Episode 7 Show Notes: Is the TC Life Right for You?

Hello, and welcome back to the TC Exchange Podcast. I'm your host Amity Krause. Today, we have a special episode for anyone curious about the life of a transaction coordinator. The big question we're addressing: is TC life right for me? Whether you're considering a career change or just starting out, this episode is packed with insights to help you decide. So let's dive in.  

What does a transaction coordinator do? (1:22)
First things first, let's break down what a transaction coordinator actually does. 

It's a role that is crucial in real estate, but is often misunderstood.  A transaction coordinator is like the project manager in the Contract to Close process. Their job is to keep track of all of the details related to the transaction from contingency dates and deadlines, progress with title commitments, loan approvals, and other pieces. 

Sometimes a TC is working in the background, and their agent is handling all of the client communication. But what we're seeing more frequently now is transaction coordinators taking more of a frontline role and being the main point of contact for the clients and other people involved in the transaction.  Depending on if the TC is licensed or not, they may get involved in negotiations and drafting the documents, but that will ultimately depend on the agreement that they have with their agent and the laws and the state that they're practicing in. One thing I do need to mention is that there is a difference between a real estate administrative assistant and a transaction coordinator. An admin might do some of the duties that a TC does, but a TC does not typically do the duties that an admin does. For example, an admin typically has responsibilities in marketing and database management. A TC strictly works on contract to close.  

So now that we know what a TC does, let's talk about the skills that are essential in this role. It is really important that the TC is very detail oriented and organized. There are many tools that are available to be added to a TC’s system that will help support this. But the most successful TCs are passionate (and borderline obsessive) about the details. 

I say that there are two main jobs of a transaction coordinator for their agents. 

1. Get them paid

2. Help keep them licensed

I recall my very first transaction that I was a TC on at the time I was picking up work at my brokerage and processing files. I received my very first contract from the agent and my brokerage and was reviewing it. I clearly recall this; it was a weekend, a Saturday morning. Back in those days, I had no boundaries; (there's going to be more on that later) and going over the details of the contract. I noticed that there were some things incorrect. In this case, it was a cash transaction, but all of the checkboxes and dates were filled in for financing, contingencies and so on. This was totally contrary to what I had been told by the agent when we were discussing the deal. 

So I immediately reached out and we ended up drafting an amendment, addressing those details. If I hadn't been reading through the contract with a fine tooth comb, I could have missed that and we could have an entire contract that potentially put the buyer and, or the seller at risk.  

Strong Communication is a Must (4:39)
Having strong communication skills is also very important for a TC. Not only do you need to be fluid and adapt your communication style to multiple parties, you also need to be clear, confident, and ultimately responsive. 

As a TC you'll likely be pulled in multiple directions throughout your day. In order to stay on top of things, I like to task batch my day so that I don't miss anything. I typically work my checklists first thing in the morning so that I can get all my requests for follow-up completed. And then I can focus on being responsive the rest of the day. I time block checking messages and emails every hour. And then I spend the remaining time on other tasks, such as my compliance system audits and other things on my to-do list.  

Recently I had someone ask me about the most challenging transaction I'd ever been involved in. And honestly, they can all be very challenging. I can't really pick out one in particular. But I will share the most frustrating deals are the ones where communication is poor, the clients don't believe you, and you generally aren't treated with respect. I would say that some areas that I focus on to address these are ones with poor communication - I involve my agent. I ask for their partnership by requesting that they ask the other parties they were communicating with (the co-op agents, lenders title) to keep me copied in, and that they commit to doing the same or referring people back to me.  

When I say clients don't believe you, it's usually two things. Either you haven't established yourself as a voice of authority, meaning your emails could be unclear, your answers are confusing or non-existent, or simply don't like your answers. Right? Like, “I don't like mom's answer. I'm going to go ask dad.” It happens and as far as respect goes, the truth is that people who work in the administrative fields often don't get the respect we deserve. 

So I say, be nice. Even when you don't feel like it, be nice. They'll come around. I can't tell you how many agents I've worked with over the years, who eventually learned that if they wanted an answer or they needed something done on a file and they couldn't reach my agent, they quickly recalled that they could count on me.  And I don't mind, now they're nice too. 

The Ups and Downs of TC Life (7:25)
Every job has its ups and downs and being a TC is no different. So let's talk about some of the pros and cons.  

It is true: being a TC is often a remote position. What that can look like for a TC is that they wake up, roll to their desk and work in their PJs. They get to go to appointments without asking for permission, meet a friend for lunch, take the kids to school and pick them up.  It is still work and it still requires commitment and focus from you.  

Let me warn you though. If you are a TC who is starting your own business, it is not like that at first, I promise you. It is a big time commitment and it is a grind. When I started as a TC, I was working my full-time job as operations manager of the brokerage at the same time. I was handling 25 to 30 files separately, closing every month. And then I was going home at the end of the day and working on my systems and my processes and all of my backend operations. It's a lot. So just like any business, when you're an entrepreneur any flexibility and balance it's a ways away.  

Also when you're starting out, you may have to make some choices about your boundaries.  You might have none and decide that you will be available any time, day, or night or weekends.  Or you might decide you're only available Monday through Friday from eight to five, and nothing is wrong with either one, but be aware. If you choose the non boundary path, especially when you're starting out and trying to get your business going, it is very, very hard to change later. Be prepared to handle some objections and potentially lose a client. 

But one of the most wonderful things about this role is seeing the success of my agents and clients. I have seen agents that were working full-time W-2 jobs have their business take off so much that they were able to focus only on real estate. I've seen clients that purchased their first investment property, be able to actually have retirement savings and college savings and grow amazing investment portfolios. It makes me feel so humbled and proud to be part of their journeys. 

There are some cons that I have to mention other than the pseudo flexibility I have talked about before. And that's this, real estate can be remarkably stressful. We're talking in many cases, the biggest investment that a person makes in their lifetime- their lifetime. It is scary and risky and if things start to go sideways, you might get in their way. So you have to have thick skin. You have to be empathetic and compassionate. And you have to always try and be the voice of reason.  

I want you to remember two things. First. it is not about you, and second, you can't care about it more than they do.  That'll get you nowhere.  

Getting Started (11:04)
So this all sounds pretty amazing. Doesn't it? So how do you get started? There are a couple of ways. First, if you already have some real estate experience, like you were a previous agent, you could start your own business as an independent transaction coordinator. To get that going you would need to set up your business license, your insurance plan, your marketing strategy, as well as design all of your systems and your processes. 

My advice if you go this route is to make your system scalable so that if you do decide one day to take on additional TCs and agents you have the plans in place already to get there. Be strategic.  

Now, if you don't have experience as a TC, you may consider working as an admin or a TC in a brokerage where they offer training and systems and contracts and all of those things you would need to know to manage efficient transactions. Then someday when you feel confident enough to start a business, you've got that part down. There are training courses out there to support you either way.  

We have actually covered a lot today about what it takes to be a TC and whether it's the right path for you. Remember, every journey is unique and only you can decide if this is the right fit for your skills and aspirations.  

A Big Announcement (12:38)
I can't let another moment go by without letting you all know that I am launching a training course that is specifically designed for new transaction coordinators who want to learn how to do this job. This course is also great for current agents that are considering a change to their business model and moving into markets that they currently aren't in (or even anyone who just wants to brush up their skills).  I have a special invitation for you. I am inviting the first 10 students who sign up a 50% off discount. In exchange, all I would ask is that I can ask you some questions before, during, and after the course to get your feedback for future students. 

If you're interested, please reach out to me on Instagram or Facebook at @truenorthTCT.  You can also reach me via email at amity@truenorthtransactionservices.com.  

I am so grateful that you tuned in today. Please don't forget to subscribe for more insights into the world of transaction coordination.  And until next time, keep navigating your true north.