Outsourcing or hiring a real estate transaction coordinator can do wonders for your real estate business!
The statement stated above might sound unbelievable, but that’s what the words from the real estate industry claim.
Just as the name suggests, a TC coordinates to manage your business transactions and documentation concerned with estate deals under you. Besides managing the transactions and administrative duties on your behalf, the TC can also help you run your business smoothly. They can keep your calendars organized and save you lots of time to do tasks that keep you rather busy.
The transaction coordinators have become the need of the hour in the real estate industry for a significant reason. Here’s a piece from Estate Adepts that shall help you understand what it is. It shall also help you find everything you need to know before hiring a TC, irrespective of whether it is a local employee or virtual staff. Investing in a real estate transaction coordinator software works equally well.
If you are considering hiring a TC for your business, I suggest you keep reading this blog until the end.
What is a Real Estate Transaction Coordinator?
Every real estate business out there is required to complete a big number of administrative tasks to close any deal. Because a realtor has lots of stuff on his to-do list every day, he might find it quite hard to manage time enough to perform these administrative duties that come with every deal that he closes. That’s where the role of a real estate transaction coordinator comes into play. A transaction coordinator in the real estate business is a professional who performs various administrative tasks and provides escrow of the transaction processes.
He shall manage all the tasks concerning the deals from when the contract is established until the deal is closed. Hiring additional help in the form of a TC means that you have time to focus on things that would rather help in growing your business. It is the time saved that you had been spending on doing administrative duties and completing necessary forms and documentation. He reviews details in the important forms and documents. Resolving issues that you do not have time to look into counts too.
In simple words, a TC is a professional who frees up your daily schedule for tasks that need immediate attention. The TC that you hire or outsource could either be a local staff or a virtual employee. It could also be a real estate transaction coordinator software. This software would work just as efficiently as a person who undergoes professional real estate transaction coordinator training. We shall discuss TC software in the later sections.
Also, Check – What Does Real Estate Virtual Assistant Mean?
What Can a Transaction Coordinator Do to Your Real Estate Business?
That’s the key point of this entire blog dedicated to the transaction coordinators. You would not want to invest in a TC until you know everything about what he can do and what cannot. The following are the tasks that a transaction coordinator does for your real estate business:
- Provide deeds, documents, and other essential escrow needed in the process of the transaction
- Assist you in managing tasks that need immediate attention
- Plan inspections and property refacing/repairs for your estates
- Plan open house and other events to build clientele
- Establish dates for clients to visit your property/estates
- Interact with clients and lenders on your behalf
- Prepare full and accurate documents needed to close the deals
- Complete the necessary forms and documentation
- Schedule follow-up calls on properties
- Coordinate move-out schedules of the renter and previous owner from your estate
- Check contracts for inconsistencies, errors, and corrections
What is Real Estate Transaction Coordinator Software?
You surely must have read this term, “real estate transaction coordinator software” in the above sections numerous times. Unless you are already using one, you must also be wondering about what it could probably mean and how it can help your real estate firm. Here’s the answer to your question.
The real estate TC software otherwise known as the real estate transaction management software is an application designed to assist the agents of the real estate industry. The software streamlines the process of transactions of real estate firms. It does the same through documentation management besides e-signatures capabilities, listing management, lead nurturing, etc.
You can think of the real estate TC software as a virtual platform that avails transaction management options for realtors, agents, brokers, and TCs. It assists you in monitoring and managing the tasks concerned around the closing of the deals. A reliable transaction management software performs the following tasks:
- Lead management
- Transaction management
- Integrate CRM with Back-office management
- Track deals
- One-app solution
- Transaction templates
- Extensive licensed forms coverage
Why Do You Need to Hire One?
For a real estate business owner, especially a newly established one, finding time to manage every task that is put on your plate can be daunting. As an individual, there’s only so much that you can do. You can either put yourself into completing the administrative duties before you or visit people to build contacts and a strong clientele. While the former is important to close deals properly, the latter is essential to find and attract leads into purchasing estates and close deals. And you cannot compromise with either of them.
Hiring a transaction coordinator can help you target two birds via one stone. It can be a business hack that shall help you perform all the transactional and administrative responsibilities while finding time to meet people and grow your business. The following are the benefits of hiring a transaction coordinator for your business:
- Carrying transaction processes to close deals will no longer be tough
- You will not have to worry about preparing contracts or paperwork
- Resolving administrative issues is will just be about contacting your TC
- A TC could be a point of contact for people to reach you
- He shall address queries that come in
Your TC shall organize events like an open house, showing, etc.
Hire a TC Who Has Professional Real Estate Transaction Coordinator Training
Because a transaction coordinator is someone who ensures that your business runs smoothly, you must be careful while hiring one. Look for the following skills in a person before hiring him/her as your transaction coordinator.
- Relevant Experience
- Decision-Making Abilities
- Attentive to Details
- Social and Communication Skills