5 signs it's time to hire a real estate transaction coordinator
by:
Ashley Walsh
It takes a lot of moving parts to grow and scale a successful real estate business.
Sales, marketing, and customer service are just the beginning and it can be difficult to find time for strategy if you’re getting bogged down by task management.
If you’re looking to increase your business, but can’t find the time to focus on the bigger picture, you may need to take a closer look at where you're spending your time and identify inefficiencies that are holding you back.
A good transaction coordinator can streamline your office and keep every little detail in check so nothing falls through the cracks. In addition, they can be more responsive to clients, giving them a better understanding of what to expect and ultimately, a better impression of your business. Great transaction coordinators will start by building an extensive transaction checklist.
A typical transaction coordinator will handle the following responsibilities:
Coordinating title/escrow, mortgage loan and appraisal processes
Communicating status updates to stakeholders (agents, vendors, clients)
Coordinating inspections & negotiations
Ensuring that all documentation is submitted on time
Scheduling, coordinating and attending closing
Following up with clients after the sale to check in and ask for referrals
Do I need a transaction coordinator?
Here are a few telltale signs that you may need to hire a transaction coordinator to help you grow and scale your business.
Something slipped through the cracks - In real estate, details matter. If you’re missing deadlines or forgetting important tasks, it’s bad for business. We all let things slip through the cracks on occasion, but if you find yourself feeling overwhelmed or disorganized, it may be a sign you need a transaction coordinator.
You're too busy to try or learn new technology - One of the greatest mistakes seasoned agents make is shying away from technology. Just because you’ve always done something a certain way, doesn’t mean you should keep doing it that way. Take a horse and carriage for example - it can get you from point A to point B, but would you drive a horse and carriage to work? Probably not. Technology can be frustrating at first, but real estate transaction software has come a long way, and taking a few days to learn a new system could save you hours a week. Still not interested - perhaps hire someone who’s process-driven and can manage that aspect of your business.
You’re too busy to spend time nurturing relationships - If you ask a realtor what they love about their job, you can almost guarantee they will bring up their clients and relationships. It’s a relationship-driven industry and agents who master relationship building are often the most successful. If you find yourself spending more time behind a computer and not enough time interacting with clients it's time to examine your staff and processes.
You’ve got more leads than you can follow up with - Are leads pouring in and piling up? If so, this is a real problem. For starters, you’re losing valuable business. In addition to that, real estate leads are expensive. Getting the most out of your marketing spend takes consistent time and effort. If your existing business is keeping you from gaining new business you need to find a solution.
You have no time for family and friends - What’s the point of killing it in real estate and making tons of money if you don’t have time to enjoy it? Real estate is a grind, but everyone needs time to recharge every now and then. If you’re working 24/7 and can’t enjoy your success, you could end up burning out and hurting your business in the long run. There’s no shame in hiring help so you can take the occasional break.
If even one of these issues applies to you, it could be holding you back from growing your business to its full potential. If you’re ready to get back in front of potential clients and out from behind your computer, you guessed it - it might be time to get a transaction coordinator.
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