Some people have a mistaken notion of a real estate agent’s duties and responsibilities. Unlike what they think, buying or selling a property involves more than just exchanging keys, some documents, and necessary formalities.
As an agent, you are familiar with the complexities and stages of a property’s transaction. A small firm owner might find it possible to handle multiple tasks themselves. However, when your business expands, it makes sense to hire a real estate transaction coordinator to whom you can delegate the transactional aspects of a purchase.
What should one look for in a coordinator, and what to consider before hiring one?
Why should one hire a coordinator?
Most realtors avoid hiring a financial coordinator when starting their business, which makes sense. The number of buyers and sellers is limited, and managing them is not very difficult. Moreover, they want to completely control their business rather than putting their trust in someone else.
However, handling the transactional aspects when having multiple buyers and sellers will end in one getting burnt out and depleted of energy. Having someone to whom you can delegate the task will leave you enough time to pursue other things vital for your business’s growth, for instance, direct mail marketing.
Duties of a TC
A TC’s task is to oversee all the various aspects of the transactions, including processing the essential paperwork for listing and coordinating with the multiple parties involved in those deals.
As part of their job, they create listings on multiple listing services (MLS), open an escrow account once the contract has been signed, schedule property inspections, handle vital repairs and maintenance, ensure the submission of documents, and schedule follow-ups.
They also coordinate the property transactions, attend the closing, and ensure the correct entry of client data into the database system (for example, CMS). They also coordinate with the marketing department to organize a direct mail postcard campaign to connect with prospective buyers and sellers in their area and offer constructive real estate farming ideas.
Do they work on a full-time basis?
Some work full-time, but many work on a per property file basis. They handle your coordinating requirements until the opening and closing stages of a purchase at a predetermined fee, usually between 300 USD to 600 USD.
Small brokerage firms should hire independent transactors rather than in-house ones because it costs less, as one would pay them only on a per-file basis.
Qualities to look for in these professionals
Before hiring an administrator, it is advisable to check a few things. For instance, they should be particular about every detail since details play a vital role in every transaction. They should be adept at meeting deadlines, multitasking, and finding solutions to constantly emerging challenges in their domain.
It also helps to have someone with some experience in real estate, even if they charge a higher price than inexperienced ones. However, if you must hire an amateur, they should show enthusiasm for learning new stuff.
Possessing communication skills is equally necessary, as they must interact with clients over the phone, email, and even in person.
Before hiring a professional, asking other realtors about the benefits of having one on your team would be better. You could also ask your broker for recommendations or use hiring sites to find a good candidate for the job. It helps to conduct extensive research before hiring someone to ensure they’re the right fit for the job.
A real estate transaction coordinator makes things easier for you by handling the transactional aspects of a deal. From creating listings to scheduling the follow-ups, they ensure that an agreement concludes smoothly.