How to Become a Real Estate Transaction Coordinator

so how let's talk about this side of the the business really quick because a lot of people know about it i would like to know all of the things like how did you learn it yes clients do you have like if you can numbers with us like paint a picture of what this side business is really like sure sure so when i started out i had one primary realtor who she eventually grew a team under her fast forward today i am serving three realtors because some of the team members who originally were part of that team they went on to do different things and they weren't as high producing one thing that i want to say for ladies who are interested in this connecting with a realtor who is high producing who you see them active on social media maybe you even see them um you know advertising on even the grocery carts in the grocery stores or like the free community magazines that's a red a good red flag that that's someone who is really serious about growing their business and putting themselves out there those are the kind of realtors that transaction coordinators we want to connect ourselves with because they want to grow and typically they are also the ones who know the importance of a team and that they cannot grow successfully alone i started out with her today like i said i have three um high producing realtors and then there are actually a couple other realtors under one of my clients but they're just starting out so they're doing two or three transactions a year um not quite a lot right now and the way that i charge as a tc is i charge 350 per transaction and the unique thing about this role is that if you do things like i teach on how to keep yourself organized and create systems and processes you'll get to a point where you can work more and more files simultaneously with keeping your errors down or zero and keeping your clients happy because that's the point you need to get to a point where you're so comfortable you're so fluid you know what to look for while you're working transactions to where you can work 10 15 files at one time and for those ladies who are thinking like what is a transaction coordinator basically we're paper pushers so when a realtor has a tc that's what we call ourselves for short a tc on their team let's say you're about to sell your home and your realtor they find you a buyer and we go in escrow or we go under contract there are a lot of documents that just get passed back and forth from between all the parties in the transaction so that's both realtors the title company the lender and basically you as the tc are like the liaison in the in in the middle of that helping making sure that documents are being completed properly signed executed and the right parties have copies of the documents and that is basically the foundational um task of the role of a tc and so after building my business some what i figured was successfully i have a hundred percent client retention and i had really built in some procedures and processes in my business that number one they set me up to make sure that i was processing all of my t's and dotting my eyes but those procedures were also built in to provide extra care for my clients what are some skills from your that you do as a transaction coordinator that what am i trying to say here that people should be good at like what are some skills personality traits like what are those transferable skills that you're talking about sure so some of the basic ones are you have to have an eye for detail right because you need to be familiar with the contracts and know exactly where to look on the contract to see if something is off or something is missing so you have to have an eye for detail you have to in some sense not be a multi-tasker i know that that that may sound a little weird but let me share what i mean by that when you are working a file and especially when you are reviewing documents you need to be doing just that and not trying to do something else in regards to the file so we have the ability to be single focused when it's called for so i for detailed being able to focus when it when it's really needed and then um a person of integrity of course you are you are a part of what most of us in our lifetimes is our largest financial transaction right it's a big deal and you know and there are some times that someone may send an email that they shouldn't have sent with a copy of the check or someone's sensitive information and so you know you have to of course be a person of integrity and and be very professional um with that type of thing and you have to have curiosity and what i mean by that is especially for those um of us who start this type of business without any prior experience when i first started i had to go above and beyond like let me really read through this email let me see who the recipients of this email are who should be copied on this this type of email what kind of documents are being attached that type of thing and if i didn't figure no understand something just taking some extra time to try to figure it out not that i didn't want to bother my client and ask questions but so that way i could really have a strong under understanding so i could even present myself i could present a smarter question to my client if i did need to ask her so you can do this job completely virtual you don't need to live near your clients you don't it just so one thing i will say about this i teach in my course that it is best to um have clients in the same state because each state has a little bit of a different process yeah yeah there there's a typical flow of a transaction across our country but each state they have a few different documents you know that type of thing so there are some differences so try to stay in your in your state or wherever you like let's say you live in nevada but you're from california and you have some amazing contacts in california so you want to build it there it's virtual so you can do that yeah and that can be a lot with military wives yes you might i might know miami really well because i lived there for three years yes i might have more connections there than i do here which is totally true exactly and that's perfect example yes i actually have a couple students of mine and i'm thinking of one two or three who have real estate licenses and like a great way to and i don't want to say pivot because you bring your digital marketing skills to the table oh yeah like it could be really good for the person who wasn't quite committed to being the realtor that seems hard to me oh yeah yeah that is hard because you have to be the ultimate salesperson you know what i mean and the realtor like at three o'clock i'm pretty much not checking my emails again until the next morning and i don't work weekends a realtor you are 24 7. you there is there are no evenings that you have off you may have to do an open house your weekends are taking buyers out to see homes holidays what holidays like people have off work and they want to see home that's right seems like a wild goose chase and this type of work could be more secure yeah steady and way more flexible because you have it's not like you have to get the papers out you know in 15 minutes right exactly exactly you're part of the process and the great thing about the role of the transaction coordinator since we deal with the paperwork it the paperwork is tied primarily to like the title company and the lender and those businesses don't work evenings and weekends either typically yes and so that's why it's so easy for yeah my realtor may be out working on the weekend and may send over a contract i'll check that monday because i know that the title company and lender they're not doing anything over the weekend either so it works really really well like you know yes the realtor is making the big bucks you know they're they're making more than 350 a transaction but they have to they have to do a lot more to do that and they've worked for it man so how do you help people learn this position like what what are you doing so right now i have a course that i'm offering just like as a standalone course it's a master class i call it the real estate transaction coordinator master class and really emily it's like a business in a box and i know that this is this is kind of your method as well where it's you know this is not a hobby this is our business this is how we earn income for ourselves and for our family and so you know how to keep your you know of course i teach how to um process transactions provide examples how to keep yourself organized how to keep your clients happy how to find clients that type of thing of course that's like bare minimum in the master class but we also talk about like finances and getting yourself started you know you don't need to spend tons of money on like accounting software when you first start that type of thing yeah because those are those are the little things that if you will take care of before you start bringing on clients it's so much easier to have those things in place than to not be able to invoice your first client because you don't have paypal set up or something you know something so simple you know what i mean and it holds people back it totally does it does it does it really does and so yeah so this um is is my my launch time for this digital course and i'm really excited because it's been revamped as i mentioned before when you were asking me kind of what happened over those two years this is the third iteration of this master class and i think this is like you know one of the best versions of it where i've really added in some core examples that i know it'll click with students when they see this like okay i get it this is how this works so i i try to and i know you do this too emily but it's like you have to keep in mind the different learning styles and so the visual you know the auditor that type of thing so this master class is probably the one of most i'm so proud of it and i'm really excited to just because i because i know and i know you're like this too we get connected to our our students and we want them to excel we want them to get to get that facebook post or the email saying hey i got my first client you know you're happy oh yeah that's the best that's the best

Channel: Emily Reagan

Views: 13,415

Keywords: transaction coordinator, real estate, real estate assistant, real estate transaction coordinator, real estate jobs, how to start as a real state virtual assistant, real estate virtual assistant, real estate va, work from home jobs, work from home, virtual assistant, careers in real estate, become a real estate virtual assistant, become a transaction coordinator, what is a transaction coordinator, tips for transaction coordinators, virtual careers

Id: FgFNA82JKAA

Length: 11min 38sec (698 seconds)

Published: Thu Mar 25 2021