top of page
Search

QUESTIONS TO ASK WHEN HIRING A TRANSACTION COORDINATOR ???

The thought of handing over control of your Contracts to a Transaction Coordinator can be overwhelming and scary. Just because someone calls themselves a Transaction Coordinator, doesn’t mean they are uniquely qualified or experienced and will provide you with the support you need from contract to close. How do you trust that they know what they are doing, How do you know that they will look after everything just as you would? The following questions will help find the right transaction coordinator to fit your business. 1. What Services Do You Offer To The Real Estate Industry? WHY YOU SHOULD BE ASKING: Transaction Coordinators understand the details and responsibilities of managing your files and fully dedicate themselves only to one service: Coordinating your listings and contracts. A multi-tasking assistant or part-time Agent could miss an important detail that may cost you the deal. Stropnik RE Consultants Reply: We understand that each agent runs their business differently and we have a few options to fit your needs. Our Contract to Close and Listing Input options are the most frequently requested services. Stropnik RE Consultants will also work with each agent on an individual basis to help set up a structured system, which includes customized task lists. 2. How Many Files Can You Handle? WHY YOU SHOULD BE ASKING: If the transaction coordinator you are working with has less than ten contracts per month, they may not be up-to-date on current Real Estate affairs or doing this as their side project instead of full time job. If they have too many contracts, they may not be able to review yours correctly and things could slip through the cracks. Stropnik RE Consultants Reply: Because we have been in the transaction coordinating business for many years, our Coordinators are in tune with how many files they are comfortable handling on an individual basis. We address workload frequently to make sure that we are not overloading our Coordinators and diminishing our services to you. 3. What Are The Agent's Responsibilities During the Transaction? WHY YOU SHOULD BE ASKING: You've decided to give your transaction coordinator your newest contract and now you can walk away for 30 days and just show up at the closing table, right? Well, not exactly. Ultimately it is still your name on the contract and your license on the line so SOME level of supervision is expected. Some Coordinators who are not licensed Real Estate Agents may need to lean on you more than Coordinators who are. Every transaction coordinator will have different things that they require the agent to take care of. Stropnik RE Consultants Reply: AGENT'S RESPONSIBILITIES IN A BUYER TRANSACTION - Handling ALL Negotiations - including repairs or any changes to the contract - Getting initial contract/addenda signed - Reviewing the Settlement Statement - Attending Closing AGENT'S RESPONSIBILITIES IN A SELLER TRANSACTION - Marketing of the listings - Taking appointments for showings (unless using a showing service) - Handling ALL Negotiations - including repairs or any changes to the contract - Reviewing the Settlement Statement - Attending Closing 4. What is The Expected Turn-Around Time On a File? WHY YOU SHOULD BE ASKING: You've just gone Under Contract... You opened the file with your Transaction Coordinator... and.... Nothing....??? How long should it take your Coordinator to get started on your new files? Believe it or not - Coordinators are not waiting in front of their keyboard for you to send over a new contract. We are opening new files at the same time we’re processing the ones we have so each Coordinator's turnaround time will be different. Be sure to establish the expectation in the beginning, so you are set up for a successful relationship and know when you can expect your files to be processed. Stropnik RE Consultants Reply: We will process your files SAME DAY if you submit them to us (in full) before 3:00 PM EST. After that time or on a weekend, you can expect the file to be processed by 10:00 AM the following business day. *** In the event of an extenuating circumstance that we will not be able to comply with the above turn-around time the agent will be notified and an adjusted turnaround time will be disclosed. 5. What Means of Communication Do You Use? WHY YOU SHOULD BE ASKING: Having a Transaction Coordinator that doesn't communicate with you in the way most convenient to you is only making your life harder. Do you prefer email? text? phone calls? Knowing what you like is half the battle - then find a Coordinator that will reach out to you in the way you prefer!


Stropnik RE Consultants Reply:


TEXT US! We are reachable via email, texting, or calling and love talking to our agents on the phone. Chose whichever is easiest for you!


6. How Does an Agent Know What You Are Working On? WHY YOU SHOULD BE ASKING: Your Transaction Coordinator should not wait on your direction or need to be told daily, or even weekly, what needs to be done. They should have their own task list to work off of without needing to be prompted. In the best of relationships, agents have access to their Coordinator's tasklist and can see which items have been completed and where each transaction stands. Stropnik RE Consultants Reply: We use an online platform that agents can log in

to and follow along with our checklists. We keep you informed of all communications and CC you on emails with important correspondence. As always, if you have any questions or concerns you can contact your Coordinator directly.

9 views0 comments

Comments


bottom of page