Ways to Simplify Transactional Management for Real Estate

Did you know Americans make 5 million real estate transactions every year? Although there’s no perfect workflow or approach in real estate transactional management, certain practices can account for time savings and productive staff members.

Implementing 3 of these steps will help you enhance and streamline your transaction management process:

1. Start the Transaction as Early as Possible

Don’t wait until the agent has submitted the documents to start a new transaction. They should begin as soon as the agent drafts an offer or lists a property. Try synchronizing the calendars of transactional coordinators within the company to send out regular reminders and make more accurate inventory reports.

2. A Source of Truth

Real estate is a market that never sleeps. You can expect information flooding in from every direction. However, there’s no single source of truth that can be perceived as accurate or relied on for consistent data. This is due to the number of agents updating information. An easy fix for this is to reduce the number of handlers for the administrative tools — this makes confirmation of pending sales and controlling the process far easier. It’s also a good idea to assign one destination for all incoming documents, making it easier for the administrative department to check on pending deals.

3. Communication is Key

If this hasn’t been emphasized enough already, allow us to do it one more time since communication is lacking in most real estate companies today. Sure, establishing effective communication requires timeliness and consistency, but doing so is necessary to ensure smooth business flow. Automatic reminders are a helpful tool that ranks overdue and upcoming tasks alongside other activities that must be carried out throughout the day.

Find a licensed and certified real estate transaction coordinator near you to aid transaction management in real estate.

Streamline Closings is a virtual transaction coordinator company, helping people like you and me for over 20 years now. Through real estate transaction coordinator services, Streamline Closings has closed 2,000 transactions successfully.

The packages offered at Streamline Closings are distributed as a ‘single agency’ and ‘handling both sides of the transaction’ with or without the title.