If you frequently find yourself swamped with busy work when you ought to be luring in new clients, it might be time to consider hiring a transaction coordinator. There are many things to think about before you act, which is why I'm going to walk you through the procedure in today's blog!
Let's start with what a Transaction Coordinator (TC) does before I discuss what to look for in one or where to get one.
Why Would Someone Be A Transaction Coordinator?
I'm delighted you're busy, but consider whether you're actually working or whether you're just buried in "busy work." If what you're doing isn't attracting customers and growing your business, you should hire someone else to do it.
A transaction coordinator is a person who picks up the slack and sees that transaction through to close once you've gotten a client under contract. This implies that they are accountable for:
- setting up inspections
- collaborating with the closing lawyer
- working in concert with the lender
- Taking care of all the paperwork
- providing for the client's needs, responding to all of their inquiries, and making this a pleasurable experience amid a generally stressful situation
Your Transaction Coordinator is crucial to the reputation of your brand since they do more than just process paperwork. After that, let's pose a question.
What Qualities Should A Transaction Coordinator Have?
I discussed the qualities to look for in a new hire last week, so let's start there. The following four items should be added to the list:
- focused on providing excellent customer service
- understanding of real estate
- proactive as opposed to reactive
- customer service-focused
Do not forget that this is not just a paperwork job. It involves working with clients. The person who will ultimately be representing your business during a part of the home-buying process needs to have good communication skills.
Is this guy a good conversationalist? Would you feel at ease allowing them to speak on your behalf when you can't? A transaction coordinator has the power to make or damage your online reputation and referral potential.
Real Estate Information
A Transaction Coordinator is now required to comprehend every step of the procedure, despite the fact that they are not required to hold a real estate license or be an authority on the local real estate market.
Prior administrative expertise is crucial, even if they haven't worked in real estate previously, since they'll be confident enough with the procedures to concentrate on getting to know you and your business.
It would undoubtedly be worthwhile to pay more for someone with prior industry experience for this role in particular.
Proactive Instead Of Reactive
Even though you now had the deal in your hands, keep in mind that it could still elude you. Your TC should be at ease reaching out to people first, following up with clients before a problem arises, and handling little errors before they turn into major ones.
Additionally, they must be open and honest with you about their workload and feel at ease expressing their overwhelm. If you give them new clients and your Transaction Coordinator thinks it would jeopardize all of their other clients, they should be able to stop you.
This position combines customer care and administrative duties in equal measure. A salesperson would be excellent in one aspect of the job but maybe make critical errors on the paperwork, if you hired them for the position.
A Transaction Coordinator's Location
Where will you locate this wonderful person now that you have your checklist?
You can easily locate listings of trustworthy firms like CloseConcierge Transactly and MyOutDesk by searching Google for "online transaction coordinator," but you can also post job advertisements on LinkedIn and Indeed.
Run the same online advertising if you want to pursue an in-person strategy, but you should also consider contacting other agents in your neighborhood. In any case, this is definitely the wisest course of action.
Make contact with regional staffing firms, and make sure you can conduct interviews with applicants before hiring.
Concerns To Ponder
We have arrived at the interview at last. What sort of inquiries will you make? I'd begin with
- What previous real estate work have you done?
- Do you know how many clients you can serve simultaneously?
- In a month, how many closings can you handle?
- Will you ask to stop taking on clients if you get too busy, or will you keep doing so?
- If something comes up, will you be able to work later than usual?
- Have you ever utilized the same systems we do? Are you willing to learn if not? (And consider whether you have the time to educate them.)
To Your HABU, Now!
I hoped this would be helpful, and I wish you luck in finding the proper TC who would be even more helpful.
I know I set you a lot of requirements to meet, but let's not forget that there aren't any unicorns in the wild. You can take that adage and apply it to anything in life; sometimes the right person isn't always the perfect person. Hiring someone who is at least capable and eager to learn is worthwhile if you're drowning in administrative work and struggling to locate your ideal TC.
Good luck with your hunt!