Episode 13 Show Notes: Rapid Fire Transaction Coordinator Questions

Amity: Hey, everybody. Welcome back to the TC Exchange Podcast. I am so excited for today's episode. I think it's going to be really fun. As you know, we have been coming off of this three-part series that covered some really common questions that transaction coordinators, as well as real estate agents, were asking about transaction coordination. And there were a lot of questions that were still unanswered. So today what we're doing is going through some additional common questions and trying to get those answers for you all. I am joined today by my good friend and social media manager, Jodie Leschuk, and she's going to be shooting those questions at me and I'm going to do my best to answer them clearly and I hope you all enjoy.

So Jodie, thank you for coming on and doing this and I think it's going to be fun. Let's see what's up! 

Jodie: All right. Well, let's start with the basics. What does a transaction coordinator do?  

Amity: Yes, so a transaction coordinator is typically within real estate. Although you can hear that title in different aspects, you can hear a transaction coordination within closing, you can hear it within lending. But what we're specifically talking about is real estate: the purchase and sale of a property. So a transaction coordinator is handling all of the contract to close duties and tasks of the process. I like to think of a transaction coordinator as being a project manager.

So once a property goes under contract, then a transaction coordinator would get that contract, communicate and introduce themselves to all of the parties, and then take the ball and run with it all the way through the end. They're going to be talking to the lender, talking to the title office, communicating with agents, pretty much handling a lot of the fine details and some of the heavy lifting that's required during the process, with the exception of some things that they're limited on due to licenseship laws in their states. (Like negotiations, they're not going to be doing negotiations in most cases if they're not licensed.) So the agent definitely still has to be involved, but a TC is certainly capable of handling all of those pieces. 

It also can vary based on what types of things that TC has established as their parameters of their business. Some of them are going to offer a full service package and really take the job and be a real partner to an agent. And some of them are going to operate more in the background and that will be something that's negotiated as part of a service package.  

Jodie: Excellent, and what skills are essential for a transaction coordinator? 

Amity: A lot of the skills I think you're going to find are going to be the typical things that you would expect. You're going to be wanting somebody who is super organized. You're going to want someone who's a really good communicator. Someone who is good at time management. Are they good at technology? Those kinds of things, but I think the number one skill that's really important for a transaction coordinator is how resourceful they are. So that means if there's a question out there, how are they going to go and get the answer? How are they going to find the answer if it's not available at their fingertips?

Are they going to go and reach out to some of their colleagues? Are they going to use search on the interwebs and find out? Are they going to go to Google and see what has happened before? You know, a good transaction coordinator before they throw up their hands and say, “I don't know this information” will start trying to get somebody to help them. They're going to exhaust the resources they have, through their own research, before they throw in the towel and start asking for help. Resourcefulness I think is a major skill that a TC needs.  

Jodie: That absolutely makes sense. Another question that we have gotten a lot is what are those first steps that you can take to become a transaction coordinator? 

Amity: So the first thing that I would suggest that anybody does if they're interested in becoming a transaction coordinator is number one: they understand what the role really is. There is some misconception out there in the industry that it is a very easy job to perform and there's a lot of argument even within the TC community as to whether it is even an entry level type of position. 

I think that it is a position that welcomes people who are new and learning, but I do think that it's important for a transaction coordinator to have some very, very clear understanding of the process and the contracts that are required in their state and in their area. So to get started, I would make sure that you get some good resources available for yourself and you have a really clear understanding of what the job actually entails. And that would be the first place that I would start.  

Jodie: So that really leads into the next question, which, as you mentioned, is something discussed in this industry, which is, is experience in real estate necessary to become a transaction coordinator? 

Amity: Yeah, so actually a podcast episode (not too long ago), I think it was podcast number one (Industry Experts on “Do I Need Real Estate Experience to Become a TC?”) I collaborated with a coach in our industry, David Breckheimer, and we pulled in a number of other people within the industry to ask this question because it's really quite common. I think the general consensus was no, you do not need to necessarily have experience in real estate in order to be a transaction coordinator. It's something that will come and not all of us started out with experience. There's a number of people that started out as a realtor, like myself, before I transitioned to transaction coordination. There's some people that started, and in the midst of an administrative role transitioned to transaction coordination. 

It really depends, but at the end of the day, what all of us did have in common is that we did get a baseline. We did have some understanding, some information and resources available to us about real estate to help make us successful. So we didn't just walk off the street from working at our job in an office and become a successful transaction coordinator.

You know we came from working as an assistant, we came from being a realtor, but at the end of the day, you don't have to, it'll just help everything move along a lot more quickly if you do.  

Jodie: Absolutely! What kind of training would you recommend for anyone aspiring to be a transaction coordinator?

Amity: So there are a couple of different options that are out there. There are a number of training programs that you can find online for becoming a transaction coordinator. Many of them are specifically designed for people who are trying to become an independent business owner. and run their own company. So that would be included in that type of training. There'll be conversations about how to set your business up, how to operate as well as some training about actually doing the job of transaction coordination. So that is one way and then additionally, if you are working for a brokerage as part of a team, most likely, there's going to be some sort of training that's available.

Another good resource is, if you're brand new in the industry and you're still learning, that you can try and find a mentor or a coach. I definitely recommend joining some of the communities that are available in the Facebook groups, asking a lot of questions. There are so many groups that are out there and plenty of people that are full of grace and love and want to share the information that they've learned. So that's also a good resource for training and knowledge.  

Jodie: Okay, so let's talk about some basic details that somebody looking at this field might be asking. What are your typical work hours as a transaction coordinator?  

Amity: You know, that's really a hot topic. It's a hard question to answer because at the end of the day, it's going to come down to yourself and your boundaries and the parameters you've set for yourself and what you've agreed with your agents.

I would say that this is a role where a majority of the duties happen during business hours.  Yes, overall, real estate does happen 24 hours a day, seven days a week, weekends, holidays, all of it. Yes, that is true, but the core tasks of a transaction coordinator happen during business hours. Let me say this, though, when you are a brand new transaction coordinator, especially when you are just starting out in the industry, you are getting your feet on the ground, you are building a reputation and a following, you are likely going to be more open to stretching those boundaries and being a little bit more flexible.

I'll tell you a story. When I first started as a transaction coordinator, I was already a realtor at that time. I was failing as a realtor. I'll be honest. I was the suckiest realtor in the world. I had taken  a position within the brokerage that I was working for as their operations manager. So I was a licensed realtor, I was running operations for a brokerage, and then I decided I was going to start my own business as a transaction coordinator. So I am trying to balance all of these things.  I was hungry. I knew I needed to grind. I knew I needed to hustle. (I absolutely HATE that word hustle and I hate hustle culture, but I did it.) 

And I was basically working two full time jobs laid on top of each other at the same time. It was like double time, 40 hours a week during the working hours, and then I was also working on weekends and nights and doing whatever my agents needed me to do. It was a recipe for burnout. So I tell you that story because you can start out doing what you need to do in order to get the business and be prepared to do that. But at some point you're going to want to dial it back. So I would encourage you to have a game plan of how you're going to dial it back. I think that that is really, really important because you getting to burnout is not going to be any good.

You will lose agents. You will lose money. You will lose your, you lose your time. You will lose your reputation if you do not create something that's sustainable. 

Now, the other thing I want to answer in relation to this question is about how you can work a 40 hour work week. And it's really all about how you organize your time. I would say that organization is going to come down to knowing your stuff. It's going to come down to knowing. Your contract back and forth. It's going to come down to knowing your dates and your deadlines, how everything works. Then once you know those things, then you can look at what can you automate? What can you systematize? And how can you make this scalable and duplicatable for the next time? 

I think that there's a ton of different organizational tools that are out there. Programs like Open to Close where you can organize your day. You can do everything out of that platform. It's absolutely incredible! (There's a number of really good platforms that are out there for that. My favorite is Open to Close) How you organize your documents in your cloud storage, how you organize your emails and how those are coming in with filters, those you're going to need to analyze all of those different things and you're going to need to figure out how you can  compartmentalize them and organize them in a way so that you can be more efficient. And that I think is the real key to being super organized. 

Jodie: Then, let's go into another question that we had about how transaction coordinators interact with real estate agents?

Amity: Yeah, so I said this earlier, I think that it's really important for a transaction coordinator to consider themselves and behave as though they're a partner versus being an assistant, being someone who's just in the background, someone who is subservient. It is a relationship of mutual respect where each person is bringing something to the table with the ultimate goal of getting that client to the closing table. 

So that interaction and that connection of where they're a team is really, really powerful. I like to think of it, and this is why I managed the transactions the way that I do, is because I am  operating at such a high level within the transaction that my agent knows that I've got everything under control so that they can reach out and handle some of the things that I don't handle, like getting new clients, like going on listing appointments, like doing showings, all of the other duties that they need to do in order to grow their business. But I'm handling the contract piece, (except for the negotiations) and because we have a strong partnership, they have confidence that everything will be handled with good communication. 

Jodie: What would you say are some of the most common challenges that TC's face?  

Amity: So I think one of the common challenges comes from misunderstanding of what a good TC is doing. That is very common, you know, getting copied in on communications. There are definitely still cooperating agents, or I would say uncooperating agents, out there on the other side who will refuse to communicate with a transaction coordinator because they're not their assistant. I'm only going to communicate with the agent which is absolutely silly. If they had a transaction coordinator, they would want them to be communicating with. It's just I don't get that attitude. But that is one of the challenges. 

So the misunderstanding of what a transaction coordinator does is definitely one of the challenges that we face, that lack of respect and misunderstanding. 

The other thing is that sometimes we're hit with things. If we're not licensed and we're not doing a good job of staying up to date with what changes that are happening in real estate law in our state, we could be blindsided by some things. So you have to be pretty scrappy, finding out the updated information and what's needed . Going to the agent's broker and saying, “Hey, what's going on, what do you mean by this?” And not being afraid to do so, that can be pretty challenging. And you sometimes have to humble yourself a little bit. 

Jodie: I can imagine. What about the option of working remotely? 

Amity: Most transaction coordinators or many transaction court coordinators do work remotely. The exception is going to be one that works on a real estate team that is still operating in an office. It would be expected that a transaction coordinator in that type of environment, as a W-2 employee, would most likely be working in the office at least a couple of days a week. But otherwise it's quite common to see a transaction coordinator working remotely. And that's one of the beauties of this kind of position because it does on the surface appear to have a lot of flexibility. You know, working from home, I think, is a dream for many people,  whether you have a family you're trying to raise or other circumstances that require you, it could open up the whole world for you to be able to work remotely. You can work in one state and live in another.

And that's, that's pretty, that's pretty cool. So on the surface, that flexibility is really really exciting, but remote work is definitely a way of life. It's not all that people think it is. 

Although I don't know if I'm going off on a tangent here, but I do want to say that remote work is not what you think it is. It does not mean that you are necessarily getting to go out for a massage and go and wander around and lay on the beach all day or whatever in the climate that you live in. There's still a lot of work involved. I will say I've been working at home since just before the pandemic and I have never really, with the exception of the last year, had sort of this life where I'm just working from my phone and handling things as I go. That was a very strategic plan that I created with systems and so on. So it's not quite what you think it is, especially if you're just starting your business.  

Jodie: I would agree with you completely. How about technology skills for anybody wanting to  go into this field? 

Amity: This is a pretty technologically, sort of necessary type of role. Do you have to be an expert? Do you have to know how to code? And be a spreadsheet expert? No, you don't. You should know the basics though. Your communication, especially if working remotely is going to be done over some sort of technology, knowing how to communicate through emails and create templates and create spreadsheets and tracking  systems and being very systematic is required and you can do that with a basic knowledge of technology. You don't need an expert, but I would not suggest being someone who does, who barely knows how to open your email. That's going to, that's going to be a big struggle for you.  

Jodie: Let's talk about what makes a successful transaction coordinator stand out.  

Amity: An exceptional transaction coordinator is going to stand out by their commitment, their communication by how responsive they are. I think someone who gives you the feeling that no matter what, they're always there for you, and that they're always being part of the solution and that they're always a support. I think that is one of the key things that makes somebody stand out from someone else.

Systems are fantastic. Automatization is fantastic, (Those are great because it will buy you a lot of time and help you leverage better.) but at the end of the day, we are still in a relationship business and the agent, the client, everyone involved feeling like somebody is there for them and someone is on their side and going to be resourceful and a support that is really, really special. And it doesn't matter how much AI and other technology comes into play in this type of position, it will never be able to replace the connection that a really good TC is going to have for anybody involved in a contract.  

Jodie: Absolutely.  So for somebody that's new, what are the best ways for them to find employment as a transaction coordinator?  

Amity: So the obvious places, you know, taking a look at, at websites like Indeed and looking on ZipRecruiter or even LinkedIn. Those are places, the standard kind of job boards, are good places, but also word of mouth connecting with the real estate community in your area, connecting with the MLS boards and associations in your areas to see if they have job boards, going to networking events, if you can.

If you're starting your own business as a transaction coordinator, one thing that you can do is become an affiliate member in an MLS board or association, and then you can attend events and start developing relationships with the realtors in that market. If you're licensed and work at a brokerage, attending the networking events, they're creating relationships with the agents is a great way to get started on that. 

Jodie: All right, we had one last question from one of our listeners, and that was what can a transaction coordinator do to advance their career? 

Amity: Yeah, I love that question. That's a great question1 So it depends. It depends on where you're at in your career. If you're working as a W-2 in an office, you could definitely take on more roles. You can elevate and level up by becoming a lead transaction coordinator. You can move into operations roles. There's a number of things that you can do in that place, but I take that question and I think about, okay, we have so many transaction coordinators that are independent and they're starting out as their own independent company.

So how do you grow? Right? So, I'm promoting myself from CEO to owner. What is that? But what you can do is make a decision. What do you see for yourself? Do you want to become a manager? Do you want to build a team? Do you want to work outside of your current state and your current market? How do you want to expand? That question was something that I had to ask myself. It was in 2020. We had just started the pandemic, but at the beginning of the year, we're all planning, what are our goals for the next year? I was doing a Mel Robbins exercise on your next 10 years, planning out. You're going to journal every single day the top five goals you were going to achieve in the next 10 years.

I kept writing down every single day, I'm going to grow my business. I'm going to grow my business. I'm going to grow my business. And then I finally said, well, what the heck does that mean? What does that mean? 

So you have to decide what growing the business means to you. Right. For me, it was making the decision that I was no longer going to be independent and that I was going to say, okay, I'm going to bring people onto my team. For you it might be, I'm going to grow and I'm going to move and expand into a new state. Those are the kinds of questions that you have to identify.  What does that growth mean to you and then make a plan to get there.  

Jodie: That's excellent. I think that's great advice for anybody in any role really or any small business owner. I think that's what I really like about that question.

Amity: Yeah, and I think that's one that we live in a world where we are bombarded by other people's successes and what they're doing. And, you know, we're watching Instagram or Facebook or watching Tik Tok, all of these things. And everybody's sharing what they're doing and how great they are and how great their life is and all of this. But we don't know what they gave up to get there. We don't know what things are happening in their lives and what they consider success might not be success. Like for me, I could decide that being successful for me is only working four days a week. And for somebody else, it could be, it's about having a hundred thousand dollars in the bank it's about, or for someone else it could be, I want to take three week long vacations a year with my family out of the country. It looks different for everybody and that is totally okay. And it's really, really important that we sit down and think a lot about what it means to us to be successful because it is deeply, deeply personal. 

Jodie: Well, do you have any closing thoughts for our listeners? 

Amity: I do not, but thank you guys so much for these great questions. They were wonderful. I hope that it was informative and you got some wonderful answers to some questions. If you have any further questions, please feel free to reach out to us either at True North Transaction Services or also on our Facebook group, The TC Exchange. And I would love to hear from you and answer anything else. See you soon!