Are you always swamped checking timelines, finding signatures, looking for reports, trying to remember if the other agent sent you a form, setting up listings, fielding emails for important information? Could you use more time to generate new leads or even to just relax because everything is on track and caught up? A Transaction Coordinator would be a valuable tool for you. Not all Transaction Coordinators are created equal and the experience can be positive or negative depending on a couple of details. Keep these things in mind when picking and working with a TC and you’ll find that you have more time on your hands to make eve more money and help even more families make their dream come true.
Do I really need a TC?
The answer to this question depends on you and many agents ask this question. Every agent can manage a transaction and do all the necessary paperwork. But is that what you WANT to be doing? Or would you rather be out generating new leads, showing homes to the next family? If you would like to have more time to do what you want and less time doing paperwork then the answer is YES you need a TC. And after working with the right TC you will wonder why you didn’t hire one sooner!
It cost too much!!!
This is another worry of some agents and is understandable with all the costs associated with being a Real Estate Agent. Like with anything you get what you pay for. And the cost of your TC is reflective of the work they do. On average you’ll save 15-20 hours from not working on the transaction. Now think about how much you could do with that time. That fee doesn’t seem as high anymore does it? And your TC will ensure your transaction is on schedule and compliant because in most cases the TC doesn’t get paid until you do!
Been there done that
Maybe you’ve used a TC before and it was a bad experience. Or perhaps you felt like they didn’t earn their fee. Not all TC’s are the same just like not all agents are the same. When talking to a client I’m sure you’ve heard a story or two about a bad experience with an agent. But you know your nothing like that. We all have bad experiences sometimes this doesn’t mean we should automatically pass judgement and that shouldn’t stop us from trying to improve our process.
Tips for Choosing the Right TC for you
Communication
The most important detail between you and your TC is communication. It is a relationship and without communication it will be a rocky one. Some TC’s will be involved a lot and others won’t. Know which one you want and let them know too. The last thing you want is to be sending an email asking for an update on something just to have your TC send out an email as well asking the same thing. Or to be expecting your TC to be available at certain hours just to find out that they aren’t always available. Or worse yet to be expecting your TC to take care of something but they have no idea. Knowing what you want and setting CLEAR expectations will help you find the right TC and make for a very happy and beneficial relationship for you both.
Finding a TC
Most agents find a TC through referral or even a TC service offered by the broker. But at discussed earlier not all TC’s are the same. So what is right for one agent may not be right for the next. So take the time to talk to the TC and find out if they seem like a good fit for you. If your still having trouble try a local search on google. Try “TC city or area” or “Transaction Coordinator”. You can also check your local CAR office. Still having trouble ask Escrow. Escrow work with a high volume of transactions just like a good TC will so escrow will know of some good and reliable options.
Consultation
If possible sit down with the TC but as a lot of TC’s work remotely this may not always be possible. If not at a minimum set a block of time to have a phone conversation with the TC and let them know exactly what you expect and ask what they offer as well. Here are a few things to ask……
What are your hours of availability?
Can you be reached after hours and if so how?
Preferred form of Communication i.e. email, phone, text
Are you taking on new clients/files?
How many can you manage for me?
What do you need to start a file
What is your normal response time to a request
Are there any tasks that fall outside of your responsibility
How do you handle RR’s, CR’s, Disclosures, and Inspections
What do you expect from me
What would be your ideal transaction
Inform your team of your TC
Having a TC is great but pointless if no one knows they are there. A good TC will introduce themselves once they receive everyone’s contact information. However, it is still a good idea to tell your team of your TC ahead of time and that he/she will be introducing themselves shortly. Failure to do this could lead to certain parties sending all documents to you alone wasting your time and your TC’s time.
If there is still a straggler kindly remind them to include your TC in all messages to prevent further issues.
Pay Attention
Your TC will manage the transaction and handle the mundane tasks so you don’t have to. That doesn’t mean not to pay attention to the conversations that your TC will CC you on. This is your file overall and your reputation just as much as theirs. Your TC will keep you in the loop with every step along the way you just have to look at the messages you will receive. It only takes a minute and likely does not require anything more than that.
Feedback is Important
After the transaction is complete let your TC know if there is anything you think they could improve upon or things that you really liked about their process. They are providing a service to you just as you are providing a service to your clients. A good TC will take this information to heart and try to improve upon weaknesses.
A good business person is always will always seek improvement and strive to learn ways to make their service more valuable. Also be sure to leave a review on their Social Media, Yelp, or any other platform they may be on! This is Priceless and goes a long way.