So, how have you been managing your real estate transactions lately? Not so great, eh? It’s understandable. Whether a deal involves commercial or residential property, it can turn out to be a complicated endeavor for various reasons. The mountains of paperwork, the involvement of the third party, and the enormous amounts of capital add confusion and frustration to the real estate transaction process. You can use pen and paper or spreadsheets saved on unique devices, but there’s no guarantee that you won’t make any mistakes.
Handling property transactions is a full-time job as you have to manage the participants, schedule tasks for each of them, aid communication, and, most importantly, finalize the process within the time period. There are so many things to take care of that you inevitably fall behind. The good news is that real estate transactions don’t have to be a recipe for disaster. If you’re a busy realtor who is still working 60 hours a week, consider enlisting the help of a real estate transaction coordinator. Anyone can hire a transaction coordinator, including a newly licensed real estate agent.
A Real Estate Transaction Coordinator Enables You to Effectively Conduct Business
An ever-increasing number of realtors has started to use transaction coordinators, professionals whose job is to manage the tasks and activities pertaining to the real estate transaction, from contract to closing. Here are just some examples of duties that a real estate transaction coordinator can take on:
- Maintain escrow of each property
- Schedule and coordinate appointments
- Review and submit paperwork
- Monitor deadlines
- Perform client relationship management
The real estate transaction coordinator proves to be an important business partner, helping close more deals while building on reputation. A transaction coordinator shouldn’t be confused with a real estate assistant, who is hired with the team and offers support in a wide range of tasks, such as answering phone calls, printing flyers, and running office errands.
You may find yourself stuck at times. If any of the following situations seem familiar, chances are that you’re not going in the right direction.
- Deals blow up in your face.
- You have to handle too many files.
- Clients are angry.
- Not enough time to prepare for audits.
- You’re feeling overwhelmed
The first step to easing your load is to ask for help. Rather than trying to manage all the aspects of the property transaction on your own, you should seek professional help. While some brokerages provide in-house transaction coordinators, there’s the option of hiring an independent professional, who can provide a better quality of service. The services of a real estate transaction coordinator will have a positive impact on your business operations. You can free up your schedule and use the time thus gained to focus on more important aspects, such as growing your real estate business.
More often than not, real estate transactions feature setbacks and complications. Maybe so, but if planned for accordingly, things can go smoothly and fast. When you have a standardized transaction process, you’re offered a lower premium for the errors and omissions insurance. Additionally, you can rest assured knowing that the purchase agreement will be filled out correctly, the money will be deposited in a timely manner, and the repair requests, if there are any, will be sent before the deadline.
It’s Not Always Simple to Decide to Hire A Real Estate Transaction Coordinator
Transaction coordinators have become an integral part of numerous real estate businesses, so you might take into account the possibility of adding such a professional to your team. Besides taking care of time-consuming administrative tasks, the expert keeps every minute detail in check to ensure that everything goes according to plan. If you’re a solo real estate agent struggling to build your business, you could use the extra help. When you’re completely swamped with work, enlist the help of a professional. You’ll have a better chance of standing out as a leading realtor and attracting new clients. Sometimes, it’s necessary to implement a different strategy to increase competitive advantage.
Attention needs to be paid to the fact that a real estate transaction coordinator needs consistent monthly revenue and production to be able to cover for the new overhead. This is precisely why realtors recruit and integrate them into the team when the transactional volume allows for it. Either way, it’s up to determine when the right time is to hire a transaction coordinator. If you’d like to take back control, it’s recommended to not waste another minute. Establish your hiring criteria to increase your chances of finding a good match and saving your business time and resources.
Ideally, you should hire someone with relevant experience, who understands just how stressful real estate transactions can be and that they require the utmost attention to detail. To find an expert, start online. A quick search will provide a list of names in your area. The right transaction coordinator can help streamline business processes, win stellar referrals, increase sales, and add valuable time. As you can imagine, to hire the right partner it’s not enough to do a Google search. Conduct a thorough interview and determine whether the person has the right technological aptitude and mindset.
As it turns out, real estate transactions aren’t child’s play. Au contraire, property transactions are complex and can eat up all of your time. What do you do the next time a deal comes up? That’s something to think about. The sooner you realize that you’re in need of help, the better. For some time now, real estate professionals have turned to transaction coordinators to handle the most burdensome affairs, who can get a lot of work done in a limited time window. Not completing a real estate deal can be risky business. it’s important to do your due diligence.
The value of working with a skilled professional is that you’re able to meet your responsibilities. Both you and the client will be happy with the results. They’re much more than an assistant.