This episode of Agent Rise is going to make most of you nervous – because I’m insisting that you hire a transaction coordinator now – no matter where you are in your real estate career. Actually, let me backpedal on that a bit: If you have less than 10 transactions under your belt, this is not for you – YET. But notice what I said – 10 transactions. You’ll be to this point soon enough.
You may think I’m crazy. Maybe I am – No, I’m not. I know that I know that I KNOW from personal experience that hiring a transaction coordinator will set you free to do what you need to do in order to increase your overall business momentum and set you up to do more deals this year. It’s that simple. Listen to hear my reasons, learn what you should look for in a transaction coordinator, know what they can do for you, and hear how I’d go about interviewing a potential TC. It’s all on this episode of Agent Rise.
But Neil, I can’t afford a transaction coordinator!
The thing that holds most Agents back is that we are wrapped up in the details and minutiae of transaction after transaction – and we have no time to build our business. The details are all important stuff that needs to be done, but who says WE have to be the ones doing it? If you are a control freak who can’t delegate, you are holding yourself back. You need to let go. You need to get help.
OK, so let’s talk about the money part of things. I know you feel like you can’t afford to hire a transaction coordinator. I felt the same way for almost 90% of my career. But I’m telling you from hard-learned experience, you truly cannot afford NOT to hire a TC. Why? Because your overall transaction volume will go UP when you hire a TC. That means you’ll have the money to pay them, no problem. Listen to learn how you can get out of your own way and level up your business by hiring a transaction coordinator.
A real-life example of how a transaction coordinator helps you do more
I have to be honest and let you know – out of the 1000 transactions I’ve done in my career, I’ve only done the last 50 to 100 transactions with the help of a transaction coordinator. And those last 50 to 100 transactions have gone more smoothly and have been done in a way that has allowed me to produce more and provide better service than ever before.
Recently I was in a meeting when my transaction coordinator discovered that a few numbers on the paperwork did not match up. I saw the issue come up on the email app on my phone during my meeting – and a series of emails went back and forth. I knew something was blowing up and it made me nervous about what I was going to have to deal with when I got out of my meeting. When I finished the meeting I checked the last email and it was from my TC saying, “I got everything taken care of – no worries. Enjoy the closing.”
MAN! That was a powerful reminder to me of why my transaction coordinator is so important.
What should you look for when hiring a transaction coordinator?
There are so many things that go into a typical closing and most of us do them as second nature without thinking through the details. But if you’ll take the time to look over the home buying process, you’ll see that there is a TON of stuff that you’re doing that you really can pass on to someone else. And here’s the good news – you can pass it off to someone who not only does it better than you, but who also enjoys doing it!
Here’s what you should look for when considering a person as a transaction coordinator:
- They need to be experienced so that YOU don’t have to train them
- Hire someone who knows more about transactions than you do
- You want a person who stays one step ahead of issues
- Find someone who will work as a subcontractor and only gets paid when closings take place
What should a good transaction coordinator be doing for you?
You know there is a lot of detail that goes into every transaction. Let’s break down all the things that you can and should delegate to your transaction coordinator…
- Introduce and coordinate with all parties
- Create a detailed closing timeline and stay on top of it
- Email clients the next steps
- Manage all contingencies and key dates
- Schedule and coordinate the appraisal, inspection, final walk-through, and closing
- Review all contracts and paperwork for accuracy and compliance
- Chase down missing paperwork
- Open escrow and/or order title work
- Communicate progress as you go along and keep all parties on track
- Order home warranties, coordinate transfers, manage HOA documents
- Monitor closing progress and provide updates
And that’s just a part of what I’m sharing on this episode. I also provide a list of things your new TC should NOT be doing – and tell you how to ask the right questions to find out if the person you’re interviewing is the right fit for you.
Outline of this great episode
- [2:40] I’ve come to believe a Transaction Coordinator is vital, no matter where you are
- [4:20] The work a TC can do for you will allow you do do more that you need to be doing!
- [12:06] What are you looking for when you hire a transaction coordinator
- [14:30] What should a good transaction coordinator be able to do for you?
- [17:20] How can you find a good TC?
- [18:01] Questions to ask a potential transaction coordinator
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Resources and Links mentioned in this episode
- Watch Masterclass “5 Steps To Building An Uncommon Real Estate Career”. It’s free. https://neilmathweg.lpages.co/agent-rise-masterclass/
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