Building an SOP for Automating Task Management in Your TC Business (Template Included)

This guide will cover the essential steps for building an SOP for automating task management in a TC business. We’ll also provide a downloadable template and helpful ChatGPT prompts to streamline SOP creation.

Each real estate transaction has unique requirements, yet the management steps often repeat. Without a standardized approach, even small oversights in document tracking, deadline monitoring, or client communication can lead to delays and create unnecessary complications.

Why an SOP for Automating Task Management is Critical for Transaction Coordinators

SOPs are more than just checklists; they’re essential guides that bring consistency, efficiency, and reliability to task management. Here’s why they are vital in the real estate industry for a TC process:

• Uniform Task Execution: SOPs help real estate transaction coordinators handle each task uniformly, ensuring all clients receive the same high-quality experience. Standardization reduces inconsistencies, particularly when multiple team members handle different aspects of the transaction.
• Reduced Errors: Detailed, step-by-step instructions minimize the risk of oversight. For TCs who manage dozens of real estate transactions, SOPs serve as a clear path, reducing the likelihood of missed deadlines or overlooked documents.
• Time Savings: While necessary, repetitive tasks can be time-consuming. SOPs free up valuable time by guiding coordinators through routine actions quickly and efficiently, allowing more focus on complex, high-value tasks.

Key Elements of an Effective SOP for Automating Task Management

To create a robust SOP for task management in a TC business, it’s crucial to outline every core element in detail. Here’s a breakdown of the key elements to include:

Core Task Identification

Identify critical tasks that are repetitive and essential for transaction progression. Key tasks might include client onboarding, document requests, compliance checks, deadline tracking, and status updates. Each task should serve a specific purpose in moving the transaction forward and be repeatable across various deals.

Step-by-Step Instructions

Break down each task into precise actions. This breakdown prevents ambiguity, ensuring that anyone following the SOP can perform the task consistently. For example, for document collection, the SOP might specify steps like verifying forms, uploading files to a shared drive, and sending a confirmation email to clients.

Role Definitions and Expectations

Designate responsibilities clearly for each task. For instance, if one team member handles client communication while another manages compliance, specifying these roles ensures everyone knows their part and that tasks are completed without overlaps or confusion.

Timelines and Deadlines

Establish timelines to keep the transaction on track. For each task, indicate a recommended time frame or deadline, such as completing document collection within three days of contract initiation. Deadlines foster accountability and help coordinators stay aligned with client expectations, creating effective workflows.

Quality Assurance Checkpoints

Add checkpoints to maintain accuracy and consistency. For example, an SOP could include a final verification step before submitting a closing document to ensure completeness and correctness. Quality checks like these improve the reliability of each completed transaction.

Contingency Plans

Address potential issues with contingency steps. For example, if a document is delayed, the SOP should outline alternative actions, such as notifying the client and scheduling follow-up reminders.

Including these elements in your SOP helps independent transaction coordinators manage every process phase, from routine steps to unexpected delays, with a clear, structured approach.

Steps to Create Your SOP for Automating Task Management

To help you create a fully comprehensive SOP, here’s a step-by-step guide:

Step 1: Compile a List of Every Routine Task in the TC Process

Develop a full list of all recurring tasks involved in the transaction coordination process. This could include tasks such as:

• Setting up client files and task lists in the management system
• Collecting and verifying documents (disclosures, contracts, etc.)
• Tracking and updating transaction deadlines
• Communicating with agents, clients, and relevant parties
• Performing compliance checks at key stages
• Scheduling final walkthroughs or inspections

By cataloging these tasks, you’ll have a clear view of everything that needs to be managed and documented.

Step 2: Break Down Each Task into Actionable Steps

For each task, break it down into specific actions. For example:

Document Collection and Verification:

• Contact the client with a detailed list of required documents and any additional access requirements.
• Confirm receipt and verify each document for accuracy and completeness.
• Upload the document to a centralized system and tag it appropriately.
• Notify relevant team members that documents are available.

Deadline Tracking and Management:

• Enter each deadline into the estate transaction management software.
• Set automated task reminders for approaching deadlines (use ListedKit’s automated notifications).
• Review deadlines weekly to address any that may be in jeopardy of being missed.

Step 3: Organize Tasks in Logical Order and Assign Deadlines

Structure tasks in the order they need to be completed and assign deadlines based on transaction milestones. For instance:

• Document requests should be completed within the first three days.
• Compliance checks should occur at specific transaction points, such as contract signing and final walkthrough.

Step 4: Assign Roles and Responsibilities for Each Task

Define each role’s responsibility in completing a task, ensuring no steps are overlooked. For instance, the TC may handle client communication while the assistant ensures documents are uploaded correctly.

Step 5: Incorporate Automation Points

Identify which steps can be automated with tools. Automate repetitive steps like scheduling reminders, setting up notifications for deadline tracking, and sending confirmation emails when tasks are completed. Automation reduces the chances of human error and lightens the manual workload.

This structured approach allows for consistent, error-free task management that keeps transactions on schedule and clients informed.

Automating Your SOP with ListedKit

Here’s how ListedKit can help you with task management: 

Automated Deadline Tracking

Automated deadline tracking ensures that TCs can stay on top of critical transaction dates without constant manual updates.

• Real-Time Adjustments: Automatically updates timelines if a closing date changes, eliminating the need for manual recalculations.
• Deadline Alerts: Sends proactive alerts and reminders as deadlines approach, helping you prioritize upcoming tasks without missing any key dates.
• Minimizes Manual Oversight: Reduces the need to manually review timelines, freeing up time for client interactions or more complex tasks.
• Improves Compliance: Keeps you aligned with legal and contractual requirements by ensuring deadlines for contingencies, inspections, and other steps are met.

This feature keeps you focused on delivering a seamless client experience while maintaining accuracy and compliance throughout each transaction.

Smart Checklists and Templates

Smart checklists and templates allow TCs to automate routine tasks and standardize communications, saving time and improving consistency.

• Customizable Checklists: Create tailored checklists for different transaction types, ensuring that each stage is covered. This helps in managing varied transaction requirements efficiently.
• Pre-Built Email Templates: Automate routine client and agent emails (e.g., document requests, status updates) with pre-filled templates, maintaining professionalism and reducing drafting time.
• Reusable Templates for Multiple Transactions: Apply the same checklist or email template across different transactions, ensuring consistency and reducing the chance of errors.
• Streamlines Repetitive Tasks: With automated checklists, you can manage administrative tasks quickly, leaving you more time for complex issues that require attention.

This feature provides TCs with effective automated workflows that reduce repetitive tasks and simplify communication with clients and agents.

Centralized Dashboard

ListedKit’s centralized dashboard gives TCs a clear, organized view of all transactions, making multitasking easier and more efficient.

• Real-Time Status Overview: Offers a snapshot of the status of transactions in progress, allowing you to see where each transaction stands and identify any pending tasks immediately.
• Task Monitoring Across Transactions: Enables easy tracking of tasks across multiple transactions, helping you manage additional transactions without losing track of essential details.
• Efficient Task Prioritization: Organize tasks by priority so you can easily shift focus to the most pressing items in your queue.
• Improved Collaboration: If working within a team, the dashboard allows everyone to see task assignments and progress, promoting transparency and minimizing the need for constant check-ins.

The centralized dashboard consolidates information, helping TCs manage complex workflows and providing a high-level view of all transaction statuses at a glance.

AI-Powered Document Processing

AI-powered document processing significantly reduces the manual entry of critical data by automating document extraction.

• Automated Data Extraction: Uses AI to pull essential details from contracts and other documents, saving time on data entry and reducing human error.
• Faster Document Verification: Ensures that all required fields are complete and accurate, allowing you to confirm transaction readiness quickly.
• Enhanced Document Management: Organizes documents automatically by extracting data into relevant fields, making retrieval faster and reducing the learning curve for new team members.
• Speeds Up Workflow: AI-based document processing speeds up time-sensitive tasks, such as verifying client information or pulling contract data, which streamlines the entire transaction process.

Common Challenges in SOP Creation and How to Overcome Them

SOP development comes with its own set of challenges. Here’s how to address common obstacles:

• Challenge: Documenting a Large Volume of Tasks
• Solution: Start by prioritizing high-impact tasks. Documenting tasks crucial to the transaction’s success—like deadline tracking and document verification—helps you focus first on the SOP’s essential components.
• Challenge: Maintaining Team Engagement and Buy-In
• Solution: Encourage team participation in the SOP creation process. Ask for feedback, involve team members in drafting steps, and consider assigning “SOP champions” who can help keep the document relevant and valuable.
• Challenge: SOPs Becoming Outdated Due to Evolving Processes
• Solution: Set a periodic review schedule, perhaps every quarter. Regular reviews keep the SOP current and aligned with new tools, regulatory changes, and process updates.
• Challenge: Lack of SOP Use After Creation
• Solution: Integrate the SOP into your onboarding and training processes. New hires can use the SOP as a roadmap to learn tasks efficiently. Reinforce SOP adherence during team meetings and highlight its role in maintaining quality and consistency.

With these solutions, your SOP will become a practical tool that evolves with your business and remains relevant to your team.

Creating a Flexible Yet Detailed SOP Template

A well-structured template makes it easier to update your SOP as processes evolve. Here’s an outline for a versatile yet detailed SOP template:

Section for Task Descriptions

• Describe each task concisely, focusing on the task’s goal and importance. For example, “Collect all necessary client documents to ensure compliance with closing requirements.”

Detailed Steps for Each Task

• Use bullet points to break down each action, keeping steps simple and direct. Clear steps ensure tasks are repeatable and can be followed by any team member.

Role Assignments

• Include a field to assign specific roles for each task, such as “Client Communications Manager” or “Compliance Specialist.” This encourages accountability and prevents overlapping efforts.

Completion Timelines and Milestones

• Assign target deadlines or milestones for each task. For instance, you might specify, “Complete document collection within five business days of offer acceptance.” Having set timelines helps team members manage priorities effectively.

Quality Assurance and Review Checkpoints

• Integrate quality checks, such as confirming document accuracy, before moving on to the next task. Include a sign-off field for critical tasks, allowing team members to confirm completion.

Automation Points

• Identify tasks suitable for automation, like deadline reminders or document requests, and note these in the template. Tools like ListedKit can handle these steps, reducing manual intervention.

This template structure provides guidance and flexibility, making it easy to adjust tasks and responsibilities as your TC business grows and evolves.

5 ChatGPT Prompts for Drafting SOP Content for Automating Task Mangement

Creating an SOP for automating task management can feel overwhelming, but ChatGPT can be an invaluable assistant in drafting clear and comprehensive documentation. These prompts are designed to simplify the SOP creation process by guiding you through each crucial component. Just input these prompts into ChatGPT, and you’ll receive structured responses to help you build each section of your SOP.

Step 1: Identify Routine Tasks

A strong SOP begins with identifying all the recurring tasks involved in your role. This prompt helps you outline the full range of tasks that typically occur from offer acceptance to closing. Having a list of these tasks will provide a solid foundation for creating a detailed SOP.

Prompt:

“List all repetitive tasks involved in a transaction coordinator’s role, specifically from the offer stage to closing. Include tasks such as document collection, deadline tracking, client communication, and any additional steps essential to ensuring smooth transaction coordination.”

Example Response:

Offer Stage

• Receive and Review Offer: Check offer details for accuracy and completeness.
• Submit Offer to Agent: Forward the offer to the appropriate agent for review.
• Prepare Offer Documents: Ensure all required offer documents are signed by clients.
• Track Offer Deadlines: Record critical dates such as response deadlines for offer acceptance, counteroffers, or rejections.
• Organize Initial Documentation: Set up a digital or physical file for the transaction.

After Offer Acceptance

• Open Escrow: Coordinate with escrow officers or attorneys to open escrow accounts.
• Create Transaction Timeline: Outline key dates and milestones for the transaction.
• Send Initial Contract to All Parties: Share accepted offer details with agents, clients, lenders, and escrow officers.
• Set Up Communication Channels: Establish primary points of contact and preferred communication methods for all involved parties.

Document Collection

• Request and Collect Buyer’s Documentation: Collect proof of funds, pre-approval letters, and any other required financial documents.
• Gather Seller’s Disclosures: Ensure the seller provides all required disclosures (e.g., property disclosure, lead paint, termite, etc.).
• Collect HOA Documents (if applicable): If the property is part of an HOA, collect CC&Rs, financial statements, and any additional required information.
• Obtain Inspection Reports: Coordinate with inspectors to receive and distribute completed inspection reports.
• Request Additional Documents: If new documents are needed during negotiations or inspections, request them promptly.

Deadline Tracking

• Monitor Contractual Deadlines: Track due dates for contingencies, inspections, financing, and other contractual obligations.
• Send Reminders to Parties: Notify agents, clients, and relevant parties as deadlines approach.
• Confirm Task Completion: Regularly check that tasks are completed on time (e.g., inspections, appraisals).
• Coordinate Extensions (if needed): If deadlines cannot be met, arrange for extensions and ensure they are documented properly.

Client and Party Communication

• Provide Regular Status Updates: Send weekly or bi-weekly updates to clients and agents on the progress.
• Respond to Questions and Concerns: Address questions from clients, agents, or third-party service providers.
• Clarify Transaction Process Steps: Explain upcoming stages or requirements to clients as needed.
• Coordinate Third-Party Services: Work with inspectors, appraisers, and contractors, ensuring schedules align with transaction timelines.

Pre-Closing Preparation

• Ensure Loan Approval Documentation: Confirm that the lender has finalized loan approval and underwriting.
• Finalize Contingency Removals: Verify that all contingencies are removed and documented correctly.
• Prepare Closing Documents: Review closing disclosures, settlement statements, and any final forms.
• Organize Final Walkthrough: Schedule and confirm the buyer’s final walkthrough.
• Confirm Closing Appointment: Coordinate with escrow or attorney to set up a time for closing and confirm with all parties.

Closing

• Ensure All Documentation is Complete: Confirm all documents have been signed and notarized if necessary.
• Distribute Final Documents: Send copies of final documents to clients, agents, and involved third parties.
• Follow Up on Fund Transfers: Check with escrow or attorneys to ensure all funds are transferred correctly.
• Close Out File: Archive transaction files and ensure all paperwork is stored securely.
• Send Closing Summary to Client and Agent: Provide a closing summary or package of documents for record-keeping.

Step 2: Break Down Each Task into Detailed Steps

Once you’ve identified routine tasks, the next step is to break each one down into actionable steps. This ensures consistency and clarity so that any team member can follow the process without confusion.

Prompt:

“For each identified task, provide a detailed, step-by-step breakdown of what needs to be done to complete it successfully. Ensure each step is clear and can be followed by any team member, even if they are new to the role.”

Example Response from ChatGPT:

Offer Stage

1. Receive and Review Offer

• Step 1: Check your inbox and transaction management system for any incoming offer documents.
• Step 2: Open the offer and review each page to confirm details, including:
  • Buyer’s name and seller’s name
  • Purchase price, deposit amount, and closing date
  • Terms, contingencies, and any special clauses
• Step 3: Confirm that all required signatures and dates are present.
• Step 4: Document the offer details in the transaction file for reference.

2. Submit Offer to Agent

• Step 1: Compose an email to the agent with the offer details attached.
• Step 2: Provide a summary of the main offer points in the email body.
• Step 3: CC any additional team members who need access to this information.
• Step 4: Send the email and file the offer in the transaction management system.

3. Prepare Offer Documents

• Step 1: Verify that the offer documents are complete.
• Step 2: If client signatures are needed, use e-signature software to send documents to the clients with clear instructions on where to sign.
• Step 3: Follow up with clients to ensure they complete the signing process promptly.
• Step 4: File the signed documents in the transaction management system.

Step 3: Assign Responsibilities to Team Members

A well-organized SOP assigns each task to specific team members, which reduces confusion and improves accountability. This prompt will help you define role assignments and provide brief explanations for each responsibility.

Prompt:

“Create a list assigning each task to a specific role within a transaction coordination team. Briefly explain each role’s responsibilities and how they contribute to the transaction process.”

Example Response:

Transaction Coordinator (TC)

• Responsibilities: Manages the entire transaction, ensuring all documents are accurate, deadlines are met, and communication flows smoothly among all parties.
• Contribution: Acts as the primary liaison, organizing, tracking, and overseeing every aspect of the transaction to keep it on course.

Virtual Assistant

• Responsibilities: Handles document management, including collection, review, organization, and filing. Ensures all required documents are properly signed and stored. Supports other team members with administrative tasks as needed.
• Contribution: Maintains document integrity and accessibility, ensures compliance, and assists in reducing delays by handling administrative and document-related tasks efficiently.

Client Relations Coordinator

• Responsibilities: Manages client communication, provides updates, and addresses client questions or concerns. Works closely with clients to ensure they understand each stage of the process.
• Contribution: Enhances client satisfaction by keeping them informed and addressing any questions that arise throughout the transaction.

Step 4: Set Task Timelines and Deadlines

Effective transaction coordination relies on meeting deadlines, so it’s essential to set realistic timelines for each task. This prompt will help you establish a schedule that ensures tasks are completed efficiently and keeps the transaction on track.

Prompt:

“Suggest recommended timelines or deadlines for each task within the transaction process, from offer acceptance to closing. Include considerations for tasks that may require follow-up or extra time.”

Example Response:

Day 1: Offer Accepted

• Open Escrow: Complete immediately upon acceptance. Confirm with all parties by the end of the day.

Day 2-3: Initial Setup

• Create Transaction Timeline: Within 24 hours; share key dates with all parties.
• Send Contract to All Parties: Email contract and timeline within 48 hours; confirm receipt.

Days 2-5: Document Collection

• Buyer’s Documentation: Request and follow up on proof of funds, pre-approval, etc.
• Seller’s Disclosures: Send list of required disclosures to the seller, following up by day 3 if needed.

Days 5-10: Inspection Period

• Schedule and Review Inspection: Schedule by day 5, complete by day 10. Share report with all parties.

Days 10-15: Appraisal Process

• Appraisal Appointment: Schedule by day 10, aiming for completion by day 15. Follow up with lender if delayed.

Day 14-15: Finalize Contingency Removals

• Contingency Removals: Ensure all contingencies (inspection, financing, appraisal) are removed. Arrange extensions if needed.

Days 20-25: Pre-Closing

• Prepare Closing Documents: Finalize 5-10 days before closing; review for accuracy.
• Final Walkthrough: Schedule 1-2 days before closing, coordinating with the buyer.

Day 25-30: Closing

• Confirm Closing Appointment: Confirm details and funds 1 day before closing.
• Distribute Final Documents: Send closing documents within 1-2 days post-closing.
• Close Out File: Archive all documents within 3 days of closing.

Having task deadlines within the SOP provides a clear roadmap for the transaction process, helping TCs prioritize their daily workload and reduce the risk of delays.

Step 5: Add Quality Control Steps

Quality control steps are essential to ensure tasks are done accurately, especially in complex transactions. This prompt will guide you in adding checkpoints to verify that tasks are completed thoroughly and meet quality standards.

Prompt:

“Include quality control checkpoints or reminders within the SOP to verify task accuracy and completeness. Suggest where these checkpoints should be added in the transaction process and any specific actions to take at each point.”

Example Response:

Checkpoint 1: Post-Offer Acceptance (Day 1)

• Tasks: Review accepted offer and initial documents.
• Actions:
  • Verify that all necessary signatures and initials are present on the offer.
  • Double-check that the terms, pricing, and deadlines match what the parties agreed upon.
  • Confirm with the agent that any verbal agreements or specific instructions are documented.

Checkpoint 2: After Initial Document Collection (Days 5-7)

• Tasks: Buyer’s documentation and seller’s disclosures.
• Actions:
  • Check each document for completeness, including legibility and accuracy of information (e.g., dates, names).
  • Confirm that all necessary disclosures are signed and dated by the seller.
  • Ensure proof of funds or pre-approval letters from the buyer are current and meet contract requirements.

Checkpoint 3: Pre-Inspection and Appraisal (Days 5-10)

• Tasks: Inspection scheduling and appraisal.
• Actions:
  • Confirm inspection and appraisal appointments with both the inspector and appraiser to avoid delays.
  • Review the contract to ensure any special inspection or appraisal instructions are communicated to the relevant parties.
  • After receiving the inspection report, verify its completeness and confirm it covers all required areas.

Implementing SOPs with Automation for Lasting Impact

Integrating SOPs with automation tools like ListedKit offers a long-term solution for efficient task management. An effective SOP not only enhances daily workflows but also allows transaction coordinators to focus on client relationships and strategic growth.

With clear, automated SOPs, transaction coordinators can provide consistent, high-quality service, ensuring that no detail is overlooked. By regularly updating the SOP, TCs can adapt to business growth, ensuring that their task management remains smooth and organized.

An SOP for automating task management is an investment in the future efficiency of your transaction coordination business—one that delivers sustained benefits with every transaction.