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 tell you 4 reasons why 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.
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.
Reason #1: 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 600 sales reps, 74% percent said much of their time at work is spent on activities that don’t contribute to selling with 88% saying that time spent is time lost.
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.
Reason #2: Happy clients keep you motivated
The closing process for a real estate transaction takes an average of 30–40 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.
In 2021, Chelly Herren, Team Success Manager at Hyland/Schneider, set out the goal of improving their team's client experience to better support their agents. She mapped out what that client experience looked like and hired two transaction coordinators to implement the process. Fast forward to the end of the year, and they closed 500+ transactions with tons of happy clients leaving 5 star reviews on the buying process from start to finish.
Reason #3: 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.
Reason #4: Trendspotting is their specialty (and you need it to be yours, too)
An ace transaction manager isn’t just a paperwork pro, they’re a trendspotting jedi.
Transaction managers can schedule appointments, make sure every agent is where they need to be, and keep your database updated in real-time so that everyone on the team knows where to focus their energy.
But 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 rockstar transaction managers 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.
A real estate transaction manager can take the stress off your shoulders and turn it into something positive and profit-driving for your business.
And your customers will feel the difference.