How to Hire the Best Real Estate Transaction Coordinator

dotloop

dotloop

August 24, 2020 | comments

What to Look For + a BONUS QUIZ to Guide Your Decision

Considering hiring a transaction coordinator to help you scale your real estate business? Not sure if the timing’s right to make that hiring decision? Or not sure what to even look for in a real estate transaction coordinator? Read on and take the bonus quiz to learn the key factors to keep in mind as you evaluate this important aspect of your business.

How Do You Know When to Hire a Transaction Coordinator?

A variety of factors can influence the best time to hire a real estate transaction coordinator. Maybe your agents are missing key steps in transactions, like a contract deadline or an inspection period. Or maybe they’re spending too much time doing admin tasks when they could be building relationships and closing deals.

If so, it might be time to consider hiring a real estate transaction coordinator. For best results, take the assessment below to determine if it’s the right time to hire this critical role.

Is It Time to Hire a Transaction Coordinator?

2-MINUTE QUIZ

Real estate demand is booming, but if your agents are missing steps, it may be costing you deals. Whether you’re an individual agent, a team leader or a broker, here are a few questions to help determine if you should add headcount to this critical role.

WHAT’S YOUR READINESS SCORE?

0-4 POINTS
The addition of a transaction coordinator could greatly improve your chances of improving your productivity and, most likely, your client satisfaction rating.

5-7 POINTS
Adding a transaction coordinator might help improve your client satisfaction by improving your accuracy and efficiency in closing deals.

8-11 POINTS
You may not need a transaction coordinator yet, but if business picks up and you find you’re dropping deadlines and details, then you should consider adding this critical role to help your business grow and prosper.

What Should You Look For in a Real Estate Transaction Coordinator?

Transaction coordinators are a special breed in the real estate industry. You can teach technical skills, but you can’t teach consistency, enthusiasm or organization.

The transaction coordinator plays an essential role in keeping your agents on track. An admin does not need to be a real estate expert, but they should be passionate about helping to grow your business.

At a minimum, they must be detail-oriented, as they’re dealing with important financials and personal information in documents. Did the addendum make it to the file? Are the commissions recorded correctly? Do all the documents meet compliance?

They must be flexible, as they may have to work unusual hours and deal with a multitude of personalities. And they must be fast, as deals are getting done at breakneck speed, especially when demand is up and inventory is low.

Fortunately, there’s an app built specifically for real estate …

What are the Best Tools to Empower Your Virtual Real Estate Transaction Coordinator?

Seemingly overnight, the real estate transaction coordinator has assumed the responsibility of seeing a virtual real estate transaction through from contract to close.

No matter what their digital proficiency was before the pandemic, transaction coordinators must now navigate apps, platforms and other digital tools that may not have been a requirement previously. Today, there’s no turning back as the real estate industry enters a new era of the digital age.

First, every transaction coordinator — whether they’re supporting an independent agent, a team or a large brokerage — needs a great end-to-end real estate transaction coordinator software that enhances collaboration and includes:

  • Built-in compliance features like Templates and Task Lists that account for all details and documents during the course of an entire transaction.
  • Customizable workflows that help transaction coordinators move files into the next review stage with instant notifications along with a built-in activity log to keep track of who and when interacted with documents.
  • A mobile-first app that gives the agent and transaction coordinator everything they need to close deals on the go, including a mobile doc scanner, in-person signing, a texting feature and more.
  • The ability to “act on behalf” of an agent to collect eSignatures, share documents and perform other tasks that move deals forward faster and seamlessly.

Once you find the right transaction coordinator and provide them with the tools that will help set them up for success, the benefits will clearly outweigh the cost. Your agents will feel recharged to generate new business, and your clients will rest easy, knowing every detail is being handled by a competent professional.

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