From getting the most out of your transactional software to mastering the office calendar, the value of a transaction coordinator is more valuable than ever to an increasingly digital office environment.
From online demonstrations to purely digital signatures and deals, the digital transaction has blossomed to the full. Throughout the month Inman explores the companies and technologies that are driving this new world of digital transactions.
Every professional office needs its glue that an employee or department, even if they don’t meet in person, can be considered for a morale boost or to solve a nagging problem.
In real estate offices, this person (or people) is often the transaction coordinator, the glue that ties signed contracts and commission checks. Since Inman has a month for digital transactions, there are a few reasons to appreciate the always valuable “TC”.
1. You know the software
Whether PreClose, SkySlope, TransactionDesk or DocuSign – you can rely on your transaction coordinator knowing the advantages and disadvantages of your transaction management system.
Every software product has learning curves and bugs, or ways it may not fit fully into your office’s workflow, and these little issues need to be resolved before anyone gets paid. Transaction coordinators understand the potential errors and workarounds required to keep the escrow account moving. In short, they’ll help you get the most out of your office’s technology investment.
2. They are a brand extension
The best TCs can do a lot more than just make sure the customer has signed all of the addenda – they are extensions of your office brand. Kindly and patiently, they know how stressful it is for people to buy or downsize their first home after a loved one dies.
It is only natural that they forget to confirm an inspection time or fail to send confirmation of their stock sale. They are there to help.
3. They keep you posted
Yes, dotloop was fixated on something when it called its transaction management software. Even with digital deals, all kinds of parts and pieces need to stay on track and the agents are usually too busy to know when everything has been submitted.
Rely on your TC for a reassuring text or in-app update that the cooperating agents have done their part and the contract date looks intact.
4. You always know the time
Inspections. Second look. Repair approvals. Furniture fairs. There are myriad reasons buyers might want to stroll through a home before closing, or why sellers won’t let them in – and any of those reasons can delay business.
Transaction coordinators can be your time negotiators, a powerful force across the multi-stakeholder calendar. It’s boring and yes, time consuming and also critical to closing the escrow account. A TC’s ability to manage the incessant digital ingestion of deal points is even more valuable in the many markets that still cannot come together in person.
5. They help you with the recruitment process
Coldwell Banker recently released a comprehensive Agent Priority Report asking more than 1,200 CB and non-CB agents what to look for in a broker. The # 2 item agents looking in a new place to hang their license? “More team support.”
Transaction coordinators can serve as the foundation of a real estate agency’s support system, and they can be a major draw for top producers who feel their current office is failing them in that department. Indeed, a broker or team leader would be wise to include their TC in meetings with aspiring, new, or relocating agents.
This list could probably go well beyond 10 items celebrating the immense value of the real estate transaction coordinator. As transactions become more and more 100 percent digital, their value to a real estate agency becomes immeasurable.
Do you have a technology product you’d like to discuss? Email to Craig Rowe
Craig C. Rowe started commercial real estate at the start of the dot-com boom, helping a number of commercial real estate companies build their online presence and analyze internal software decisions. He now assists agents with technology decisions and marketing by reviewing software and technology for Inman.