As a transaction coordinator, your workflow is your lifeline. It keeps deals on track, deadlines met, and clients happy. Without a solid system, juggling tasks across multiple transactions can lead to missed steps and mounting stress.
Each transaction represents a chain of activities involving tracking of documents, communication, and deadline management. A streamlined process ensures a smooth flow of business transactions, away from tussles of manual jobs. Smarter workflow means reduction of human errors, saving of time, and better experience for agents and clients alike.
A great system simplifies cumbersome workflows and sets you up to scale with more work, not bogged down by it. Here’s how you build out a process to support your goals in seven steps:
Step 1: Map Out Your Entire Transaction Process
To create an automated workflow that works, you first need to understand every step of the transaction process.
- Start with the basics. Document what happens from the moment a contract is signed to the final closing.
- Break it down into phases. For example, opening escrow, the contingency period, and pre-closing tasks.
- Identify key milestones. Such as when disclosures are due, inspection reports are received, or appraisals are completed.
If you manage the contract-to-close phase, your process might include tasks like confirming the earnest money deposit was made, reviewing the purchase agreement for key dates (like the inspection period deadline), and ensuring escrow has been opened.
A mapped-out process ensures you and your agents are on the same page and sets the foundation for improvement.
Step 2: Identify Bottlenecks or Inefficiencies in Your Workflow
Where are things slowing down or getting stuck? Identifying bottlenecks and digital transaction challenges is key to eliminating inefficiencies in your workflow.
- Are you constantly waiting for missing documents like signed disclosures or contingency removals?
- Are late appraisals causing you to scramble to reschedule closings?
- Is tracking deadlines across multiple transactions taking too much time?
For instance, late payments from buyers or vendors can often disrupt the timeline, especially if they’re tied to specific contingencies. By addressing these issues with clear communication and better systems, you can avoid unnecessary delays.
Recognizing and fixing these inefficiencies improves your business operations and delivers a smoother user experience for your clients and agents.
Step 3: Use Checklists to Standardize Routine Tasks
Checklists are your best friend as a TC. They help you break down a series of tasks, track deadlines, and ensure no steps are missed—even when managing a complex workflow.
Create a checklist for each stage of the transaction. For example:
- Opening escrow. Verify earnest money deposit, send escrow instructions, and confirm parties involved.
- Inspection contingency. Send reminders to the buyer’s agent, track the completion of the inspection report, and confirm contingency agreements.
- Closing. Confirm the final walkthrough, send out commission disbursement forms, and verify all parties have signed the closing documents.
One of the best workflow automation tools you can use for this is ListedKit. It simplifies your core processes as a TC business owner with customizable checklists and ready-to-use templates for buying and selling workflows.
It automates manual tasks like document sharing and compliance tracking, integrates with your existing tools to sync data, and enhances communication with your clients and team.
With automated reminders, ListedKit helps you stay on top of deadlines and deliver an exceptional customer experience.
Step 4: Customize for State-Specific and Brokerage Requirements
As you know, every real estate transaction varies by state and brokerage. You must account for local laws, regulations, and your brokerage’s internal processes.
- Include state-specific requirements, such as deadlines for disclosures or mandatory addenda.
- Add brokerage-specific processes, like compliance reviews or document audits, before closing.
For instance, if your brokerage requires an approval process for commission disbursement, make sure it’s incorporated into your workflow.
Step 5: Automate Repetitive Tasks to Save Time
When you’re handling multiple transactions, the repetitive tasks (like sending deadline reminders or updating parties) can eat up your time.
Using a workflow automation solution can make these tasks more efficient.
- Use transaction management software to automate routine updates, such as notifying all parties when escrow is opened.
- Automate deadline reminders. For example, set an email reminder to the buyer’s agent five days before the inspection period ends.
- Use tools like ListedKit to speed up the signature process and reduce manual errors.
Step 6: Test Your Workflow With a Mock Transaction
Before implementing your new workflow across all transactions, test it with a mock deal.
- Use a past transaction as a case study and run through the entire process step by step.
- Identify any gaps or bottlenecks in the system, such as missing checklist items or tasks that are harder to automate than expected.
- Collaborate with your agents or internal team to gather feedback on usability.
For instance, during testing, you might discover that a key step in your business process automation—like automating contingency reminders—wasn’t functioning as intended.
Catching these issues early ensures that your workflow is scalable and reliable for live transactions. Testing your workflows can also help improve customer satisfaction.
Step 7: Review and Refine Your Workflow Periodically
No workflow is perfect. As your business grows and tools evolve, it’s essential to review your workflow regularly to keep it efficient and effective.
- Schedule regular check-ins to review your workflow, such as quarterly or after a busy season.
- Look for inefficiencies, such as missed deadlines or unnecessary tasks, and adjust accordingly.
- Incorporate feedback from agents, clients, or your team to improve the process.
If your custom workflows aren’t adapting to new market conditions or your tools aren’t providing real-time visibility, make adjustments to keep up with your team’s needs.
Regular refinement helps ensure your workflow remains an effective workflow that scales with your business.
Gradually Establish Your Ideal Transaction Workflow
Scaling your transaction workflow starts with small, focused steps:
- Break down your whole manual process from contract to close to understand each step.
- Identify bottlenecks and fix inefficiencies like delays or repeated work.
- Use checklists to stay consistent—tools like ListedKit offer customizable templates and automation to simplify tasks.
- Automate repetitive work, such as reminders or updates, to save time.
- Run a mock transaction, regularly review, and refine your workflow to adapt as your business grows.
Building an efficient workflow doesn’t happen all at once. Focus on improving one area at a time, like automating reminders or organizing documents.
