Imagine walking into a clothing store to purchase a new outfit. You have your eye on a nice little number, but when you get to the register, you’re told that this is not possible because the person who knows where the clothes are stored has gone home for the day. You can’t see them until tomorrow morning. Can you still buy the outfit at another time? Maybe. But if not, it’s going to be incredibly difficult to find another one of similar quality in your size and with your preferred color.
In most spheres of life, there is no easily accessible substitute for hard work and meticulous planning. As a real estate professional, you may wonder if you need a transaction coordinator on retainer or if you should hire one for full-time work.
The Benefits of Hiring a Transaction Coordinator
While you could certainly do everything yourself, it may not be in your best interest to take on the added stress of overseeing every tiny detail that goes into each real estate transaction. The benefits of hiring a transaction coordinator include:
- Highly-skilled help in coordinating the logistics of the sale or purchase.
- Assistance with showing homes and following up with potential buyers or sellers.
- An extra set-aside line in your budget for necessary expenses.
Do I Need a Transaction Coordinator?
If you are currently doing all of the work yourself, there’s nothing wrong with that. However, if you see how difficult it can be to manage even one property, hiring someone to take over at least some responsibility makes sense. A real estate transaction coordinator can help by taking care of the little things you may not have time for.
Some things to consider before hiring a real estate transaction coordinator:
- How many transactions do you typically handle in a month or year?
- Do you have the time to manage all of the details involved in a real estate transaction?
- What is your budget for this service?
- What are your expectations for the coordinator’s role?
Transaction coordination should never slow down or halt a sale or purchase – it should simply make the process easier and less stressful for all involved.
What Can I Expect From a Transaction Coordinator
A TC will help you through the entire process. They’ll ensure that everything goes smoothly and that everyone signs the proper paperwork.
They’ll also handle any questions about the contract or the disclosures. If there are any problems, they’ll resolve them quickly and efficiently. Transaction management can be a sale process that you completely pass off to someone else to save time for more important things from contract to closing.
You should expect to pay anywhere from $1,500-$3,000 per month for a TC. And, if you have multiple deals going on simultaneously, you may need more than one.
How Do I Find Someone Right For My Real Estate Business?
There are several ways to find a good transaction coordinator:
- Ask friends and colleagues for referrals.
- Look online for local companies that specialize in transaction coordinators.
- Search for “real estate transaction coordinator” on Google.com.
- Contact an agency or broker directly.
When you’ve found a company that seems like a good fit for your real estate team, ask for references. This way, you can check out their performance firsthand and ensure that they understand your real estate business and potential clients.
Can I Afford It?
It’s important to remember that while a transaction coordinator is an excellent addition to your team, it’s not a necessity. However, while it may seem like a luxury at first, a transaction coordinator can save you money in the long run. If you need help with administrative tasks and the transaction process, you can’t really go wrong with a transaction coordinator with real estate experience.
What Not to Expect From a Transaction Coordinator
While a transaction coordinator is helpful, there are specific tasks that you should not expect them to do. For example:
- TCs should not write contracts.
- TCs will not negotiate for you. That’s still your job as the real estate agent!
- TCs are typically not present at general or pest inspections.
Transaction coordination is a huge benefit for real estate professionals, but it should not ruin your profits.
If you need help with your real estate transactions, investing in a transaction coordinator makes sense. They’ll do the grunt work that isn’t as fun as showing homes or meeting buyers and sellers. It also frees up some time to be more productive and increase sales.
