Last impressions are lasting impressions.
Consider your last summer holiday.
Maybe your final memory was amazing (say, parasailing over a Hawaiian horizon) or maybe it was terrible (getting hit with food poisoning right before your return flight).
In the former case, you’ll be counting the days in your calendar until you can get back to that unforgettable moment. In the latter, well, no matter how gorgeous the location, you’re not going to be itching to get back to a place that reminds you of gastroenteritis.
So, what does this have to do with transaction coordination? Surprisingly, more than you’d think.
Why you’re only as good as your last real estate transaction
Real estate transactions are complex, and the way you manage them leaves your clients with a lasting impression.
The paperwork involved in most cases could account for a minimum of 40-45 different forms per single transaction. And depending on your location, you could have upwards of 8-10 parties involved—all scrambling to organize, schedule and ensure communication regarding what is quite possibly the biggest personal and financial decision in an individual’s life.
Oh, and they have to do it in 30 days.
One mistake, one misspelling, one missed deadline (particularly in the peak and end moments of your transaction) and you could end up with a dissatisfied buyer or seller, loss of a possible referral, and, in the worst case scenario, a lost sale.
Standing out during the closing process is a formidable challenge, and the sheer amount of engaged orchestration required to do the job right can definitely slow you down—if you let it.
The thing is, you don’t have to let it. Understanding the difference between transaction coordination and transaction management is one big first step in standing out, saving time, and making more money.
Transaction coordination is not the same as transaction management
Transaction management is focused on managing the small, day-to-day nuts and bolts of a real estate transaction– think, back-office compliance to make sure you get paid and e-signature to sign documents.
Transaction coordination, on the other hand, is all about creating a positive experience for the customer.
In today’s real estate market, it’s not just the first text, phone call or email that matters to homebuyers and sellers—it’s the lasting impressions that will determine whether your customer returns for a second journey with your brand, or avoids it like a bad case of food poisoning.
Ignoring this distinction could be costly for your business—here’s why:
92% of buyers trust referrals from people they know. (Nielsen, 2012)
47% of top performers ask for referrals consistently, versus only 26% of non-top performers. (Marc Wayshak, 2018)
Almost 65% of an agent’s time is spent on non revenue-generating activities. (InsideSales, 2018)
Fact is, a real estate team can’t get ahead with prospecting if they’re spending 15 hours per week buried under an avalanche of transaction management admin.
That’s where transaction coordination comes in.
By leveling up your customer closing strategy from standard transaction management to customer-centric transaction coordination, you and your team can get back to building better connections—all while never dropping the ball on the existing relationships you’ve no doubt worked so hard to nurture and build.
Transaction Management vs. Transaction Coordination: Clearing the Air
Transaction management is the air traffic control system of a real estate transaction.
It ensures all the various factors involved in a transaction happen exactly when and where they’re supposed to. This includes things like costs or expenses, time-bound activities, and the performance of the various partners, or service providers.
However, an effective control system doesn’t guarantee that you’ll leave your clients/buyers satisfied. A successful transaction management process is dependent on four factors.
“TLDR: Transaction management is all about what happens at the backend, while transaction coordination is all about what happens at the front end to support and wow your clients.”
- An accurate contract and addenda, preferably e-signed
- Compliance with regulatory deadlines and documents stored correctly
- Numbers that add up for accurate accounting and commission payment
- And, of course a closed deal
Now, let’s go back to your last couple of real estate transactions. Did any of the following occur?
- Transaction Lag: Agents got stuck in the transaction management weeds and prospecting went right out the window
- Deadline Management: Important deadlines were missed (or you scrambled at the last minute to get it all done)
- Client Engagement: When it was all said and done, your clients just didn’t seem happy, and you missed out on referrals
The key to satisfied clients, steady referrals and continued success in the real estate business is the effective coordination of these three client-facing aspects of a real estate transaction—not just the back-end paperwork.
Transaction Coordination: The Money (and Magic) Is In The Last Impression
Like it or not, the world of real estate has changed drastically.
The competition among agents is much more intense today than it was two decades ago. To stand above the competition, it’s essential that teams and brokers offer an exceptional buying and selling experience for clients so they can get referrals and repeat business.
An effective TC process creates a “wow” experience for clients and ensures that the impressions that last are positive. It also guarantees:
1. A healthy pipeline due to referrals from happy clients.
2. A team of agents who are focused on doing what they know how to do best – prospecting!
Sounds great, right?
To get the best out of your TC process, here are my top three tips for taking it to the next level starting now:
- Streamline communication with consolidated communication in one spot, emails, chats, and shared calendars to ensure everyone is kept in the loop
- Simplify your transaction experience using customized workflows to keep transactions, dates, reminders and tasks organized as per your process (not someone else’s)
- Document a process to eliminate poor experiences, be proactive in case of turnover, and skyrocket your revenue and referrals
- Give your client visibility and empower them from the palm of their hands.
If you’re ready to give your customers and team members something to brag about, start by taking control of the transaction coordination process. Preclose GO! offers agents, teams, brokers and transaction coordinators a home buying and selling platform they can be proud of.
Try Preclose GO! totally free and start wowing your clients today!