If you've thought "I should probably get a transaction coordinator" more than once this year, this post is for you.
Maybe it crossed your mind while you were chasing a signature between showings. Maybe it was the afternoon you spent tracking down an answer when you'd planned to call your leads. And then the file closed, things calmed down, and you told yourself you'd figure it out later.
I get it. Handing off part of your business is a big deal, and many of the agents we work with sat on that same fence for a while before they called us. So I wanted to walk through the hesitations I hear most often and give you an honest answer to each one.
First, what a TC takes off your plate
A transaction coordinator handles the paperwork and deadlines from the day you go under contract to the day you close. You still do the parts only you can do - the negotiating, the advising, the relationship.
On a typical file, that means your TC is:
- Opening the file with title and the lender, and getting everyone introduced
- Building the timeline and tracking every contingency deadline
- Following up on earnest money, inspections, the appraisal, and loan progress
- Collecting signatures and making sure the file is complete for your brokerage
- Sending regular updates so you and your clients always know what's next
- Scheduling closing and making sure nothing is missing at the finish line
None of it is glamorous. All of it has to be done right, every time, on every file. (Here's an overview of what we handle if you're curious.)
"I can't justify the cost"
We don't hear this one often but if this is on your mind, let's do the math together. Think about your last closing and add up the hours you spent on everything in the list above. Be honest - it's usually more than you'd guess.
Now ask what those hours are worth if you spent them on lead follow-up, showings, or listing appointments instead. For a lot of agents, it only takes an extra deal or two a year for a TC to pay for itself. Here's our per-file pricing if you'd like to run the numbers.
"Nobody will care about my clients like I do"
You're right to protect that. Your clients chose you, and a TC should never get in the way of that relationship.
A good TC makes you look better. Your clients get clear, friendly updates on a regular schedule, their questions about paperwork get answered quickly, and you get to be the one who calls with the good news. You stay copied on everything, and the big conversations always stay with you. If you'd like to see who would be working with your clients, come meet our team.
"I don't do enough deals yet"
You don't need to be closing ten a month for this to make sense. If you're doing a few deals a month, you're at the exact point where the paperwork starts crowding out the work that grows your business.
And if your business is up and down, that's fine too. You only use a TC when you have a file, so you're not carrying an employee through the slow months.
"It's faster to just do it myself"
It is faster this week. Explaining how you like things done takes a little time up front, and I won't pretend otherwise.
But you only explain it once. After the first file or two, your TC knows your preferences, your broker's requirements, and how you like to communicate. From there, every new pending is one quick email from you, and it's handled.
A quick gut check
You're probably ready for a TC if a few of these sound familiar:
- You've caught a deadline the day of (or the day after) more than once
- File emails take up more of your day than your clients do
- You've put off calling leads because a pending needed you
- Your broker has sent a file back for missing documents
- You're a little nervous about what happens if you get three pendings in one week
If you nodded at two or more, the paperwork is already costing you something.
You don't have to decide forever
Here's what I tell agents who are still unsure: try it on one file. Send us your next pending, see how it feels to have someone else watching the deadlines, and decide from there.
We got our start in Boise, and today we work with agents across Idaho and beyond. Here's more about our transaction coordinator services in Boise.
If you'd like to talk it through first, I'd love to hear about your business and answer any questions - no pressure either way.
Laura