It takes a village to close a real estate transaction, but there’s always one person in particular who seems to take the lead in coordinating the details: you.
The person who already has a million other things on their plate.
If you’re reading this, you’re probably like the thousands of real estate agents who believe there just aren’t enough hours in the day. We’re here to tell you, it doesn’t have to be that way.
If you’re ready to win back your time and focus your energy on the things that really matter (you know, things like closing more deals while making it home on time for dinner), get ready. We’re about to show you all the ways a transaction manager can be a true game-changer for your business and life.
Why hire a real estate transaction manager?
In a nutshell, real estate transaction managers help your clients cross the finish line, with hands raised in victory.
They make sure all the ‘t’s are crossed and ‘i’s dotted at each and every stage of the closing process, so you and your agents don’t have to.
Here are some of the tasks a transaction manager can take off your hands:
- Organizing and monitoring all transactions
- Communicating with all parties involved
- Serving as the first point of contact for credit executives and bank associates
- Filing the required documentation in accordance with local, state and federal laws
- Keeping all parties to deadline
- Monitoring liabilities
- Resolving any issues that arise
Let’s put it another way: your transaction manager is a partner to your business.
A stellar transaction manager genuinely cares about the client experience. From making sure every document is correctly signed, to setting escrow accounts for buyers and keeping agents on top of deadline—there are a million different ways they can help.
1. Because let’s face it: you have zero time
In the real estate business—as in any business, really—time is money.
Whether it’s focusing on prospecting, improving your processes, attending a class or training or simply being with your family—we all need more time.
CEO of The Ballen Group, Lori Ballen, knows the struggle is real.
“Real estate agents work from sun up to sun down including weekends chasing the next deal. When they aren’t in the field with clients, they are shuffling papers and problem-solving. They quickly find there aren’t enough hours in the day. They miss their free time, and families. They don’t teach you how to truly budget your time and money in real estate school!”
According to a recent survey of 720 sales reps, almost 65% of their time is spent on non-revenue-generating activities. A stellar transaction manager will handle your most time-sucking tasks, so you don’t have to spend (more than half!) your days buried in an avalanche of paperwork.
2. Because happy clients keep you motivated
The closing process for a real estate transaction takes an average of 50 days.
That’s rough for you and your clients. And there are a range of factors that can either speed the process up, or slow it to a snail’s pace. Things like: securing funds, appraisal disparities, lack of insurance, contingencies—you name it. It can happen.
But by having someone in charge of keeping all parties to deadline, while mitigating the liabilities and roadblocks, you can save both yourself a world of pain. And your clients will love you for it.
When Preston Guyton, owner of CRG Companies, hired Rainbow Russell as the team’s Client Care Coordinator, they tripled conversions and brought in over $25 million in sales volume.
That’s because Rainbow does all the priceless client-centric things that Preston’s agents simply don’t have time for. For example, when a Realtor attends a closing, Rainbow joins as well, delivering a CRG basket with goodies like coffee, mugs, local honey, sunscreen and a thank you card to show the company’s appreciation.
Source: CRG Companies
3. Because you could use a little more structure in your life
An ace transaction manager isn’t just a paperwork pro, they’re an organizational jedi.
“You’re only as good as your transaction manager,” said coach Brian Icenhower in his interview with the late Kevin Blain of Kevin Blain Real Estate. At the time of the interview, Kevin and his team had just sold over 1,400 homes per year. That’s a TON of paperwork. “Whether it’s your first hire or it’s your fifth hire, it’s going to be very, very important,” said Kevin.
After hiring his transaction manager, Kevin and his team saw an increase of 300% in just two years. Transaction managers not only make sure your processes run smoother and that your records are completely up-to-date, they help give structure to your entire sales system.
Transaction managers can schedule appointments and make sure every agent is where they need to be, without blinking an eye. If you already run your business through a single smart platform, your transaction manager can easily keep your database updated in real-time so that everyone on the team knows where to focus their energy.
4. Because you got problems…and transaction managers can solve them
A smart transaction manager can be a true strategic partner.
Because of their deep insight into one of the most complex and crucial parts of the real estate journey, they’re in the perfect position to help you spot the cracks in your business and come up with smart tactics to help you hit the next level.
“They make problems go away before their clients get wind of them. They’re anticipating problems and have solutions ready,” says Hank Miller, an associate broker and licensed appraiser of The Hank Miller Team in an interview for Dotloop.
(Did you know that Dotloop integrates with Follow Up Boss to eliminate manual data entry and manage the entire closing process straight from your customer’s profile? Check it out!)
5. Because trendspotting is their specialty (and you need it to be yours, too)
These days, there’s a lot of talk about the possibility of Realtors going extinct.
If you’re a regular here on the GrowthHouse blog, you know we don’t buy it. However, we do believe that agents absolutely need to step up their game with the help of technology…or risk being replaced by it.
If you want to be in the 1% of agents who own the market despite the disruption, you need to know the trends inside your company and your community. And a rockstar transaction manager can help with that, too.
With the right tools, your transaction manager can run an analysis to understand why some transactions come apart and identify the breaking points. Then, they can help you come up with creative ways to protect your revenue and push your business forward.
Just make sure your transaction manager has everything they need to succeed, including access to a database with easy visualization of all pending transactions.
Tools that can make your transaction manager even more powerful
There’s nothing better than a tech-savvy transaction manager. Here are some of the best tools to help them win.
- Trello: Collaborative task management tool that allows you to organize your work into boards. (Check this out for more inspiration.)
- Slack: Cloud-based collaboration hub which acts as a virtual office where you can keep track of all conversations with your real estate team.
- Structurely: AI chatbot Aisa (Artificial Intelligence Sales Agent) Holmes allows you to qualify your web leads while you’re out showing and pitching. Bonus points for its awesome integration with Follow Up Boss!
- Power ISA: Fully trained, in-office ISAs who can work directly with your team on lead generation, lead nurturing and lead management.
- First.io: Real estate software platform for predictive analytics.
- Dotloop: Leading online transaction and productivity optimization platform for real estate.
With the right tools, a real estate transaction manager can take the stress off your shoulders and turn it into something positive and profit-driving for your business.
But don’t take our word for it.
Angela Renken is a full-time transaction manager who knows brokers benefit enormously by working with someone like her. And Keith Zeiler, owner at TK2 Associates and one of Renken’s regular clients, happily backs her up, “[Without her] I’d have three times the gray hairs that I do now. It helps to have someone on top of every aspect of a contract. On my team, we never have to worry about following up with lenders and other timelines. It relieves a lot of the stress for us.”
Who are We?
GrowthHouse is where ambitious agents and teams come to learn strategies and tactics to grow their real estate businesses.
The team behind GrowthHouse also runs Follow Up Boss, a sales driven CRM dedicated to helping agents and teams focus and follow up for more appointments and sales. Click here to learn more about how Follow Up Boss can help you accelerate your growth.