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Fri, 07 Dec 2007 18:07:54 -0500

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Ok, I�ve purchased a transaction management program, now what do I do?

Sat, 01 Dec 2007 13:08:48 -0500

Would you purchase a car without doing the research required to ensure that the car on display will handle your needs? Would you purchase a car when you really need a truck? Would you purchase a to door sports car when there are six individuals in your family? Hopefully, you would have done the research needed to make sure you are buying the right vehicle to suit your family�s need. Selecting an Online Transaction Management (OTM) program requires research. It�s very easy to be influenced by a sales rep of the advantages of using a particular program. However, rarely will the disadvantages be disclosed. It�s all part of the sales process. So, now that you have purchased an online transaction management program, there are several steps you must complete if you have not completed these steps during your research and preparation phase. First, you will need to setup your branding options. Dependent upon the online transaction management program selected, you many need only a top banner, top and side banner or full branding. The options vary by program. If you are not good at designing graphics, you can either enlist the services of the OTM vendor, service provider or hire a designer to create your brand. Hint: Know what you want before you contact a designer. It could reduce your cost considerably. You will also need to obtain training. All online transaction management programs offer effective training to its customers and it would be to your advantage to obtain training at the same time you coordinator will be trained so the two of you will hear the same information at the same time to eliminate any confusion or miscommunication. Even though I don�t agree that each agent and/or broker should be logged in at all times into the transaction management program, I do believe that you should take the time to participate in each training session so you will know how the program works. After all, it is a business investment. Your transaction manager/coordinator is responsible for ensuring that each transaction is processed. Your role as the broker/agent is not to monitor transactions. So if you are not able to log in every day, I�m sure your transaction manager/coordinator wouldn�t mind. He/she will be proactive and contact you before or immediately if a situation requires your immediate attention. Second, you will need to develop your action plans/tasks list. While the designer is creating your branding, you can start the task development phase but hopefully, you would have completed this aspect before you decided that you were going to go online with your process. If not, you will need to complete this task before you start your first transaction. How do you write your task list? It�s not as hard as you may think. You will need to create a timeline by defining each step that you perform once a new listing or buyer contract is received and define when each task must be completed. If you are working with buyers and sellers, you will most likely need several types of action plans/tasks list such as a listing, listing post-contract, buyer (resale), land/lot, new build, and perhaps a condo or luxury action plan/task list if specific requirements must be completed that are different from the SF residential resale. Once you have created the timeline, you will need to add estimated completion dates in computed terms based on the following rule, what task (description) will be completed before or after, listing/contract/closing, by whom. Use Excel to create your draft. Third, create or compile all general documents that will be used during the course of a listing or escrow process. Those documents may include tips, information sheets, and additional moving information that are NOT address to any specific individual. Remember to add your branding to those documents. Fourth, you will need to combine steps two and three during the uploading process into the transaction management program. All documents that will be emailed to the buyer or seller during the transaction must be attached to the task and assigned to the correct recipient. This will reduce the manual paper handling process. Set all reminders so you will be notified in advance when a task must be completed. I have found it beneficial to set all reminder notifications at 3 - 5 days (depending on the agent�s location). It will account for the weekend and if the buyer or seller is not an email user, the time frame will give the transaction manager/coordinator ample time to mail any documents that the buyer or seller must have in his or her possession. The reminders will be sent out every day until the tasks are marked completed. Fifth, run a test transaction. Make sure that all auto download documents are uploaded into the transaction and your branding appears correctly on all user screens. Don�t become stressed, if during your first couple of transactions, the tasks are not completed on time. Remember, it is estimated days and computed based on the following: estimated days, before/after, listing/contract/closing. All online transaction management programs will allow you the chance to edit the timeline so you will get your dates closer to the time the task must be completed. The main items you or your transaction coordinator should monitor during the first couple of transactions would be the dates for all inspections, loan status, and contingencies since those dates will be indicated on the contract and must be adjusted per each transaction. If additional requirements must be monitored, don�t forget to indicate when inputting each task item. If you would like assistance creating your action plan/tasks list, feel free to contact me. Carolyn Nelson, NAR Certified REPA, Carolyn@OnlineREPA.com | www.OnlineREPA.com | Bus: 877.717.4491 | Fax: 866.590.2269

How Much Does It Cost You to Process Your Transactions

Sat, 01 Dec 2007 13:06:04 -0500

The closing of every real estate transaction requires the actions of at least 12 people: 2 Brokers; 2 Real Estate Agents; 2 Attorneys/Title Company; 1 Home Inspector; 1 Pest Inspector, 1 Lender; 1 Underwriter; 1 Appraiser; 1 Insurer, etc. Coordination and communication to achieve a common goal (the real estate closing) has been a challenge until now. According to Clareity Consulting, it takes the average agent 19 hours of time to process a real estate transaction. According to NAR (2007 Statistics), the average annual salary of a REALTOR� is $63,000. With those two very important pieces of the puzzle, the average agent makes $30.29 per hour, based on a 40-hour week. It costs the average agent $575.51 to process each transaction ($30.29 x 19). When you compare that cost to the average cost ($275.00) for an experienced unlicensed real estate assistant to process the transaction, the agent saves $300.51 per transaction. This in turns allow the agent to process 2.09 transactions when the services of an experience unlicensed real estate assistant is utilized. A Transaction Coordinator can ensure that your transactions close on time and as smoothly as possible. Whether using an online transaction management program or decide that the pen and paper process works best for you, the role of your transaction coordinator should provide you with a savings and extra time to build relationships with current clients and leads. To find out more about transaction management, contact me. Sources: Realtor.org REALTOR� Statistics: July 28, 2007, Field Guide to Quick Real Estate Statistics. Clareity Consulting, 2003: Transaction Coordinators: An Underutilized Asset to Residential Real Estate

10 Skills Your Transaction Coordinator Should Have.

Sat, 01 Dec 2007 08:16:41 -0500

Before hiring your next transaction coordinator, you should know that there are ten skills, among other requirements, that your transaction coordinator should have. If the transaction coordinators do not have these skills, you should keep looking. There are 10 skills your transaction coordinator should have.

Ability to listen twice as much as he or she speaks.

Ability to organize task.

Ability to manage time. This also includes your time.

Ability to work without supervision and make independent decisions.

Good writing and communication skills.

Strong confidentiality policy.

Ability to communicate urgent task requirements to others.

The commitment and tenacity to learn more.

Understand and believe that every contact is a source of referral.

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Ok, I�ve purchased a transaction management program, now what do I do?

How Much Does It Cost You to Process Your Transactions

10 Skills Your Transaction Coordinator Should Have.