When you are looking to add leverage in your business, one of the best ways to start doing that is to hire a transaction coordinator. Because there are definite steps that have to be taken, it’s easy for agents to follow up with. There are no shortcuts in TC work. You have to take the steps. The best part is how much time it frees up for the agent to go and work with other clients. Now for the hard part. I have to admit, there is a learning curve.
My experience in closing real estate deals in an office and virtually enables me to put together a list of what I think will help you to get the assistance you need to grow your business. It may also help you create the system you need to create the consistency you’ve been missing in your closings. Let’s take a look at the 5 items I’ve mapped out to help you find the perfect transaction coordinator to work with!
Create a procedure with the help of your real estate virtual assistant.
Your procedure should outline each task and each document that is to be completed for each transaction. That means you should have a procedure for closings for sellers, buyers, and dual agency closings. You should also have a process document. The process document outlines the processes you use when closing the transaction. Having these in place will help your transaction coordinator start more quickly and cuts back on the learning curve that comes when two people first start working together.
Communication is important to keep you and your clients abreast of what is happening in the transaction. It is important that you find someone that is a good communicator. Contact between the TC, clients, title, and cooperating agents is an absolute must. You will also need to clarify HOW your TC will be communicating. Will they use phone or email primarily?
It’s also important for the agent to keep the lines of communication open with their TC so there are no misunderstandings or missed items in the file. Your transaction coordinator will handle as much as possible on her own, but if she has a question, she needs to be able to reach you. Sometimes it’s imperative she speaks with you immediately to meet important deadlines.
You should have templates for introduction emails, in ZipForms for what forms go in every transaction, a timeline of important dates, lists of vendors in the area they may need to use, and anything else you can think of that will be used over and over again. These templates will give your transaction coordinator consistency and give your closings a professional polish. Your clients will also appreciate such items being in place because it will keep them well informed and give them a place to look when they need to know something.
Use an online transaction software program that you like.
Your real estate virtual assistant will typically be familiar with most that are available if not all. She should have no problem learning the program of your choice if she is not. The important thing when it comes to choosing TC software, or any software for your business, is that you are able to use it. Everyone else should follow your lead with this.
Direct all inquiries from cooperating agents, title companies, and even your clients to your transaction coordinator.
You may experience some vendors or cooperating agents that don’t want to contact the transaction coordinator. They typically think you will have all the answers and so they should go directly to you. If they haven’t worked with a transaction coordinator, they may not understand what all she will do. You need to consistently tell them to reach out to your TC instead of you so that you can continue working on other aspects of your business. Once everyone is familiar with how you do business, they will respect your ability to work with a system. They will also appreciate the fact that they can get the information more quickly.
I typically tell my clients to say, “I really need you to reach out to my transaction coordinator. She is at her computer and has all the information in front of her that I currently do not have access to. If you can just direct any inquiries about the transaction to her we will be able to help you much more quickly. Thank you for your help in this!” You’d be surprised how effective it really is.
It may seem like a lot of work to get started, but the benefits to you and your business are well worth the investment. If you have any questions about transaction coordination, I would be happy to answer them for you at any time!
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