Transaction Coordinator Misconceptions
Even though real estate TCs have been around for years, there’s so much that’s unknown or misunderstood about them. One of the biggest misconceptions circulating about transaction coordinators: they’re office assistants.
This, and so many other myths about transaction coordinators, couldn’t be more wrong!
Debunking Myths About Real Estate TC Professionals
Transaction coordinator myths have plagued the industry for far too long. If an agent truly wants to provide an impeccable experience for their clients, and grow into a successful real estate agent with a massive amount of happy clients shouting about their amazing experiences - a real estate transaction coordinator is the key! But let’s be clear about what a real estate TC is, and does for a real estate agent or real estate agency.
MYTH 1: TCs are Office Assistants
Fact: Office assistants typically help the real estate agent with tasks that benefit the assistant and only the real estate agent. A real estate TC is focused on the transactions, and everyone involved in the transactions. This means they’re tasked with moving a real estate transaction along its journey, making sure all aspects stay compliant and every stop along the journey meets its deadline.
Yes, this benefits the real estate agent in many ways, but that’s a happy byproduct not the main responsibility of the transaction coordinator.
Myth 2: TCs Don’t Share the 24/7 Real Estate Agent Work Schedule.
Fact: Real estate agents often work all the time, between open houses and showing properties. They’re main task is to find more clients, get them locked in and start new transactions. TCs don’t work hours like that. They have actual office business hours, and most of the other parties involved in real estate transactions keep typical office business hours, too.
So, be patient. If you send something to your TC, give them time to review and respond. Especially if you send something during off hours. A real estate agent must realize a TCs inbox is always chock full of requests, questions, and more. It takes a bit of time to sort through everything.
Myth 3: They’re Clairvoyant.
Fact: Need to know if a form has been signed? A TC will know, but only if they are clued in on which client’s form you’re asking about.
Real estate TCs are organized, and know where files are and kill paperwork. However, they aren’t clairvoyant. When real estate agents work with their TCs, it’s important to remember that when requesting answers on client paperwork, you have to be specific and state which client you’re asking about.
Transaction coordinators have multiple transactions they’re working on, and making detailed requests can cut back on a whole lot of “back and forth” messages trying to nail down the necessary details they need in order to answer questions properly and quickly.
Myth 4: You don’t need a TC.
Fact: Real estate agents shouldn’t be stuck behind a computer all day coordinating transactions. If that was the case, they’d never have any transactions to coordinate! Finding clients who want to purchase a home, and locating clients who want to sell a home, are their bread and butter. Paperwork is not. The more time spent doing paperwork, follow ups, and answering client questions about deadlines and paperwork - the less money the real estate agent makes.
Plus, if an agent is handling paperwork, they can’t tend to the more personalized customer care buyers and sellers need to feel taken care of during a transaction. The happiest clients are the ones that feel seen and heard with the deeper emotions involved in buying and selling homes.
Transaction coordinators handle the paperwork details, and client questions about the paperwork, leaving the agents to grow their business and create happy clients.
Myth 5: They make a real estate agent obsolete.
Fact: Oh, no. Not one transaction coordinator wants the real estate agent’s job. TCs are happiest when coordinating, organizing and handling real estate transaction paperwork. The best real estate agents have skills that often do not include running reports and tending to details on paperwork. Agents negotiate, understand the housing market, and use all of that knowledge to make sure home buyers and sellers have positive experiences! Big personalities for the “front of the house”.
A transaction coordinator takes care of the “back of the house”. The two are the perfect balance!
Get Yourself a Real Estate Transaction Coordinator
Now that we’ve cleared up the most common misconceptions surrounding real estate transaction coordinators, it’s time to hire one! One of the best decisions a real estate agent can make is deciding to hire an independent real estate transaction coordinator - they handle the paperwork and since they’re independent from a real estate office, they can move to new real estate offices with the agent! It takes a long time to create a symbiotic relationship, why invest that time with an in-house TC when an independent TC offers a far better option.
