Transaction Coordination vs. Transaction Management
A real estate transaction is one of the most complex financial pieces of any real estate deal. It takes what feels like forever, and can stress out even the most calm and collected real estate agents. Can you imagine what the real estate transaction process does to the buyers and sellers of houses?
When you’ve chosen to sell your home, or you’re on the other side trying to find the perfect house to create a life in, the last thing you want to deal with is paperwork upon paperwork. And the forms! So many forms. If even one minor thing is spelled wrong, the entire real estate transaction can be set back for days, weeks, or longer. How is a real estate agent expected to pay attention to all the details, maintain a positive experience for their real estate clients, grow their clientele and have an actual life outside of the real estate office?
The best ones know they need a real estate transaction team to handle every detail involved, as well as provide quality customer service to all clients. A team that can handle the back of the house, a.k.a. Transaction Management, but also handles the front of the house, a.k.a. Transaction Coordination.
Transaction Management Gets Your Real Estate Office Paid
When you have a solid team of transaction coordinators, it can often seem like the management and coordination is the same job. It isn’t.
Transaction management is “the process”. A system utilized behind the scenes that manages all of the steps involved in a real estate transaction.
Contracts and forms filled out properly and electronically signed
Deadlines met and all forms, contracts and documents filed properly
Accurate accounting, as well as commissions paid out properly and on-time
Closing the deal successfully
Seems simple enough, right? No, nope, absolutely not.
Things go wrong all the time. Even when you’ve paid attention to the details and everything is filed properly, and on-time. People are - well - human. They get upset. There are anxious phone calls. Sometimes there’s cross words spoken between those involved in the transaction process. It’s expected, right? Stress and anxiety doesn’t affect people in the most positive of ways.
“The process” just ensures the transaction follows the right path towards the ultimate goal: the sale or the purchase of a piece of property. Its focus is on papers, dates, signatures, and money.
Whereas, transaction coordination is about the actual people involved. It’s about customer service.
Transaction Coordination is Your Real Estate Customer Service
There’s absolutely no denying it, a strong transaction coordinator will create a seamless process that melds both the back-end transaction management with the front-end transaction coordination. The best ones won’t ever allow a client to feel unheard or unseen or unappreciated as everyone goes through the transaction management steps.
Coordination empowers your real estate clients! They thrive on communication, regardless of where they are in the transaction management process. They want emails, phone calls, meetings and updates. It’s important they feel included in every aspect of the home selling or home buying process.
The coordination piece of the puzzle doesn’t just send the forms, documents, and contracts to the clients. Instead, it’s providing reviewing everything before submitting all of it to the powers that be.
Transaction management won’t get the job done successfully without transaction coordination.
The Ultimate One-Two Punch: Real Estate Transaction Management and Coordination
You cannot have transaction management without transaction coordination, and vice versa. A successful real estate transaction must leave your clients not just with a big check for a house they have sold; or, a dream home they have purchased, but also that warm-fuzzy feeling of contentment, satisfaction and bliss. This cannot be done with just management, or just coordination.
Real estate transactions are NEVER without hiccups and bumps in the road. You can have the best transaction management system and process in the world, but there will always be unexpected problems that arise. It’s the transaction coordination that scores a huge victory for your real estate business! It puts PEOPLE first, PROCESS second which balances nicely with transaction management, which puts the PROCESS first, and lets coordination handle the people.
Real Estate Agents Know the Recipe for Success
People need to know they aren’t just dollar signs. When they’re taken care of, even through the harder moments experienced during a real estate transaction, they’ll sing your praises and be a fantastic marketing team for your real estate office. Once a real estate agent finds the perfect real estate transaction coordinators, they’ll more often than not grow bigger than they ever imagined possible!
