Within the past few years, many real estate agents have started using a Transaction Coordinator (TC). And this rising trend has changed business forms in real estate industry.
In this post, we want to explore Transaction Coordinator responsibilities, the several benefits gotten by all parties in the transaction when using a real estate transaction coordinator, and how TC benefits the Consumer, and real estate agent.
Real Estate Transaction Coordinator Responsibilities
A Transaction Coordinator is a person in charge of overseeing and monitoring the process of the transaction through interfacing with property management companies., escrow companies, clients, and real estate professionals. A real estate transaction coordinator is in charge of maintaining escrow of each home and documents about the sale, processing, and coordination of all information and managing escrow files.
A transaction coordinator will regularly perform Client Relationship Management (CRM) duties, clerical and administrative duties, setting home inspection appointments, including accounting-related tasks, and helping real estate agents in communications.
Other Responsibilities includes:
- Managing team members.
- Manage and Oversee Marketing, Underwriting, and Database Department.
- Provide Written Sales Pipeline Reports.
- Hiring and Managing Interns.
- Executive Summary Reports.
- Maintain all parts of seller’s transactions
- Preparing pre-listing presentations, listing materials, schedule open houses, coordinate showings.
- Providing updates to sellers with progress and feedback reports from marketing efforts and showings.
- Tracking each listing progress, and update information in transaction management systems and client database. etc.
Benefits of a Transaction Coordinator
All parties included in the transaction, the Consumer, the Broker, the Service Vendor, and the real estate agent benefits from transaction coordinator services. Below are the essential advantages of using a real estate transaction coordinator service:
Increase Transaction Activity Quality Control
Real Estate Brokers frequently experience a lack of oversight into the regulation and monitoring of processing transaction. At times, they have little knowledge into each party activities. Brokers have little influence over various documents and files that are critical to the transaction. By receiving and executing a transaction coordinator services, brokers may unify and institutionalize the organization’s processes.
Reduced liability for Omissions and Errors
Numerous insurance agencies offer Lower premiums of errors and omissions insurance to the Real Estate Brokers that have a standardized transaction process.
Focusing Core capabilities
Dedicating somebody exclusively to the process of the transaction alleviates the real estate agent of managerial obligations, enabling agents to do what they specialize in, improve relationships and drive new business. This labor division facilitates productivity by all concerned individuals. The cooperative energy created by people concentrating on their core skills empowers efficiencies.
Increase Non-Commission Sales Profit of Ancillary Services
With margins and commissions getting to be noticeably more tightly all through the real estate brokerage industry, Brokers are searching for approaches to verticalize their business. Making use of a transaction coordinator increases broker controlled ancillary services rate, for example, title insurance and mortgage.
Retention Edge Over Other Brokers
Brokers are continually looking for differentiation. Many successful real estate brokers use new procedures and different differentiators ahead of time to attract clients. Using a transaction coordinator service might be a great approach to differentiate the Broker’s suite of services. Numerous real estate agents would prefer not to be involved in paper management business and relinquish the obligation to a professional transaction coordinator.
Narrows Information Funnel
With the increasing number of individuals required (from inception to closing) of a single transaction, information is being dispersed multiple times, to numerous parties. Information can be misunderstood, mishandled or misdirected if a central facilitator is not in charge of the critical communications.
Time Savings
While, on a typical transaction, a transaction coordinator spends around 12 hours, the average real estate agents spend around more hours dealing with a transaction. The time spent dealing with the transaction has financial implications on the agent. Likewise, it also helps shorten the time to close a transaction. Real estate transaction coordinator creates a management platform in which deliverables and tasks are firmly managed with accurate measurements of accountability in place.
Focus Agents on Finding More Clients
Many Realtors are confined in a mysterious web of communication with the majority of the players in the transaction. Valuable time is spent on the telephone, and email ordering services and keeping an eye on their status. Making use of a transaction coordination, a lot of this time could all the more profitably spend selling property, finding new customers, and other undertakings that increase profitability, bringing about more incomes.
Increase Customer Benefits and Customer Satisfaction
Today’s customers hope to get prompt answers concerning their affairs. Real estate agents are busy individuals and, and when available to talk, don’t have the appropriate response prepared. Customers will find that in working with a transaction coordinator who is more promptly available, their agent allows them faster and comprehensive answers to their inquiries. These advantages mean enhanced consumer loyalty, referrals and repeat sales.
These days, customers anticipate immediate access to data day in and day out from real estate agents. Customers will appreciate transaction coordinators, which are available constantly, permit them faster and more comprehensive responses to their inquiries and in this way alleviating their complaint of “lack of communication.
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Transaction Monster – Real Estate Transaction Coordinating Company