In the fast-paced world of real estate, learning how to run a business efficiently can make the difference between struggling and thriving. Chelsea Wright, the force behind RenegadeTCs, recently shared her journey from telemarketer to managing 70 active files across multiple brokerages. Her insights offer valuable lessons for anyone looking to elevate their real estate business.
Watch the full recording here.
From Telemarketer to Transaction Coordination Powerhouse
Chelsea’s journey in real estate is far from conventional. Starting as a telemarketer in 2015, she quickly transitioned to becoming a high-performing agent, closing 28 deals in her first year. Her success caught the attention of her boss, who promoted her to director of operations. In this role, Chelsea helped scale the team from 11 agents to 264 across 26 states and 164 offices.
This experience laid the foundation for launching Renegade ATC, where Chelsea and her team now manage an impressive 72 files simultaneously for 62 agents across four brokerages. How does she do it? The secret lies in creating lean, efficient systems and processes.
The Lean Approach to Transaction Management
Chelsea credits her time as a Starbucks barista for introducing her to lean processes – a methodology that emphasizes efficiency and waste reduction. She applies these principles to transaction coordination by:
- Minimizing steps: Analyzing your workflow to identify and eliminate unnecessary steps.
- Optimizing for efficiency: Considering both your needs and those of clients/agents when designing processes.
- Leveraging technology: Using tools like DocuSign for centralized document management and processing.
By adopting a lean mindset, Chelsea’s team can handle a high volume of transactions without sacrificing quality or becoming overwhelmed.
Communication is Key: The Batman vs Robin Approach
Chelsea shared a powerful mindset shift:
“The transition from being a transaction coordinator that inquires on status updates or inquires on how the clients are feeling… to being a transaction coordinator that informs… shifts the entire dynamic of the relationship entirely because you’re anticipating their needs.”
This approach positions the TC as a proactive partner rather than a reactive order-taker. She introduced an interesting analogy to describe different TC styles:
- Batman TCs: Take center stage, handle all client communication, and aim to be the “hero” of the transaction.
- Robin TCs: Work behind the scenes, empowering the agent to be the main point of contact and “hero” for their clients.
Chelsea identifies as a “Robin” TC, focusing on empowering agents to stay engaged with their transactions while providing crucial backend support. This approach allows her to scale more effectively, as she’s not pulled into every client interaction or negotiation.
Automation: Finding the Right Balance
While some TCs are wary of automation, Chelsea embraces it strategically. She recommends automating the following things:
- Data entry and transfer between systems
- Creation of checklists and calendar invites
- Basic email templates and follow-ups
However, she cautions against fully automating everything, as human oversight remains crucial for many critical tasks. Chelsea’s team uses a combination of tools including JotForm, Zapier, Google Sheets, and a project management tool like ListedKit to create a custom, efficient workflow without relying on expensive, all-in-one transaction management platforms.
Organizing Files: Consistency is King
When it comes to file organization, Chelsea’s mantra is simple: do it the same way, every single time. Her team uses a straightforward naming convention:
- [First part of address] + [Document type]. For example: “123Main_OfferAcceptance” or “456Elm_BuyerDisclosures”
This system ensures easy searchability and prevents confusion, especially when dealing with high volumes of transactions. Chelsea also emphasizes the importance of centralizing communication. Her team sends an initial “new transaction” email to all parties and then uses that thread for all subsequent updates. This creates a clear paper trail and simplifies the process of compiling client correspondence at the end of the transaction.
Setting Expectations and Boundaries
One of Chelsea’s most valuable insights is the importance of setting clear expectations and boundaries with agents from the start. Her team conducts a brief (15-minute) onboarding call with new agents, covering services provided (and not provided), communication expectations and timelines for task completion. Chelsea isn’t afraid to turn down business if an agent isn’t willing to work within her established systems. This selectivity has allowed her to build a roster of ideal clients who respect her processes.
A key boundary Chelsea emphasizes is the difference between urgency and emergency:
- Urgency: Requires a response within one hour during business hours
- Emergency: Genuine crisis situations (extremely rare in real estate)
By educating agents on this distinction, Chelsea’s team can maintain a work-life balance while still providing excellent service.
Adapting to Industry Changes: The NAR Settlement
When asked about the potential impact of the recent NAR (National Association of Realtors) settlement on transaction coordinators, Chelsea offered a valuable perspective:
- Focus on high-producing agents: These professionals are more likely to weather market shifts and continue to need TC services.
- Set clear boundaries around offer negotiations: If you choose to assist with this, establish strict cut-off times (e.g., no negotiations after 7 PM) to protect your time and energy.
- Prepare for potential compensation compression: As agent commissions may face pressure, be ready to demonstrate your value clearly.
Chelsea’s unique position as both a top-producing agent and a TC gives her insight into both sides of the equation. She encourages TCs to stay adaptable and focus on building relationships with influential, successful agents in their markets.
Scaling Your TC Business: Lessons from Chelsea’s Success
Throughout the webinar, Chelsea shared numerous strategies that have allowed her to scale her TC business successfully:
- Standardize processes: Create templates and checklists that can be easily replicated across transactions.
- Leverage virtual assistants: Delegate tasks like data entry and initial document review to free up your time for higher-level work.
- Build partnerships with brokerages: Consider offering a per-file kickback to incentivize brokerages to send you new agents regularly.
- Invest in automation: Use tools like Zapier to connect your various systems and reduce manual data transfer.
- Focus on communication: Develop clear, concise templates for updates and client interactions.
- Set boundaries: Don’t be afraid to say no to clients or tasks that don’t align with your processes.
- Continuously improve: Regularly assess your workflows and look for opportunities to optimize.
The Future of Transaction Coordination
All in all, in order to run a successful real estate business you need a combination of efficient systems, clear communication, and adaptability. Implementing these strategies into your business process can help you position yourself to handle higher volumes of transactions while maintaining quality and work-life balance.
Whether you’re an agent looking to optimize your operations or a transaction coordinator aiming to scale your services, these insights from Chelsea Wright provide a roadmap for success in the competitive real estate industry.
And if you’re a busy TC dealing with the chaos of keeping up or scaling your business, check out ListedKit – management software built to help you keep tasks and documents organized, file paperwork and track change history for transactions.
