Since launching Moncord Real Estate Professional Services, I have had the pleasure of meeting many wonderful entrepreneurs & real estate agents who are motivated to crush it and run a successful business. Most of these real estate agents work extremely hard and take the time to understand the key performance indicators (KPIs) that run their organization or team, while looking ahead and focusing on how they can take their business to the next level.
The challenges these real estate agents face and have overcome are, in part, realizing the value of their time and understanding the detriment to their business if they don't get out from under the day to day operations that are not producing revenue.
Being stuck in the day to day operations will stifle growth and one must find a way to properly manage themselves out of it before the competition slowly begins to erode at the progress made within their business. Portions of any given transaction that demand time and attention to detail should be closely looked at and a decision to outsource these laborious tasks may need to be made immediately. The great real estate agents have figured this out, that their time is worth more than the time needed to manage a transaction and associated files. Generating revenue should always be a priority over busy activities that produce no growth to the business.
This leads us into the trusted partner and the role of a transaction coordinator.
According to Jonna Ward (2014), "A "trusted partner" is one who attaches mutual respect, accountability, and success to the relationship." When I read this, it resonates with how I view the partnerships with our clients as transaction coordinators. Not only does a trusted partner help to achieve success, but they do this by understanding the needs of the agent/broker with a consultative approach. Here at Moncord Real Estate Professional Services we decided early on in our development phase of the company that we were only going to truly add value to our clients by being viewed as a trusted partner to their business, not just a vendor. Being a vendor is very transactional, which I know you may be saying, "but that's what you do, manage transactions so therefore you are transactional", but there is a stark difference between being transactional and being strategic, which trusted partners are. Real estate agents can also be viewed as transactional if they do not choose to build relationships with their clients, helping to strategically solve the needs of the client where residual business becomes the by-product and their clients become brand advocates. It makes it difficult to cultivate strategic partnerships with clients if real estate agents are bogged down with operational busy work that gets them through the deal, but not any closer to their vision for running a truly successful business.
As transaction coordinators it is incumbent upon us to add a tremendous amount of value if we are to move out from vendor status. Think about it, real estate agents or brokers who leverage the services of a transaction coordinator hand over deals all day long to manage from end to end. On the surface this may not seem that big of a deal, very transactional, but its the amount of data that we as transaction coordinators are exposed to that changes the game. The great transaction coordinators from the mediocre will understand the value of what they are being presented with every transaction and do something about it; to partner with and assist the agent towards success. This is where transaction coordinators switch from vendor to trusted partner. As transaction coordinators, we are very intimate on where the deal is at any given time understanding what types of breakage occur that kill deals, how well a broker/agent manages their client, was the deal negotiated with skill, what is the sales velocity of the pipeline and realization of revenue, and on and on. This is a major reason why Moncord Real Estate Professional Services exists, to be a trusted partner that can elevate the game for real estate agents and set the bar high for how transaction coordinators should operate considering the wealth of information we are presented with on a daily basis.
The question is, if you are leveraging a transaction coordinator, are they looking at your business in this fashion to make you better? If so, you are on the right track, if not, it may be time to consider making a switch.
1. Ward, J. (2014). How We Define Partners. Visionary Integration Professionals. Retrieved from http://www.trustvip.com/blog/how-we-define-partner/
About Alex Mont-Ros
I'm Co-Founder of Moncord Real Estate Professional Services along with my wife and best friend Lisa Mont-Ros. We help real estate brokers and agents be the best they can be by helping them gain back time to focus on what matters most. I love the real estate game and the hustle that it takes for brokers to be successful. I write about topics that surround real estate, business, strategy and entrepreneurship.