Being the face of any organization, employees formulate the success story of any company. Real estate agencies are not an exception to this, and their success depends on the team players the management has brought on board and how well they perform their roles.
A real estate agent needs to be careful in its hiring process for growth and development. Hiring good people means good results, which is a plus for any business
There are many role players in a real estate company. These people play different roles, from the management to the support staff. A transaction coordinator is one of the most critical hires to make for a real estate agency company that wishes to take its growth to a higher level.
The reason is that the real estate business involves a lot of transactions and interactions between agents, lenders, and clients. The transactions can be an uphill battle if not well-coordinated, and things could go south for any business
What does a Transaction Coordinator do?
AReal Estate Transaction Coordinator organizes and monitors contracts during the selling and buying. They’re in charge of filling out escrow paperwork, setting up a time for repairs and investigations, and ensuring that the relevant persons approve offers and counteroffers.
Typically working from a real estate office, Transaction Coordinators ensure timely filing of documents, schedule closing procedures, upload customer information into the company database, do after-sale customer follow-up, and perform other tasks as the administration may need them
What to Look for in a Transaction Coordinator
Transactions in a real estate agency company mean a lot and may mean everything. Things going wrong transaction-wise could have detrimental effects. companies could lose lots of money, and clients could be scared away.
Therefore, it is important to look for the right traits to hire the right man for the job. The following are some critical traits that transaction coordinators should have
Transactions in the real estate business involve small details that a transaction coordinator could easily miss if they are not diligent enough. Therefore, they need to be careful, read all specifications, and work extra, even if it means sweating through the small stuff to ensure everything goes well. Attention to detail is the only thing that will prevent things from going south
Sometimes, many issues require attention simultaneously. Being stuck on small details without concentrating on other things may derail progress in your company. A transaction coordinator must multi-task to get other things going even as the smaller details get solved elsewhere. The recruiting team should ask questions to reveal how an individual will act in such circumstances
Ability to Meet Deadlines
Transactions in real estate are time-bound in nature because the value for real property changes with time. A transaction coordinator should meet deadlines properly with all documentation in place within the allowed time frame. They should be able to do what they are required to do
Ability to meet deadlines narrows down to the little aspects within our personality. One needs to be wise in the allocation and use of their time. It is only the focused and organized people who can meet deadlines.
Therefore, while scouting for a transaction coordinator that will meet deadlines, the recruiting team should be able to pull out qualities related to time management and strict discipline
Relevant Experience in Real Estate
The Real estate industry is a technical field that requires prior training. In addition to a licensed certification, Transaction coordinators should have relevant exposure in the real estate business. Hiring experienced coordinators help avoid mistakes and delays with inexperience in technical areas
It is also important to note that experience alone is not the only thing to look for while filling up a transaction coordinator position. Always look for a good experience in steady transactions and paychecks of previous transaction coordinator positions
Ability to communicate
Communication is a vital aspect of an employee, especially in a delicate position such as a transaction coordinator. Proper communication enhances the smooth running of activities with all relevant parties to a deal feeling involved and well-informed during a transaction, the real estate transaction coordinator should communicate effectively with agents of the buyers and sellers, lenders, and title.
They should also communicate effectively with other professionals like surveyors, inspectors, and authorities. They should be able to talk to a lot of people comfortably. Proper communication, in this case, entailing face-to-face, over the phone, and electronic mails
How to Compensate a Transaction Coordinator
A Per-transaction Fee
This is a good deal for start-up companies that can not hire full-time salaried transaction coordinators. It involves paying a fee per transaction to your coordinator. The fee pays for the expertise, the technology used, time, and the many tasks they completed within the transaction
The fee includes a boarding fee that the transaction coordinator uses to set up the transaction. This fee is usually $300-500. This fee is payable upon the closure of the transaction.
There are also options to hire a personal transaction coordinator. Agents pay the personal TC by a fixed fee or an hourly rate. for the firms opting for the personal Transaction coordinator, it is important to make sure they are efficient
As a Salaried Employee
This is ideal for large firms that can comfortably incorporate a transaction coordinator. their transactions are probably large in number. Monthly, firms pay an average of 3200$ to a Real estate transaction coordinator. The only caveat that firms need to note is to ensure that their transaction coordinator’s value matches the money they pay.
Hiring a transaction coordinator has all the benefits accrued to it. It saves you the time for administrative responsibilities and focuses the firm on talking to more clients and closing deals. What more can a firm ask if not for convenience in business and more business. With the right team in place for recruitment, all desirable traits for your TC will be in place. Your firm is worth that smooth run!