Any deal that closes quickly and makes every party involved happy is a win in my book. But a vital role in the real estate industry that is often overlooked for the sake of closing a deal quickly is that of an organizer.
There’s a growing opportunity in every branch of the real estate world.
Companies, investors and even homeowners are realizing that their deals can close faster and without headache if they just have a transaction coordinator working on their side.
So, if you've ever dreamed of becoming your own boss, stepping out of the 9-to-5 rat race, or simply yearning for more control over your work-life balance, then this is your moment.
What is a Transaction Coordinator?
Just like an orchestra conductor ensuring every instrument is in harmony, a transaction coordinator (or TC) is the key player orchestrating all tasks associated with a real estate transaction.
They have the indispensable role of keeping agents in check, making the entire buying or selling process a breeze for both parties. So, whether it's coordinating the escrow account, managing property inspections, handling negotiations and repairs, or ensuring a smooth closing process, a TC has it all covered.
Some real estate companies have internal TCs, while others opt for independent coordinators. So, if you're a pro at managing projects, great at communication, and don't mind handling some paperwork, this could be your golden ticket to a new career both for public and private real estate professionals.
The Anatomy of a Stellar Transaction Coordinator
Even within the TC world, not everyone is cut from the same cloth. So, let's delve into seven attributes that define a top-notch TC.
An Arsenal of Experience
A top-tier TC is not a novice in the real estate sphere, even if they’re new to TC’ing. They come with an arsenal of industry knowledge and more importantly, the willingness to learn more.
This reduces potential hurdles and ensures a smooth transaction process. People from administrative backgrounds, such as paralegals or executive assistants, often make great TCs, expanding the pool of competent candidates.
The Art of Decision-Making
Like a chess grandmaster, a TC should have the ability to make informed, independent decisions, but they also know when to seek out sage advice. Problem-solving, collaboration, logical reasoning, and emotional intelligence are crucial elements of good decision-making that the best TCs have. This blend of skills is an absolute must-have in your toolkit.
Meticulous to the Core
It's the little things that matter.
A TC needs an eagle's eye for detail to ensure nothing slips through the cracks. However, the key is to strike a balance and not get overly consumed with minute details, compromising the bigger picture.
Creatures of Routine
Top-tier TCs are creatures of routine.
They rely on processes and structures to stay organized amidst the flurry of transaction details. They’re predictable and systematic - qualities that shine in the fast-paced world of real estate.
An ideal TC should seamlessly fit into your company's culture. It goes beyond just being sociable and outgoing. They should strive to make the experience of working with a TC enjoyable for every party. They should represent your company’s values, and by extension, your community's values.
Communication is the backbone of a TC’s role.
They need to be comfortable interacting with all parties involved in the transaction, whether it's in person, over the phone, or via email.
They also need to be comfortable speaking the truth. Sometimes timelines don’t work out. Things don’t always go to plan. Your job it to find a solution and be realistic with all parties. You can be optimistic, but honest communication helps build trusting relationships that will build a returning clientele.
Last but not certainly not least, is passion.
The duties of a TC might seem complex and monotonous to the average person, but the right TC will relish the role. They find pleasure in organizing, managing, and paying attention to details, even if they themselves don’t want to buy or invest in real estate.
This passion is what drives them to perform their duties effectively.
The Payoff of being a transaction coordinator?
Being a TC, whether for a brokerage firm or as an independent professional, is an investment with serious payoff. The goal is to alleviate administrative burdens. You become the key piece that frees up focus so your parties can keep working on what truly matters to them while you keep working toward what matters to you: your clients and closing deals.
As a TC, you’re put in a position that lets you help build relationships with clients, close more deals, and ultimately grow your business.
Now, I know all of this can seem overwhelming and maybe you don’t know where to start, but that's why I'm here to guide you.
Click here to access my free training where I’ll help illustrate all this in more detail. You're just one click away from unlocking your career transformation. So, are you ready to step into the world of top-tier transaction coordinating and start making real estate investor-type money without ever even owning property?