The most important asset to your team is a transaction coordinator. Sure, you might be able to charm every buyer and seller, but when real estate deadlines loom, your Transaction Coordinator will have all the important information, status updates and be able to keep your deal together.
Transaction coordinators are the center of your real estate business and the most important team member for expansion and growth. They will grow from a paper pusher to the hub of your real estate team. Here are the most important traits to look for when hiring a transaction coordinator.
There’s a lot of paperwork and signatures needed during a transaction. From state required disclosures and to broker specific paperwork, every form has to be properly filled out by all parties in the transaction. Your coordinator is responsible for obtaining signatures and making sure the proper paperwork is completed in a timely manor. It takes a highly detailed individual to make sure paperwork is missing or overlooked.
As with any deadline-based position, there is a lot of stress involved in transactions. Everyone on your team should be able to remain calm and focused during the chaos of a transaction. If your transaction coordinator gets stressed out and can’t manage daily escrow tasks, it could result in escrow canceling and a loss of your commission.
All member of your team should play well with others! Your real estate team represents you and will be a reflection of your business to the outside world. Internally, your coordinator is the point person of your team and must interact with all other members of your team in a professional way.
Transactions involve a lot of paperwork and required disclosures. There should be a system for tracking every piece of paper that crosses your desk. At any given moment you could be asked for a specific disclosure, if you can’t locate it, it could cause a lot of unnecessary stress on your real estate team. The most important characteristic a transaction coordinator should have is the ability to organize and locate any transaction specific paperwork.
As you build your team and business, you want to hire people who will grow with you and not jump ship as soon as they have another offer. Since your transaction coordinator is such an iatrical member of your team, take your time with the hiring process and find someone reliable and trustworthy. As your business grows you’re going to depend on your team more and more.
When hiring a transaction coordinator, you should look for someone that matches these five basic requirements. It will greatly increase you real estate productivity and allow you to focus on other aspects of your business.