You’re finally stepping into your role as a transaction coordinator, ready to take up the responsibility of assisting real estate agents and clients in handling the complex deal-closing process. While this job presents the satisfaction of seeing deals come together, it can at times be overwhelming.
Instead of diving in headfirst without direction, having a clear week-by-week plan can make all the difference. Let’s break down the process and steps you can apply to set you up for a successful first three months on the job.
Week 1: Getting Oriented
Your first week as a real estate transaction coordinator is about understanding the scope of your work and how you’ll support agents and clients. Think of it this way: You’re laying the foundation for a structured, organized approach.
Understand Your Primary Responsibilities
- Begin by learning and getting a handle on your main tasks as a transaction coordinator. These may include managing real estate contracts, maintaining records of due dates, complying with regulatory laws, and acting as a liaison between all parties in the transaction.
- Suppose you work in a real estate business entity. In that case, it’s better to confirm exactly what the team expects from you—from front-end tasks such as document collection to back-end processing of commission disbursement.
Explore the Tools You’ll Use
- Tools like ListedKit are valuable for managing workflows. Spend time learning how to use its features to organize tasks, set deadlines, and track transaction progress.
- Create a list of other essential tools, such as e-signature platforms (e.g., DocuSign) and document storage services (e.g., Google Drive).
Schedule an Orientation Meeting
- Arrange a session with your broker or team to clarify expectations. This is an opportunity to learn their preferred workflows, tools, and communication styles.
- Request a checklist of required documentation and procedures for each real estate transaction type, whether single-agent or dual-agent.
During your orientation, ask your broker to walk you through a recent transaction from start to finish. Seeing how experienced transaction coordinators handle common tasks can help you better understand the process.
Milestone
By the end of the week, you should clearly understand the scope of your role and the tools you’ll use. You should also be familiar with your team’s workflows and expectations, setting the stage for smoother collaboration.
Week 2: Setting Up Systems and Processes
The second week is about turning preparation into action. Creating systems and processes ensures you stay organized, meet deadlines, and reduce unnecessary back-and-forth communication.
Choose Task Management Tools
- ListedKit is an excellent starting point for managing your tasks. You can use it to monitor details of any active or upcoming real estate transactions, including deadlines, documents, and milestones.
- If your brokerage uses a CRM, integrate it into your workflow to centralize all communication and data tracking.
Develop Email Templates
- Well-crafted templates will save work hours and help you maintain consistency in tone and messaging.
- Create professional templates for frequent communications. For example:
- Introduction emails: Outline your role to clients and agents and provide your contact details.
- Status updates: Keep clients informed about the progress of their transactions at regular intervals.
- Document requests: Ensure all necessary forms, such as disclosure statements, are completed on time.
Design a Transaction Checklist
Break down each stage of the process into actionable steps. For example, you can create a buyer’s transaction checklist like this:
- Verify contract details.
- Confirm earnest money deposit.
- Track inspection deadlines.
- Monitor loan contingency removal.
A single transaction coordinator managing three buyer transactions can use ListedKit to set reminders for each critical deadline.
For example, automated alerts for loan approval timelines or appraisal contingency removals can help avoid minor issues.
Organize Your Digital Workspace
- Have your own document management system. Set up folders for each transaction, organized by client or property. Include subfolders for contracts, disclosures, and closing documents.
- Use clear naming conventions for files to locate them quickly (e.g., “123-Main-Street_Contract.pdf”).
Milestone
By the end of week two, you should have a system for managing transactions, a set of email templates, and an organized digital workspace.
Weeks 3–4: Building Your Knowledge Base
By now, you’ve established a foundation with systems and tools. The next step is to build your knowledge and refine your skills.
These two weeks are about equipping yourself with a deeper understanding of the processes and requirements in real estate transactions.
Shadow Experienced Coordinators
- If you have access to skilled transaction coordinators, spend time observing their workflows. Pay attention to how they prioritize tasks, communicate with agents, and handle unexpected scenarios.
- If shadowing isn’t possible, consider attending online or in-person training sessions. Look for workshops focusing on transaction management, local regulations, and compliance standards.
Understand Local Laws and Requirements
- Real estate laws and requirements vary by state. You have to take time to learn what they are. For example, in Texas, compliance with the Texas Real Estate Commission’s documentation and licensing standards is essential.
- Focus on commonly required forms, such as disclosure agreements, contingency removal forms, and closing checklists.
Organize a Resource Hub
Create a digital repository for key resources, including:
- Templates for contracts and disclosures.
- Deadlines for submission are based on local requirements.
- A list of FAQs addressing frequent client and agent concerns.
Use tools like Google Drive or Dropbox to maintain and update this hub regularly.
Tips:
- Create a Glossary: Build a simple glossary of real estate terms like “earnest money,” “escrow,” and “loan contingencies.” This can be a handy reference for you and a resource to share with clients.
- Join Groups for Support: Forums like Facebook groups for real estate professionals or LinkedIn groups for transaction coordinators are great places to ask questions and learn from others’ experiences.
Milestone:
By the end of week four, you should be confident handling routine tasks like drafting documents, explaining processes, and managing deadlines. You’ll also have resources in place to tackle less familiar scenarios.
Weeks 5–6: First Transactions
This stage is where your preparation and learning come together. Handling your first transactions is a chance to test your systems, apply your knowledge, and fine-tune your approach.
Start with Smaller Transactions
- Begin with straightforward deals, such as single-family homes, where the processes are more manageable. These provide a solid starting point for refining your workflows.
- Work closely with your team to ensure all necessary steps are taken without missing details.
Leverage Your Checklist
- Use the checklist you developed during week two as a guide. For each transaction, follow steps like verifying contract details, confirming earnest money deposits, and monitoring contingencies.
Communicate Regularly
- Maintain open communication with agents, lenders, and clients. Set reminders to provide updates at key milestones, such as contract acceptance, inspection completion, and loan approval.
- Anticipate questions and address them promptly to prevent delays.
Tips:
- Be Proactive with Deadlines: Set reminders for critical dates like appraisal deadlines and loan contingency removals. Being proactive keeps transactions on track.
- Ask for Feedback: Once a transaction is completed, request feedback from agents and brokers. Their insights can help you identify areas for improvement.
Milestone:
Complete one or two transactions with minimal oversight. You’ll gain practical experience and develop confidence in managing tasks independently.
Weeks 7–8: Refining Systems and Expanding Skills
Weeks seven and eight are an excellent time to evaluate what’s working, address any weak spots, and enhance your efficiency.
Audit Your Processes
- Review the systems you’ve set up. Are your checklists and templates meeting your needs? Is your time allocation, such as hours per transaction, realistic for completing tasks?
- Identify repetitive or manual tasks that could be automated to save time and reduce the potential for mistakes.
Leverage Tools for Automation
- Tools like ListedKit can help you automate routine activities, such as setting reminders for deadlines or sending pre-scheduled status updates to clients and agents.
- Use time-tracking tools to monitor how much time you’re spending on specific transactions. This data can guide you in refining your workflow to accommodate additional transactions without adding unnecessary pressure.
Milestone
Your workflow should be optimized to confidently handle three to four transactions simultaneously without feeling overwhelmed.
Weeks 9–10: Building Your Professional Presence
During these weeks, focus on building your reputation within the real estate community. Networking and visibility can help you secure repeat business and attract new clients.
Network with Agents and Brokers
- Attend real estate meetups, open houses, or other industry events to connect with agents and brokers. These relationships can lead to consistent work and valuable referrals.
- Reach out to your current network to update your contact list with agents you’ve worked with or those who may need transaction coordination services.
Develop an Online Profile
- Create or update your LinkedIn profile to highlight your skills, completed transactions, and testimonials from agents. Consider building a simple personal website to showcase your services and rates, whether you work as a full-time employee transaction coordinator or an independent transaction coordinator.
- Be transparent about your fee per transaction and the services included, as this can streamline conversations with potential clients.
Request Testimonials
- After successfully completing transactions, ask agents or brokers for written testimonials. Highlight their feedback on your organizational skills, reliability, and professionalism.
Tips:
- Build meaningful relationships with agents and brokers by offering insights or help beyond transactions. Being approachable and solution-focused will help set you apart as an impressive transaction coordinator.
- Maintain a consistent presence in industry groups and forums to stay connected and visible.
Milestone:
By the end of this period, you should have a growing professional network, an updated online profile, and a reputation as a reliable and skilled coordinator who delivers consistent quality.
Weeks 11–12: Looking Ahead
As you approach the end of your first 90 days, it’s time to shift your focus to the future. The habits, systems, and skills you’ve developed so far are just the beginning.
Use these final weeks to reflect on your progress, set achievable goals, and identify opportunities to expand your expertise.
Set Goals for the Next Quarter
- Establish specific, measurable targets, such as managing a certain number of transactions per month or improving your efficiency by reducing the average hours per transaction.
- If you’ve been using tools, evaluate your performance metrics and use them to identify areas for improvement or scaling your services.
Consider Additional Certifications or Training
- Explore training programs or certifications that enhance your skills. For example, courses on advanced real estate software, local real estate laws, or compliance with licensing standards.
- Some states may require a certain number of hours to maintain or renew a current license. Check to ensure you meet these requirements.
Milestone:
You should have a clear, actionable plan for the next quarter. This includes defined goals, a strategy for professional growth, and systems in place to handle a higher volume of transactions effectively.
Conclusion: From Chaos to Clarity
Over the first 90 days, you don’t have to rush or aim to become the greatest transaction coordinator.
However, you can use this time to:
- set up effective systems,
- familiarize yourself with a transaction management tool like ListedKit and other useful software for TCs
- deepen your knowledge of transaction coordination,
- and build habits that will set you up for long-term success.
By refining your workflow and establishing your professional presence, you’ll gain the confidence and skills to handle transactions efficiently.
