By Amanda Creter and Alex Mont-Ros
For Real Estate Agents who have been utilizing the services a Transaction Coordinator has to offer, they already know many of the benefits that come from it. Some of the benefits include time saved so they can focus on driving business and creating income, having a system in place to have their teams running smoothly, and leveraging an advantage over other competitors in the market by offering this differentiation type service to better serve their clients. But do they realize their Transaction Coordinator can be so much more of a partner to their business? Some do and this is what they have come to discover.
After using a Transaction Coordinator for a while, these agents have realized that a Transaction Coordinator can start to see trends within their Real Estate business using the data from the transactions they manage. For example:
1) Using trend analysis, they can see why transactions fall apart when they do and identify where the breakpoints are in relation to the deals that fell apart; being able to advise on mitigation strategies to protect revenue.
2) Determine your true focus on certain regions as a buyer or listing agent and hold you accountable to your goals of how much commission and units you need to sell. Asking the type of questions such as: If you work in a certain area, why did you show homes 50 miles away? Was that truly the best use of your time?
3) Observe to see if your team is truly productive and focusing on the right things while providing constructive feedback to better align to the organizations objectives.
4) A knowledgeable Transaction Coordinator can watch and analyze these trends for you and report back, helping you see (and correct) the issues to make you or your team more effective and successful. Maybe they observe certain lenders that tend to run into problems. If they notice this becoming a chronic issue, they can inform you of these facts so you can either have a discussion with your lender, or find one that is a better fit.
5) Improving customer satisfaction is also critical. Along the way, unhappy clients, or clients who felt they were not fully prepared for this process may inform the Transaction Coordinator about how they feel. This gives the Transaction Coordinator valuable criticism they can share with you constructively to help you improve. Something you may never have been aware of otherwise.
6) Better yet, if a successful transaction coordinator manages multiple teams and agents with multiple brokerage firms, they can bring thought leadership on what is working or not working in the market. This is based off of the many interactions and experiences they get from managing different team structures, agent issues, deals, and different markets where other real estate agents do business. These Transaction Coordinators truly have a 360-degree view of what is going on!
As busy as the typical Real Estate Agent is, you may not notice trends in your business based off of your transactions if you don’t take a step back and analyze. With only so much time allotted in a day, you are doing what you do best; creating relationships and selling real estate while running a business. This is how your Transaction Coordinator, if they are dedicated to your success, can set your organization apart from the competition.
Improvement of business processes and closing more deals should always be top of mind, and that is what your Transaction Coordinator should be working towards. A Transaction Coordinator MUST help you grow as an Agent as they have access to firsthand data about your business, which when used properly, helps your organization flourish.