Does Your Company Need a Transaction Coordinator?
TIP: If a transaction coordinator is a company employee, he or she can alert you or the designated brokers to potential problems with a transaction before trouble begins. —Heidi Bergman, consultant on real estate support systems, Grass Valley, Calif.
Transaction coordinators provide assistance to salespeople in completing the post-transaction coordination. Ask yourself these questions to determine whether or not your brokerage could benefit from their services.
- Do a significant number of transactions fall through or fail to close on time because of incomplete paperwork?
- Do many of your salespeople exhibit a list/slump listing pattern—in which they don't acquire many new listings while transactions are underway, and then are left with no business when the transaction closes?
- Are transaction details overlooked that later cause disputes with buyers or sellers?
- Are essential documents and details missing from transaction files, increasing your legal exposure?
If you answered "yes" to more than one of these questions, consider hiring a coordinator.
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