The TC Exchange Podcast Episode 8: Essential Skills Every TC Needs
Episode 8 Show Notes: Essential Skills Every TC Needs
Hello, and welcome back to the TC Exchange Podcast. I am so glad that you are here today. Many of you are embarking on your journey to becoming a transaction coordinator and have many questions about where to start.
First, I want to say you're in the right place. Here at the TC Exchange Podcast, we cover everything that a TC would need from learning the ins and outs of the job to how to run your business. Today, our topic is the essential skills every TC needs. We'll discuss some things you would expect from an administrative perspective, like organization and communication. We'll also talk about other skills that are not as simple, like resourcefulness and learning.
Organization (01:44)
Okay. Let's get started with organization. Organization is the cornerstone of a TC’s success.
It's way more than just keeping your desk tidy. Organization can get deep and to go deep you need systems. Some systems live on the surface, like the basics: how you organize your email folders and your documents, how your checklists are arranged, and how emails are templated. My rule of thumb is if something happens three times or more: then you need a system.
Intaking a file, what's your system?
Following up on addenda out for signature, what's your system?
Receive documents that need to be signed, what's your system?
This kind of thinking will support you throughout your journey and multiple industries. You can have an onboarding, a training and lead generation system. It's all process and how you do it. And it's linked to organization because if you don't have good solid processes in place, there's no way that you're organized.
I do want to point out one thing about systems. They are not the same thing as tools. A good friend of mine says, systems are not tools and tools are not systems. And what I mean by that is that systems are what you do and tools are how you do it.
Communication (03:17)
Let's talk communication. It's another pillar for an effective transaction coordinator. Effective communication is crucial in any business, but in real estate, clear and timely and insightful interactions can significantly impact client satisfaction and operational efficiency. You want to provide clear updates, check in with your agents and your clients on the status of the transaction. Even if there's no news, a quick update can reassure them that you're on top of it.
Active listening. We've heard this before. We really want to be present in your conversations with your clients. Showing interest in what they're saying builds trust and rapport.
Be timely and responsive. Respond as quickly as you possibly can. This shows respect. One suggestion I have is that when you're running through your inbox, go through and sort it all out. First, respond to anything that can be handled or answered in 30 seconds or less. Then go through and respond to each email. And say what you're doing to follow up. “Let me check on this… I'll reply, I'll have this for you shortly.” Then make sure that you sort these items so that you'll come back to them later and handle them. No one has to know what else you've been working on. You saw the email, you said you take care of it and you will in a timely manner.
Conflict resolution. It happens sometimes. Things slip or your agent is unfairly harsh to you. The last thing that you can do is shut down. If the situation happened over text, call them, talk it through. Often the tone is lost in text and a simple conversation can clear it all up. And my last tip on communication is to request feedback, ask if your style is working for them. I have an agreement with some of my agents. We will never send a text that just says, call me. The message is always clear about what we're going to discuss.
Time Management (05:29)
Okay. Time management. I did a podcast specifically on time management, not too long ago. I'll highlight some of the key points here and link it in the show notes, but go back to that episode and take a listen. Some key things to effectively manage your time are to understand how you work, how you define success, task batching, and setting boundaries. Notice that a couple of those things are unexpected.
Why does, how do I define success matter? Well, how will you know if the methods you're using to manage your time are successful if you don't know what success looks like? Same with understanding how you work. If you think you have to organize your day a particular way, because someone told you to, you might be wrong. Your zone of genius or time when you are most productive could be different.
Check out the books At Your Best by Carey Nieuwhof and Free to Focus by Michael Hyatt. I'll link those in the show notes too.
Attention to Detail (06:30)
Okay, next skill - attention to detail. I think this one is a no-brainer as a transaction coordinator, you have to be detail oriented. You have to be obsessed with the minutiae. Not only obsessed with the contract details and dates, but obsessed about the compliance. Think of it this way. It's your job to make sure that your agent is protected from any errors that could jeopardize their license. And the buyer and seller need to be protected and the purchase or sale of their home, that they have a fully executed contract that is legally binding.
Let me make one thing clear though. You are not their broker, so you always have to follow the lead of their broker. But your agent is counting on you to notice details, signatures, initials, checkboxes, disclosures, et cetera. That is part of why they hired you.
Resourcefulness (07:25)
Now, this is my favorite. This is resourcefulness. Some people relate resourcefulness to problem solving. But I think it's so much more than that.
Sure, solving problems is part of being resourceful. Being able to see a situation coming up that you can head off at the pass (like you're reviewing the settlement statement and see that a seller credit is missing or an invoice is missing or the agent's commission is wrong), but I'm talking about needing some information and going to go get it.
Like in this scenario: you've asked for a signed copy of a document repeatedly, and you're not getting a response from your agent. Do you wait for them to respond? No.
First, you go into your document management tool and you confirm, and then confirm again that you really don't have access to it. Then you check your compliance tool to verify that it's not there and the broker doesn't have it. Then you check your email and confirm that you really don't have it. And that's when you take the bull by the horns and you email the other agent and you say, I might've missed this, but can you resend XYZ document for our file?
Phrasing your question this way, doesn't imply that your agent is leaving you in the dark or that the other agent neglected to copy you. You're just simply asking for it again.
Here's another example: you notice that your agent's documents are consistently missing some key disclosures. Don't just get frustrated that they never have them. Say something like, “I noticed these documents were missing from your offer templates. I went ahead and added them so you have them from the start.”
Continuing Education (09:06)
All right, continuing education. This industry is constantly changing and our agents rely on us to stay up to date on new compliance rules. One, I do encourage you to get licensed. It will help you so much to understand the intricacies of contracts and how it all flows together. At the very least it will allow you entry into opportunities to learn. You can join your broker's learning events, your local association’s events. You'd have access to the state commission legal team. All of these things will make you more valuable to your agent.
A note of caution though. Some agents don't feel comfortable with another licensed agent having access to their clients and their database. I would not recommend trying to be a TC and a practicing agent. It is not a great use of your time personally and it could prevent you from doing either job very well. Put your license in referral status.
If you choose not to become licensed, that's perfectly fine. There are more limitations on the services you can perform. (You'll want to see your state's rules about licensed and unlicensed transaction coordinators.) There are many resources that you can still take advantage of. Realtor groups on social media, classes at their local associations, and their broker compliance. I stress this because as a TC your agent's compliance officer at their brokerage should be your new best friend. You're there to protect the agent and get them paid and that compliance department is the linchpin to working that out.
Technology (10:51)
Last one folks, technology proficiency. Now do you have to be a tech whiz to operate? No, you don't. Many of us, including myself, started out simply with an email and a spreadsheet to track and that was fine. For me as I grew and I got busier, I knew that in order to scale my business, I had to invest in some tools and tech. I discussed some tech stacks with examples in my previous podcast titled The Tech Stack (the link will be in the show notes).
The good news is that you don't have to build these platforms out yourself. There are resources out there for you. But you do need to know their use, how they improve efficiencies, and improve your performance as a TC.
Conclusion (11:40)
There you have it, friends. Those are the seven essential skills that a TC should have to be successful. The cool thing is that if one of these is your strength, but another one isn't, there are always opportunities to learn.
Drop in the comments, which skill you're going to work on improving. Friends, thank you so much for tuning in. Please leave us a review and subscribe to never miss an episode. We have some very, very exciting things coming up in the new year, and I will be talking about them here. I hope you have a wonderful holiday season. Bye for now.
Previous Episodes Mentioned:
The TC Exchange Podcast Episode 6: Mastering the Art of Time Management
The TC Exchange Podcast Episode 2: The Tech Stack
Books Mentioned in this Episode:
At Your Best by Carey Nieuwhof