What are transaction coordinator services?
Transaction coordinator services (TCS) help real estate agents manage real estate transactions from start to finish. In short, the main role is to handle the administrative tasks associated with the transaction. TCS includes keeping track of deadlines, preparing documents, and coordinating appointments.
In addition to saving you time, TCS helps you save money also. Hiring a TC frees up more time to focus on generating new leads and listings. More sales and more commissions? Yes, please! In this blog post, we will discuss what a transaction coordinator is, what they do, why hiring one is important, and more. We’ll also take a look at some of the differences between a TC and an assistant, and share some tips on how to find the right transaction coordinator for your business. Let’s dive in
What does a TC do, exactly?
It’s important to point out, that while the role of a transaction coordinator can vary depending on the specific needs of each client, most professionals perform similar duties. Such as pre-listing coordination or broker compiance. In short, the TC keeps everyone on track by preparing and sending paperwork, coordinating appointments and inspections, and following up with all parties involved. As you can see, a TC is an essential part of any real estate transaction. Without them, the process would be much more chaotic (not to mention time-consuming and stressful!). However, a TC’s job doesn’t always end at the closing table. More on that is below.
Reduces liability
There is a lot of papework to be responsible for in a real estate transaction. What a daunting task, especially if you’re juggling multiple deals at once. Transaction coordinator services take on this burden for you. Freeing up time to focus on other things. In both business and personal aspects of your life. In addition, by outsourcing to a third party, you reduce your liability in the event of any errors or omissions. Entrusting your transactions to professional transaction coordinator services, you will protect yourself and your business
Increases customer satisfaction
How can you create a positive experience for your clients? One of the most important ways is to handle the transaction efficiently and professionally. Transaction coordinator services keep track of deadlines and communicate regularly with all parties involved. As a result, coordinators help to create a positive experience for your clients by reducing the stress of the home buying and selling process. After all, happy customers are more likely to come back and do business with you again. On the positive side, they may also tell their friends and family about their awesome experience. When you work with a transaction coordinator, you provide your clients with the high level of service they deserve.
Not ready to hire and train an employee?
When it comes to growing your business, one of the most important factors is to have the right team in place. What if you’re not financially ready to hire and train an employee? What are your options? Good news! It’s a “use them when you need them” type of service. This means you don’t have to worry about the costs associated with hiring and training an employee. In addition, transaction coordinators are already familiar with the real estate industry and the paperwork involved in a transaction. You can be confident they will hit the ground running. If you’re looking for a cost-effective way to grow your team, a transaction coordinator may be the perfect solution. Interested in learning more about hiring a TC? Check out our awesome article on How To Find The Right Real Estate Transaction Coordinator Services For Your Business.
Differences between a TC and an assistant
Transaction coordinator vs assistant
The main difference between a transaction coordinator and an assistant is transaction coordinators are specifically trained in the administrative tasks associated with a real estate transaction. Meaning, that they can provide a higher level of service and support when it comes to managing the details of your transactions. An assistant may have a more general skill set that can be applied to a variety of tasks. Transaction coordinators are typically hired on a per-file basis, whereas an assistant is usually an employee.
On the other hand, a lot more TCs are well versed in other areas beyond coordinating real estate transactions. You can find TCs that offer other services such as social media management, email management, and listing coordination.
3 tips for hiring the right transaction coordinator
- Be sure to find someone who has experience working with real estate agents and is familiar with the transaction process.
- Be sure you understand what services are included in the transaction coordinator’s fee.
- Be sure to ask about the transaction coordinator’s policy on cancellations
By keeping these things in mind, you can be sure to find the right transaction coordinator for your needs. However, it’s important to note that not all transaction coordinators are licensed, real estate agents. This means, that they cannot perform certain tasks, such as representing you in the transaction or negotiating on your behalf. To learn more about what TCs and assistants can and cannot do in your state, please check out the National Association of Realtors‘ website.
In the end
In conclusion, transaction coordinator services help with many aspects of your business. From keeping track of deadlines to communicating with clients, and much more. In addition, hiring a transaction coordinator is an investment that is well worth the cost. Whether you’re just starting out or are an experienced agent. Having a reliable TC on your team can be an invaluable asset.
Now you understand what a transaction coordinator is, what a transaction coordinator does, and how outsourcing your transactions to a third party can grow your business. If you’re interested in learning more about the many ways Sumner VIrtual Solutions can help you grow your real estate business, contact us today. If you liked this post, you might also enjoy Licensed Vs Unlicensed And In-House Vs Independent Transaction Coordination Services. Thanks for reading!
