Intro (0:00)
Hey there and welcome to our very first episode of the TC Exchange Podcast. I'm Amity Krause, your host and guide on this enlightening journey through the world of transaction coordination. Let's start by getting to know each other a little bit. My journey from retail days to real estate highs has been anything but linear.

Background (01:03.9)
After over 20 years in retail in roles ranging from salesperson to interior designer to general manager, I decided that my time in retail had come to an end. I wanted to do what I wanted to do when I wanted to do it, and I no longer wanted to be a boss or have a boss. So I decided that real estate was a good fit.

Now, my first year in real estate was a disaster. I had great success connecting and networking with other agents, lenders, and other service providers, but when it came to connecting with potential clients, I really, really struggled. I was not having the success in real estate that I had envisioned, and I was certainly not having a good time.

So I had to sit back and reflect. What did I like? What did I do that made me feel confident? And I realized that what I loved was the process, the systems, the contract, and all of the parts and pieces that went along with it. So I opened my independent TC company and the rest is history. Today, I run a team of five transaction coordinators and two virtual assistants, and we service eight states and almost 75 agents.

TC 101 (02:24.8)
So for those new to the term, let's do a quick TC 101. So transaction coordinators are the unsung heroes in the real estate process. We ensure smooth sailing from an accepted offer to a closed deal, handling all of the intricate details behind the scenes. And as we progress through our episodes coming up, we'll peel back some of the layers of this role.

I really like to think of us as project managers, working in the background, coordinating all of the moving parts, from scheduling inspections and appraisals to working with title companies and lenders to coordinate the closing details. So I have received some intriguing questions and notes from our community and my colleagues, and I thought I would take the time to address a few here.

Do you need to be licensed? (03:19.5)
One of the common questions that we get is what qualifications does one need? Do you need to be licensed? No. It's a great question. Really, really good question. No, you do not necessarily need to be licensed. The, there are some states that do require certification. There are some states that have some limitations on what a transaction coordinator can do as far as the duties that they're allowed to perform. And those requirements can vary based on whether you are licensed or unlicensed. When I first started, I was licensed and there are several on my team of transaction coordinators currently that are unlicensed and some that are, and I would say that having your license from a contract knowledge, a process knowledge, especially starting out is going to be beneficial if you're coming into the real estate industry completely cold without any real estate background, either as an assistant or some other role within the real estate industry world. It could be a struggle. So having your license, at least maybe a couple of transactions, your belt under your belt will help you get to success more quickly.

Independent or team? (04:51.3)
Is it better to be independent or to join a real estate team? Another great question. So I started out being independent. I have not, I have not been on a real estate team as their transaction coordinators. I think that if I hadn't been licensed, I would have explored that possibility. But for me, I really wanted to have the more flexibility and freedom of being independent and not having a W2 job where I had to clock in at a particular time every day and answer to somebody. Now, let me clarify something here real quick.

When I say freedom and flexibility. If you're going in independent, you need to understand that you are now a business owner. So you're going to need to think like a business owner, and that means that you are probably going to be grinding until you've got really good solid systems, a good book of business. So I would not expect in the beginning that you're going to be able to roll into your new company and your new business and check out after three or four hours a day because you are, you are building something here. So you're going to need to be really committed to networking, building your book of business, getting new clients. Researching new trends that are happening in the industry, understanding your contracts and your other compliance documents and making sure that your systems are rock solid. So I would say that if you are going to start, if you're starting out green with no experience, you might want to consider joining a real estate team so you get a good foundation under your belt.

Can I specialize? (06:47.7) 
Can I specialize in certain types of real estate transactions like commercial investment and so on? Absolutely. That is a great, a great way to to separate yourself in the world of transaction coordination. There's definitely a need. There is a need in each of those type of segments to have qualified people. I personally specialize more in investments in particular in the short term rental investments. I have colleagues that specialize in commercial. I have colleagues that specialize in creative financing which we're starting to see come back into. that back into our real estate world now. So absolutely you can, and with a little bit of research, you can figure out which one is going to be the best one for you.

Day to day operations and task batching (07:42.7)

So if you've ever wondered what the day to day life of a transaction coordinator looks like, it's a mix of organization, communication and lots of unpredictability. We can, we coordinate inspections, ensure documents are signed. Our days are filled with varied tasks.

I am a big fan of time blocking or task batching so that you have an organized day so that you can create as much of a framework for your day as possible. I would not recommend just coming into your office, sitting down at your desk and just being on top of your email every single second of the day that will last for a little while and then you will burn, you will burn out and you'll find yourself not getting things done because you'll be going in a bazillion different directions. So really look at how you're going to manage your time as a transaction coordinator because, it is fun and exciting and fast paced, but you need to be organized.

Moving forward: (08.49.5)
So, as we move forward through the podcast, you can expect a lot of different topics. We will be diving into tools every TC should have, how to handle challenging clients, and TCs from around the country. Their stories, their wisdom, all shared right here. And for those of you who are keen on expanding your knowledge in some episodes, I'll be recommending books or resources that have made a difference in my journey. You'll definitely want to stay tuned for those gems. And I cannot go any longer without giving a shout out to our fantastic community on the TC Exchange Facebook group. The goal there is to have discussions that enrich our community, and I encourage everyone to join in. It's a ton of fun.

Mindset. Let's talk about that for a second. So mindset is crucial in our line of work. There are going to be tough days. There are going to be days where you wonder, I had a conversation with one of my TC's this week who had received several corrections from her agent and she just started to spiral and feel like she was the crappiest TC ever.

And listen, we have all been there. We have all been there. We've all had had moments where the tears flow or we're angry or whatever. So this quote has always resonated with me. With the right mindset, we can't lose. We either practice what we've learned or we learn what we need to practice. And those kind of nuggets of wisdom keep us pushing forward even on tough days.