September 25, 2022

Real Estate Task Management Tools: Worth Your Time?

Ashley Walsh
Ashley Walsh

The job of a real estate transaction coordinator is, in many ways, a juggling act. On any given day, you could be jumping between answering phone calls/emails, meeting with agents, gathering signatures for documents, and coordinating with other parties—all before lunch! If you've been working in transaction management for any period of time, you've likely experienced first-hand just how demanding this role can be. Fortunately, there are a number of real estate task management tools at your disposal to make your job easier and keep yourself better organized.

Of course, not just any task management tools will do for a dedicated real estate transaction coordinator. Below, we'll go into detail about why standard task management tools won't cut it—and what to look for in a great real estate task management tool that will help you set yourself apart and close deals more successfully.

What is task management?

Generally speaking, task management refers to the processes you use to keep track of all the items on your "to-do" list. In real estate specifically, task management refers to the system you have in place to stay up-to-date on all the things you need to get done and their deadlines.

Effective task management is vital to the success of any transaction coordinator because, simply put, it's what real estate agents hire you to handle. Agents (and their clients) rely on transaction coordinators to keep the logistics of deals in-check at all times. A lack of task management reflects a lack of organization, which can quickly create problems with meeting deadlines and even push closing dates back—which nobody wants.

Types of tasks that need to be managed

On any given day, there are a number of specific tasks that a real estate transaction coordinator may be responsible for managing. For starters, transaction coordinators handle a lot of communication and outreach on a daily basis. Often, this is done on behalf of a real estate agent, so it's important for these communications to be both timely and professional. 

Transaction coordinators also take on the important task of collecting signatures for documents, such as purchase agreements, inspection reports, appraisal reports, and more. Not only do transaction coordinators take care of collecting these signatures (virtually and/or in-person), but they also have to stay on top of the specific deadlines for submitting these documents.

Finally, transaction coordinators in real estate do a lot of scheduling and coordinating with other people's schedules to ensure that appraisals, inspections, and other important tasks are carried out before closing. As you can see, the job of a real estate transaction coordinator involves a lot of moving parts.

Why standard task management tools aren't enough

With all this in mind, the reality is that standard task management tools simply aren't enough for real estate transaction coordinators who really want to set themselves apart from the competition by doing their jobs well. In fact, there are a number of ways in which traditional task management tools fall incredibly short. 

Hard to keep track of customer-specific tasks

As a transaction coordinator, you may be working with several different agents (and their respective clients) at once. Most task management tools that aren't specifically geared towards the real estate industry don't allow you to track specific tasks by client/customer. This, in turn, can create some unnecessary confusion in your job.

Makes personalization tedious/difficult

Personalization is key to providing excellent customer service as a real estate transaction coordinator. Even sending out an email to a potential lead that uses their first name can go a long way in increasing conversions. The more personalized the experience you can offer to your clients during the transaction process, the better. Unfortunately, many task management tools fall short when it comes to their ability to offer custom branding.

Doesn't always integrate properly with existing tech

If you already have software that you use to do your job on a daily basis, then having a task management tool that will easily integrate with those existing platforms can save you a lot of time and hassle. Unfortunately, many standard task management tools do not integrate properly with existing tech, which can create additional headaches and waste your hard-earned money.

Makes effective communication difficult

Many standard task management tools also overlook the importance of effective communication, whether it be between you and an agent or you and the buyer/seller. Without a dedicated client communication portal, you and your clients may have a hard time staying on the same page—and referring back to previous conversations may be difficult (if not impossible).

Doesn't focus on risk and cost management

Risk and cost management are important aspects of any transaction coordinator's job. However, standard task management platforms simply will not have this industry-specific feature built-in. 

Final thoughts on real estate task management tools

Ultimately, real estate transaction coordinators who want to get the most out of their task management tools should select a platform that is specifically designed with the dynamic real estate industry in mind. This way, transaction coordinators can enjoy the easy tracking/customization and effective communication tools that are needed to get the job done correctly. Meanwhile, custom-tailored task management tools enable transaction coordinators to better serve their clients and set themselves apart from the competition.

Shaker is a dedicated transaction management and CRM tool for real estate professionals, offering features that range from a branded communication portal to easy reporting and flexible transaction management tools. Likewise, Shaker is designed to integrate seamlessly with many of the most popular real estate tools already on the market, including Docusign, Dotloop, MLS, Google Calendar, and more.

Ready to take your success as a transaction coordinator to new heights? Request a demo of Shaker today to see how it can work for you! You can also reach out to our friendly team with any questions you may have.

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