At the end of the day, one small mistake can still cause a setback or require the deal team to revisit updates. Because their roles revolve around data entry, date transcription and highly detail oriented updates that involve numerous dependencies, there is a high potential for human error. Human ErrorĮven after extensive training, real estate transaction coordinators are not infallible. Instead of weighing down your bottom line, consider other operational improvements like deal management software, which is a more sustainable solution to the issue of slow deal flow. While doing so reduces the workload for your deal team, you shouldn’t need to continue hiring as your pipeline grows. Naturally, hiring another team member requires a portion of your budget. The Cost of a Real Estate Transaction Coordinator Salary This not only creates a new vacancy that you must fill to continue on, but your firm must restart the arduous process of hiring and training. Losing a real estate transaction coordinator who’s fully ramped and familiar with your workflows could mean saying goodbye to institutional knowledge that has driven deal flow. There is always a risk of employee turnover, and that risk applies more than ever in a labor market that favors job seekers. Remember, your goal should be to introduce process changes that build efficiencies, not necessarily raise headcount. Because deals can become quite complex, it could take weeks or even months for them to ramp fully and add value. It’s not as simple as creating a real estate transaction coordinator checklist. Before putting your deals in the hands of a coordinator, they must be proficient in real estate, but also your firm’s unique workflows. Training Real Estate Transaction Coordinators Requires Bandwidth From Busy Team MembersĪfter locating and hiring the right candidate, the next challenge that firms face in hiring real estate transaction coordinators is training. ![]() Expending these resources could cause setbacks elsewhere, particularly if you’re also focused on hiring for vital investment positions. From uploading job postings to reviewing resumes, interviewing candidates and more, there are numerous steps that require org-wide involvement. Great candidates are a dime a dozen, especially as people continue to leave their roles for greener pastures.īefore posting an ad for a transaction coordinator for real estate, consider the resources involved in hiring. Unlike decades past, job seekers hold leverage in today’s labor market, as companies struggle to fill vacancies. Challenging Labor Market In Which Job Seekers Hold Leverage 6 Things to Consider Before Hiring a Real Estate Transaction Coordinator 1. In many scenarios, implementing a deal management solution might prove more beneficial for your bottom line. To effectively reduce friction and close deals faster, be sure to consider how your firm can best work with greater precision and minimal bottlenecks. As a result, this shift comes with the cost of noise, confusion and new processes that might be equally error-prone, time-consuming and unscalable. No matter who is managing them, though, real estate transaction workflows will still be prohibitively complex. In some ways, shifting these responsibilities away from investment teams can allow them to prioritize important deal work. Real estate transaction coordinators assist deal teams by handling tedious, detail-oriented tasks, helping them to accomplish more in a faster timeframe.Īs investors source new deals and consider them based on data and analytics, real estate transaction coordinators manage tasks, approvals, paperwork and other administrative work required as deals move through the pipeline. What Is a Real Estate Transaction Coordinator? Read on to learn more about the void that real estate transaction coordinators fill, and considerations your firm must make when strategizing about how to scale. Ultimately, this approach may not lead to the same streamlined, scalable and data-first pipeline process you set out to achieve. While having another set of trained eyes can create much-needed bandwidth, relying on a sole team member to manage these responsibilities can lead to new types of friction, which can become increasingly risk-prone as your firm scales. Some firms experiencing these constant fire drills hire real estate transaction coordinators to reduce administrative workloads. ![]() Managing numerous pipeline deals at any given time, investment deal teams are bogged down with data entry, appointment scheduling, permitting and other detail-oriented and tedious–yet essential–pieces of the broader puzzle.
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