license.
- You’ve got a liaison. When you hire a TC, you won’t have to be the point of contact all the time. The TC can handle some of the load you’d normally have to bear.
Personality Traits Good Transaction Coordinators Share
Although we would never want to generalize the unique gifts that individual transaction coordinators can bring to your real estate business, there are several personality traits that all the best ones have in common:
- They should be consistent. They will need to be able to look over every detail of the contract, over and over again, in order to ensure that nothing is missed.
- They should be detail-oriented. They’ll need to be able to spot errors, inconsistencies, and potential issues before they become a major problem for your business.
- They should know real estate. There should be at least some level of real estate experience in their background, preferably local real estate experience.
- They should be flexible. Every transaction is different, and so is every contract. A good TC will work within the constraints of the contract while keeping their ability to pivot.
- They should be quick and accurate. Because there are so many deadlines involved in the transaction process, they’ll need to be efficient and accurate to get the job done.
- They need to work well in stressful situations. The transaction process can be incredibly stressful, so it’s best to find someone who can work well under pressure.
- They should be quick learners. Beyond the aforementioned stress, a good TC will need to understand your business as well as the software they’ll be using.
- They need to have excellent communication skills. Your TC will be interacting with multiple people through different types of media (over the phone, email, etc) so they’ll need to have great communication and writing skills.
Finding a Local TC vs. Outsourcing
Many brokerages and agents may be tempted to hire an in-house transaction coordinator as opposed to outsourcing – but not so fast. Although there are benefits to having a local TC, there are also several disadvantages to finding an in-house TC. In this section, we’ll look at the advantages and disadvantages of each hiring method.
Benefits of Finding a Local TC
A local TC can physically work with you in the office, and can attend training or seminars at the brokerage’s physical location. Other benefits of using a local TC are:
- They’re just an office away. If you need anything, you’ll know exactly where to find them. They’ll be working many of the same hours you do.
- They won’t have any other distractions. If you choose to use an in-house, local TC, they’ll only be working on the transactions for that office.
- They will be immersed in the company culture. A local TC will benefit from seeing the company culture firsthand and will likely learn a bit faster.
- They can accompany you to an open house or meeting. It just takes a bit of schedule coordination to get your in-office TC to come along for a meeting with your clients.
Drawbacks of Local Transaction Coordinators
Although there are some notable benefits to using a local TC, there are also some disadvantages. These drawbacks include:
- They’re far more costly. If you’re keeping an in-house TC, you need to account for the cost of the hiring process, annual salary, and the indirect cost of health and other benefits.
- They’re employed, even if business is slow. There are ups and downs to every market, and the real industry is no different. If you have an in-house TC, you will need to pay them even if there’s not a lot for them to do.
- You’re responsible for everything. Whether you’re hiring or simply finding a replacement while your TC is on leave, you’ll need to be responsible for it all. Depending on how often you need to find a replacement, you’ll lose more time and resources.
- They’re not available on weekends or holidays*. Although you likely work all hours (including weekends and holidays) as an agent, your TC won’t be as available. If it’s after hours, a weekend, or a holiday and you’ve got an emergency, you’re out of luck.
*Not every TC service has employees that are available after hours, on weekends and holidays, but Close Concierge does!
Benefits of Outsourcing Through a Service
There are a great deal of benefits from outsourcing your TC hiring to a service, including:
- Time savings. Since you won’t have to actively search for your real estate transaction coordinator, you’ll be able to enjoy the benefits of one without being distracted from your current goals.
- Money savings. As we stated earlier, it can be expensive to hire a TC. In fact, we’ve got an article that explains that it costs $7,645 just to find and hire someone. That’s not including the other indirect costs like healthcare, etc. By simply outsourcing, you can save a lot of money.
- Better quality work. When you’re limited to finding a local real estate transaction coordinator, you may not find a candidate that meets all the qualifications you’re looking for. However, with a remote transaction coordinator, you can expand your search to the entire US and enjoy having a more knowledgeable and experienced person to work on your transactions.
- More flexibility. If you use a transaction coordinator service, you can enjoy more flexibility. If something unexpected comes up or the market dips, you can resume the administrative tasks until you’ve got more work coming in. You won’t be “burning a bridge” because you won’t be laying off a personal employee and they can find work elsewhere.
- More options if things don’t work out. If, for some reason, you and your real estate transaction coordinator aren’t clicking, you can ask the service to assign you to another transaction coordinator. You can “shop around” more for a TC that suits your needs and personality.
- Availability after hours and on weekends. If you decide to work with Close Concierge, you can enjoy having an “on call” TC who will be reachable after hours, weekends, etc.
How to Write a Job Description for a Transaction Coordinator
If you want to write a job description for a real estate transaction coordinator, this article provides some ideas of tasks a TC may be able to help you with. We’ve also provided an article that features tips for writing job listings, if you’re interested.
However, as we stated above, the time it takes to find a place to list a job description, search for candidates, and complete the hiring process could be significantly cut if you choose to go through a service. Transaction coordinator services vet all of their potential candidates to ensure that they’re experienced and knowledgeable in the real estate industry, saving you time and potential embarrassment.
Enhance Your Relationship with Your Transaction Coordinator
If you’d like to ensure a great relationship with your transaction coordinator right off the bat, we’ve compiled a list of tips to help. They’re briefly summarized below:
- Use those people skills. Because real estate is stressful and a TC is there to help, it can be tempting to drop the winning people skills that you use around your clients. They’re people too – so great real estate agents go out of their way to maintain a great relationship with them.
- Communicate often. Have you ever had a client be unresponsive when you know a deadline is looming? Do everything you can to communicate with your TC often – even if it’s just to tell them you trust their judgment on most things. Let them know from the start the level of communication you want.
- Show appreciation for what they do. As a real estate professional, you undoubtedly provide closing gifts or other “thank yous” to your clients. It doesn’t even have to be of monetary value, just a simple note of thanks will go a long way.
- Talk about other topics. If you aren’t working on an ongoing project, talk to your TC about their other interests. It’s wonderful to connect with another person over shared interests, and it will definitely help grow your working relationship.
How TMS Can Help Your TC be More Efficient
As you know, many administrative tasks involved in the real estate industry can be tedious. When you first started working with transaction management software (TMS), it’s likely that you were relieved by how helpful it could be to have templates and other functionality to make transaction coordination more efficient.
You can help your TC enjoy those same benefits. In fact real estate transaction coordinator services usually have at least one type of TMS software to help their employees with their real estate transactions.
At Close Concierge, we want to equip our coordinators so much that we use over 10 different kinds of software, some of which is proprietary and some of the more popular brands you may be familiar with. We offer a mix because we realize that every client is different.
Close Concierge Can Handle Transactions with Ease
With Close Concierge, you can put aside all worries or doubts about potential hires, because we will hire a transaction coordinator for you. We carefully select each of our employees to ensure that they have years of experience in the real estate industry.
We attract top-of-the-line real estate professionals to work with us because we hire every employee on as a full-time employee rather than a contracted one. They get full benefits and have a say in hiring decisions. To put it simply, our coordinators know they are heard and appreciated, and it makes them want to work even harder on your real estate transactions.
Would you like to know what it’s like to work with a Close Concierge TC? Schedule a demo today to get the ball rolling!