Congratulations! The best part is that once you're done, you won't have any more deals lined up. You've just gotten some deals under contract, so you have a lot to look forward to, including hours of paperwork, making appointments, working with attorneys, bankers, inspectors, and more.
Sorry… I suppose sarcasm is difficult to communicate in a blog.
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 TC does before I discuss what to look for in one or where to find one.
The TC's Miracle
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.
Once you have a client under contract, the TC is in charge of seeing the deal through to closing. 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 TC is crucial to the reputation of your brand, thus they are more than just a document processor. After that, let's pose a question.
What Qualities Should I Seek In A TC?
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
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 TC may make or break your internet reputation and referral potential.
Real Estate Information
As implied by the title, a TC is required to comprehend every step of the process, although they are not required to hold a real estate license or have extensive knowledge of the local 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 your TC thinks taking on additional clients could jeopardize all of their current ones, they should be able to stop accepting new ones from 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.
Online Versus In-Person
Virtual TCs are a popular trend right now and are unquestionably a good alternative, but there are a number of advantages and disadvantages to taking into account.
- benefits of Virtual TC
- less costly
- and likely has greater real estate experience
- if something goes wrong, and it's simpler to replace or locate a temporary replacement.
Possibly available for part-time work if you don't require a full-time TC
Drawbacks Of A Virtual TC
As in-person meetings are crucial to building long-lasting client relationships, they might not be as favorable for your brand.
- may slack off on the thoroughness and quality of their work
- may work fewer hours and reside in a different time zone.
- you won't be able to fully incorporate them into the squad.
- the choice that best suits your circumstances, however, is ultimately the greatest one.
Where To Look For A TC
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 "Virtual TC," 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. They would be pleased to assist you with this, even if they are your main rivals — at least if they are a part of the Tom Ferry ecosystem.
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. The perfect individual isn't necessarily the right person in every situation (you can go ahead and steal that line and apply it to anything in life). 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!