If you are in the real estate business, you know having a transaction coordinator is a must. Successful real estate agencies need to hire a great team to grow. There is much more to being a real estate agent than submitting offers and handing over house keys to buyers.
A transaction includes a multitude of tasks that needs coordination. Some realtors opt to handle these transactions alone, but you will be much more efficient with a transaction coordinator on your team. Here are a few things you must consider when hiring a real estate transaction coordinator.
What Does A Transaction Coordinator Do?
Transaction coordinators oversee all the aspects of buying and selling transactions, from purchase agreement to closing. They will help you schedule inspections and repairs, handle the paperwork, and approve the offers and counteroffers.
You can avoid delays in the buying process with such a person on your side. Your coordinator will also regularly update and maintain communications with the clients, lenders, title officers, agents, and other parties involved. They can attend or arrange meetings regarding the closing process.
As you can see, their scope of responsibility is very wide. That’s why you must find someone that is up for the task. They ensure a smooth and successful sale which makes all the parties involved happy and satisfied. Also, check out the jobs to boost your career in UAE to become a successful person.
What To Look For In A Transaction Coordinator?
To get the best transaction coordinator for your team, be ready to do some searching. You will depend on the coordinator for a lot of things. Here are some qualities to consider.
1. Extreme Attention To Detail
You need someone who does their due diligence with every step of the buying and selling process. Missing some details, especially with documents, can be detrimental in real estate. They not only need to be organized but also detail-oriented.
The coordinating position requires a lot of multi-tasking when juggling multiple deals. If the person doesn’t pay attention to detail, they will miss important details that might affect the purchase. They have a lot on their plate, and they move at a really fast pace. Not everyone is cut out for the job.
Do a series of interviews and ensure you discover if they are detail-oriented before making any decisions? Because such traits are hard to measure, you should look at their recommendations from past employers or job history. That’s the best way to tell if the transaction coordinator is suitable for the high-pressure real estate industry.
2. Ability To Meet Deadlines
Deadlines are crucial in real estate; they can make you lose a hard-fought deal. You can’t afford to miss even a single one because it’s also your reputation at stake. If the coordinator can’t handle fast deadlines, then you are hiring the wrong person. They are supposed to reduce the administration burden.
Their work can be very stressful, especially when deadlines are fast approaching. There can also be last-minute changes to the transaction that requires them to act fast. The real estate transaction coordinator must be able to handle all the pressure and meet the required deadlines.
You are better off with someone who has worked with a well-established agency before. It means they have had to handle fast deadlines before, and they understand what it takes. Everything a transaction coordinator does is time-sensitive. Someone who gives excuses all the time will drag your good name down.
3. Relevant Experience In Real Estate
A great transaction coordinator will have experience as a real estate agent. They should understand the paperwork and other details involved in closing a deal. Most successful coordinators are agents who prefer a transaction coordinator position’s steady paycheck and schedule.
While it’s not necessary to have a license in real estate to be a coordinator, relevant knowledge in the field is a plus. Lack of experience leads to delays and inefficiencies that can be costly down the line.
You shouldn’t hire someone that is new to the industry or the position. There is no way of telling if they will be able to perform as expected. You can’t start training the new employee on the job. They should be able to adapt immediately and get to work as soon as they assume the position.
Someone with relevant experience will also have the best decision-making abilities. They have handled similar situations before and can easily avoid mistakes. Experience should be the first thing you look at.
4. Ability To Communicate
Transaction coordinators are responsible for keeping lenders, agents, buyers, title officers, and all involved parties in the loop about all the transaction stages. There is so much emotion wrapped in real estate deals; your coordinator must be a great communicator.
A busy client may not respond but will still expect and appreciate being kept in the know. Constantly updating agents and clients seem like a lot of responsibility. For someone who has been in the position for a long while, everything feels like second nature to them.
No matter how busy the transaction gets, they will be able to keep everyone apprised. The best ones are usually passionate about customer service. A customer-oriented mindset will be necessary; they understand how important it is to keep clients engaged and happy.
Your transaction coordinator should be responsive at all times. They should communicate all the progress and hindrances from the process.
How To Compensate A Transaction Coordinator?
How much a transaction coordinator cost depends on two things. Are you contracting them per transaction, or do you want them to work exclusively for you full-time? These are the two main ways to compensate a transaction coordinator.
1. Per-Transaction Fee
This is the best approach for growing teams that can’t afford an in-house transaction coordinator yet. Hiring a per-transaction coordinator is cost-effective. You will agree on a fee that you only pay when a transaction comes up. They don’t have to collect a salary from you when the workload is still little.
Most upcoming real estate agencies are doing it, and it’s working perfectly for them. Ensure you find someone within your price range so that you don’t have to go over budget.
2. Salaried Employee
You can also get a full-time employee that you pay salary every month. This compensation approach is best for a larger team that has plenty of transactions to complete every month. Hiring a per-transaction coordinator doesn’t make sense when you have deals pouring in all the time.
An in-house transaction coordinator will always be present. You can agree on a salary that favors their workload and your budget.
Real estate has two main sides that are equally important. There is the buyer’s side and the seller’s side. Hiring a transaction coordinator will make your life easier. They free you up to focus on what you do best while they handle all transaction aspects.
Going at it a lot will be very overwhelming, and you might neglect some areas of the transactions, which can cost you a client. Put your real estate on the path to success by hiring a great transaction coordinator.