From online showings to all-digital signings and closings, the digital transaction has fully come into its own. All month, Inman examines the companies and technologies driving this new world of digital transaction.
Every professional office needs its glue, that one employee or department that, even when not meeting in person, can be looked upon for a morale boost or to solve some nagging problem.
In real estate offices, that person — or persons — is often the transaction coordinator, the adhesive that bonds signed contracts and commission checks. Since it’s digital transactions month at Inman, here are a few reasons to appreciate the ever-valuable “TC.”
1. They know the software
Every software product has learning curves and glitches or ways it may not totally fit into your office’s workflow, and those little problems need to be solved before anyone gets paid. Transaction coordinators are familiar with what might go wrong and the workarounds required to keep escrow moving. In short, they help you get the most out of your office’s technology investments.
2. They’re a brand extension
The best TCs can do much more than ensure the client has signed all the addenda — they are extensions of your office brand. Friendly and patient, they know how stressful it is for people to buy their first home or downsize after a loved one has died.
It’s only natural that they may forget to confirm an inspection time or not send verification of their stock sale. They’re there to help.
3. They keep you in the loop
Yes, dotloop was onto something when it named its transaction management software. Even digital deals demand all kinds of parts and pieces to stay on track, and agents are usually too busy to know when everything has been submitted.
Count on your TC for a reassuring text or in-app update that the cooperating agents did their part and the contract close date looks intact.
4. They always know the time
Inspections. Second looks. Repair approvals. Measuring for furniture. There are countless reasons why buyers may want to stroll through a home before closing or why sellers won’t let them — and every one of those reasons can delay the deal.
Transaction coordinators can be your time negotiators, a powerful force over the calendar of multiple stakeholders. It’s tedious and yes, time-consuming and also crucial to closing escrow. A TC’s ability to manage the incessant digital intake of deal points is even more valuable in the many markets that still can’t get together in person.
5. They help you recruit
Coldwell Banker recently released an extensive Agent Priorities Report that surveyed more than 1,200 CB and non-CB agents on what they look for in a brokerage. The No. 2 item agents look for in a new place to hang their license? “More team support.”
Transaction coordinators can serve as the bedrock to a real estate office’s support system, and they can be a major draw for top producers who feel their current office is letting them down in that department. In fact, a broker or team leader would be smart to include their TC in meetings with aspiring, new or relocating agents.
This list could likely go well beyond 10 items celebrating the immense value of the real estate transaction coordinator. As transactions grow ever closer to being 100 percent digital 100 percent of the time, their value to a real estate office will become immeasurable.
Have a technology product you would like to discuss? Email Craig Rowe
Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.