Real estate agents always envision the day they have multiple clients and houses to sell simultaneously. To be financially independent in the real estate industry is the dream of many realtors. However, once you reach this success, you will realize you can no longer do it yourself. There simply isn’t enough time in the day to handle all your clients. It is time to start a real estate team.
This article will look at one of the first positions you should hire for in your team, the real estate transaction coordinator. Continue reading the article to learn all you need to know about hiring a real estate transaction coordinator.
What Is a Real Estate Transaction Coordinator
Outsiders often mistake real estate transaction coordinators for office assistants, mainly because they handle much paperwork. And while there are certainly some overlaps in their duties, a transaction coordinator mainly handles the logistics that go to buying and selling a house.
Most realtors will tell you the most challenging part of their job is ensuring all the necessary paperwork and required inspections are completed before the closing Escrow date. Many realtors experience burnout in the final days before the close of Escrow as they work twelve or more hour shifts trying to get everything done.
A real estate transaction coordinator handles these logistics so the realtor can focus on interacting with clients and generally being the face of the company.
These duties include:
- Scheduling all necessary inspections of the property and making sure they run smoothly.
- Ensure both parties are aware of the current state of the buying and selling process and make sure all necessary paperwork is being completed from both ends.
- Contact both parties after completing the sale to ask for testimonials, get reviews and referrals.
This is only scratching the surface of what a real estate transaction can do for your business.
How Does a Real Estate Transaction Coordinator Help Your Business
A real estate transaction coordinator handles a large chunk of the logistical duties needed when buying or selling a property—allowing the realtor to focus on the customer service aspect of being a realtor, which is equally essential and time-consuming. As a realtor gets more successful in his practice, there simply isn’t enough time in the day to handle all the duties required to sell a house. And if you miss out on the closing escrow date, you may lose the client and will not get any referrals after the sale.
Qualities To Look For When Hiring a Real Estate Transaction Coordinator
The main quality to look for in a real estate transaction coordinator is someone who is highly organized. There can be two dozen essential deadlines and appointments in a week during a hot real estate market. Your real estate transaction coordinator must create an organizational system that allows them to keep on top of any upcoming deadlines and accurately inform you or any other party member of what is needed to complete the sale.
Ideally, your real estate agent will also have excellent social skills as they will frequently contact people and explain complicated real estate topics. Also, it never hurts if they have past real estate experience.
A Real Estate Transaction Coordinator Will Make Your Life Easier
If you are beginning to feel burnout from your burgeoning real estate business, it is usually a sign that it is time to expand your team. A real estate transaction coordinator is the first place to start. You’ll be amazed at how much work they can take off your plate.