TC How to: Differentiate Yourself as a Transaction Coordinator
Okay, let’s be brutally honest here today. Anyone with the proper checklist and templates could be a TC. With the majority of work being on the computer, reviewing documents, sending emails, and filing paperwork, it may seem like it does not require a highly specific skillset. There are many TCs out there, and there are a lot just copying and pasting their templates and following the checklists. So how do we differentiate ourselves? We do what I like to call, “Reading the room”.
Now is where you may laugh and say “Allyson, how do I “read the room” from my home office hundreds of miles away? I have never even met these people in person!” Well we are going to “read the room” the best we can through the information we have on hand. This is why I always tell my agents I am more than happy to be copied on ALL communication around the transaction even if there are no action items for me. This helps me “read the room”. Let me give you a few examples:
Example #1: You need a document that is missing an initial signed by the other side. For this example, let’s say we are under no specific time crunch to receive this document back. Because the agent has kept us in the loop while negotiating, we are aware things are a little (okay maybe a lot) heated between the two parties during post-inspection negotiations. What would an average checklist following TC do? (We’ll call this TC, “TC A”) Reach out for the document of course! What would a “reading the room” TC do? (We’ll call this TC, “TC B”) They would likely consider WAITING until after we have come to an agreement with the other side and are moving forward to interrupt intense negotiations with paperwork. This also probably greatly increases your chances of getting the document signed and back in a timely manner. What seller wants to sign something when they are angry? None that’s who!
Example #2: You have a file scheduled to close in two weeks. The brokerage only requires compliance documents to be submitted one week prior to closing, so that task is still a few days out on your checklist. However, you come across an email where one side is mentioning wanting to close earlier. What would TC A do? Potentially make a mental note of it and move on, since it has not been agreed by all parties and their agent hasn’t informed them of the date actually moving up. What does TC B do? They “read the room” and go ahead and submit the compliance paperwork so there will not be any delay with the CDA if we do end up closing early. They may also go ahead and start working on any other pre-closing tasks. Now TC B does not have to scramble when the closing date actually gets moved up. There is never a problem getting work done early!
Example #3: We are working on a cash transaction with a quick close. While TC A may follow the checklist which tells us to wait and work on some items after the inspection (Maybe ordering a survey or submitting our compliance paperwork) TC B can “read the room” and think ahead, knowing we need to move these tasks up on our checklist or we might run out of time!
Example #4: It is time to schedule closing for our buyers, HOWEVER, things seem to be rocky with the lender and we are not sure if we can close on time. TC A may go ahead and schedule the closing, while TC B may think, perhaps, we wait an extra day or two to see how the lender is progressing before we get the buyers to take time off work/schedule movers/get excited, etc.
Now, the easiest way to get better and better at “reading the room” is through experience. However, if you are new, please don’t get discouraged! By being aware of this, you can keep a better eye out for little clues that you may have missed by simply following the checklist. While the checklist may be our bread and butter, being in real estate means those items may not always occur in the same order and at the same time. Reading the room helps us show our knowledge and make the transaction a better experience for all parties.
