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.
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.
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.
The addition of a transaction coordinator could greatly improve your chances of improving your productivity and, most likely, your client satisfaction rating.
Adding a transaction coordinator might help improve your client satisfaction by improving your accuracy and efficiency in closing deals.
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.
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 …
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:
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.