September 16, 2022
With more than one-third of real estate agents hiring transaction coordinators (TCs) these days, working in real estate transaction management can be a rewarding job; at the end of the day, you get to expedite the closing process for agents while helping buyers and sellers alike. Still, working as a transaction coordinator can be competitive—so you'll need to constantly work to set yourself apart from others in the field.
Up-skilling as a TC is a great way to provide more value to your agents while standing out from the competition. Wondering how to be a better real estate transaction coordinator? We've got some tips to help you get started.
Closing deals in real estate is a complicated process that involves a lot of communication across several parties. Even for an experienced TC, this can be a lot to keep track of — especially when you're trying to coordinate multiple transactions at once.
Meanwhile, because TCs tend to more-or-less work quietly "behind the scenes" of a deal, the value of their work is not always immediately seen. And in a time where the cost of everything seems to be on the rise, some agents may be scaling back on their spending. This may mean cutting out some services (like transaction coordination) if they don't feel they're getting enough out of them.
Still, the TC field remains as competitive as ever as more people enter the real estate industry. All of these combined factors mean that it's more important than ever for TCs to find ways to stand out and provide as much value to their real estate agents as possible.
So, what steps can you take to improve your TC skills today? Let's explore a few options.
No matter how much training you may already have under your belt, it can never hurt to have more. In the constantly changing real estate field, there's always something new to learn—and completing the right training will help you stay on top of the latest innovations and advancements in the industry.
Of course, not all TC training is created equal. Take some time to explore your options for both online and in-person training opportunities. Some reputable sources of TC training include the Transaction Coordinator Academy and the TC Institute.
Another way to up your game as a real estate TC is to find unique ways to improve your overall experience for the customer. Remember that the "customer" is not just the real estate agent who hired you, but the buyer or seller they're representing as well.
With this in mind, there are plenty of ways you can go about improving the customer experience. Start by going out of your way to make your agent look good. Your agent or broker hired you primarily for this purpose. This means being as professional as possible in all of your communications and remembering at all times that you're representing your agent in everything you do.
Speaking of communications, it's also important as a TC to know who to copy (and who not to copy) on emails. This is something that most agents don't think to discuss with their TCs, but it's an important detail. By clarifying up-front who to reach out to in certain situations, you'll save your agents a lot of time and hassle—which, of course, provides more value.
Depending on the state where you're working, you may or may not need to be licensed in order to work. Most states do not require TCs to be licensed (with some exceptions). However, by pursuing TC licensing/certification in your respective state, you'll be going above and beyond while setting yourself apart from other TCs who may not be licensed or certified.
Likewise, even in states where licensing is not required to work as a TC, you may be unable to carry out some job functions without a license. For example, you may not be able to carry out such activities as explaining a contract or negotiating a commission without a real estate license in some states. By getting licensed, you'll be able to carry out your job duties to the best of your ability. Meanwhile, many agents will simply prefer to hire TCs who have their real estate licenses.
If you're looking to up-skill as a real estate TC, now may also be a good time to review the tools and resources you're using to get the job done. Specifically, making the switch to a reliable and innovative transaction management system can make all the difference in the quality of your work.
A platform like Shaker can make your job easier while helping you more successfully coordinate real estate transactions for your clients. With a branded client communication portal, seamless DocuSign and Dotloop integrations, and a mobile app for TCs on-the-go, Shaker makes it easier for you to juggle multiple transactions at once without dropping the ball. Likewise, this platform includes secure document storage and email communication records for compliance, so you'll always be covered.
The field of real estate transaction management is a competitive one—so creating a plan to step up your game and set yourself apart from your competition is a must if you want to be successful. By doing so, your clients will be able to better appreciate the value of your work, which means they'll come back to you time and time again.
By improving your training and getting licensed (if you haven't already) and using the right transaction management software, you'll be well on your way to success as a TC. Ready to give Shaker a try? Request a free demo to get started today!
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