Transaction coordination (TC) is the backbone of success for real estate brokers and sales agents.
Selling a listing or finding buyers a home is only part of an agent’s job. Behind every successful transaction is a mountain of paperwork, deadlines, and communication. That’s where transaction coordination comes in.
Effective transaction coordination is the difference between a smooth closing and a sale that falls apart.
This article will share the top 10 tips to help agents master transaction coordination in Michigan.
Top 10 Transaction Coordination Tips for Sales Agents
Here are 10 transaction coordination tips specifically for Michigan real estate agents.
1. Use a Transaction Coordination Checklist
A comprehensive checklist is your transaction coordination roadmap. A complete and thorough checklist will help prevent missing deadlines and skipping steps.
For example, your checklist should include the following items:
- Weekly communication updates
- Contract deadline dates
- A list of all necessary disclosures
- Action items for any contract contingencies
- And the all-important closing date
List every task, deadline, and document required from contract acceptance to closing. This ensures nothing falls through the cracks.
Here’s more information on what to include on your real estate transaction coordination checklist.
Additionally, consider using a transaction coordination management tool or software to organize everything.
2. Understand the Legal Paperwork
In the complex world of Michigan real estate, sales agents must thoroughly understand the contracts and disclosures necessary to bring a sale to closing.
These documents are the backbone of every transaction, outlining all parties’ rights, responsibilities, and expectations. For sales agents, this knowledge is not just beneficial; it’s essential.
For example, even a seasoned and highly experienced agent would benefit from the following:
- Periodically, read through all the contracts to remain familiar with their contents
- Do the same with the disclosure forms
- Create a file of pre-written common contingencies for future use
- Also, make it a point to read related paperwork such as title insurance and closing statements
A deep understanding of contracts allows agents to explain terms to clients effectively, negotiate deals confidently, and avoid costly mistakes.
Disclosures are equally important. They provide critical information about the property, potential risks, and seller obligations.
Sales agents who understand these disclosures can accurately advise clients, help them make informed decisions, and mitigate potential disputes.
3. Stay Current on Changes to Michigan-Specific TC Requirements
Given the volume of laws, rules, and professional practices involved in Michigan real estate, it’s not uncommon for these to change periodically.
For example, in the last two years, Michigan agents have seen changes to the following:
- The elimination of the shared 3-year licensing cycle to individual cycles
- The shift from paper licenses to digital ones
- A recent State-mandated Fair Housing continuing education requirement of 1 hour per cycle
While some of these changes don’t directly affect transaction coordination, they are still important and remind us to keep abreast of any updates.
Additionally, most of our regional professional associations regularly revise our contract and disclosure forms.
Further, we are about a month away from implementing the changes brought about by the recent NAR lawsuit. These will affect how we negotiate and the details of the communication commission.
Change is a constant factor in our industry.
Remember, every state has its own set of real estate laws and regulations, including specific disclosure requirements and timelines, Michigan included. Familiarize yourself with these nuances to avoid costly mistakes.
The Michigan Department of Licensing and Regulatory Affairs (LARA) and the Michigan Association of Realtors are great resources for staying up-to-date.
4. Maintain a Contact Sheet for Each Transaction
Communication is a large part of transaction coordination. Regular updates and check-ins with clients, the other agent, the title company, the lender, and so on are necessary to keep the sale on track.
Creating a standard contact sheet for each transaction is a valuable practice.
Record the email and phone numbers of everyone involved in each transaction. One sheet with everyone’s contact information will save you time and effort.
Proactive communication prevents misunderstandings and keeps the transaction moving forward.
5. Rely on Transaction Coordination Technology
As we all know, transaction coordination involves a lot of paperwork.
To ensure that all documents are properly signed, dated, and filed, consider using electronic signature and document management tools to streamline the process and reduce the risk of errors.
Fortunately, Michigan allows for electronic signatures on contracts, disclosures, and electronic notarization. This technology is especially time-saving.
There are many TC software options available that can help you stay organized and efficient. Here are a few examples of the more common programs out there:
- Paperless Pipeline
- Docu-Sign and Zip Forms
- Dootloop
- Brokermint
- And many more
Personally, I prefer Dotloop, but explore all your options until you find the one that works best for you.
Market Leading
Real Estate Virtual Assistants
Hand off your transactions, media, and marketing to a real estate VA.
6. Avoid Making Assumptions
With all the various touchpoints involved in coordinating real estate transactions, it’s always tempting to make assumptions about the process.
For example, here are some common assumptions that may or may not be correct in any given transaction:
- Interpreting a lack of communication as an indication that everything is fine
- Assuming all the parties understand and can perform their role
- Concluding that your clients have the exact expectations that you do
- Taking for granted that issues will resolve themselves
While there’s no reason for paranoia in transaction coordination, the best approach is to limit your assumptions and verify each step of the process.
7. Successful Transaction Coordination Is All About Cooperation
A mistake I often see, especially on the part of newer real estate agents, is to adopt the view that the other agent in the transaction is the enemy or at least an opponent.
This attitude arises from an incorrect understanding of our fiduciary duty of loyalty to our clients. Yes, we must be loyal and always act and think according to the client’s best interests. And, of course, no one is advising us to be naive.
But once the initial contracts are signed, you and the other agent are now on the same team and share the same goal—closing the sale.
8. Don’t Be Afraid to Ask Questions
Real estate sales agents are often shy about asking questions because they worry that doing so will make them appear ignorant of the profession and its practices.
Here’s a piece of advice – relax and ask questions.
Real estate is a complicated business. It can take years to master the details and processes.
An excellent way to learn is to ask questions along the way. Anytime you encounter an unknown in transaction coordination, reach out to your broker or the party that can provide you with the information you need.
Your professional confidence and competence will grow with the more you learn.
9. Stay Calm When Problems Arise
With so many steps, documents, and processes, most real estate transactions run into glitches, errors, and hurdles.
When setbacks occur, strive to stay calm under pressure. Also, maintain a cooperative and friendly tone. Get everyone involved in the transaction to participate in the problem-solving process.
Moreover, stay focused and solution-oriented. When issues arise, don’t just point out the problem. Propose solutions and work collaboratively to resolve them.
Lastly, only escalate when necessary. Always try to reach a consensus first and to mediate when possible. But, if an issue cannot be resolved, don’t hesitate to escalate it to the appropriate party.
10. Aim for Continual Improvement
After each transaction, take time to reflect on what worked well and what could be improved. Continuously refine your TC processes to ensure optimal efficiency and client satisfaction.
The real estate industry is constantly evolving. Stay informed about new laws, regulations, and best practices in transaction coordination. Attend workshops, webinars, and industry events to develop your skills and knowledge.
By following these tips, you can streamline your transaction coordination process, reduce stress, and provide a seamless experience for your clients.
Market Leading
Real Estate Virtual Assistants
Hand off your transactions, media, and marketing to a real estate VA.
One Last Tip – Use AgentUp for Transaction Coordination
AgentUp is an industry-leading, full-service real estate transaction coordination and marketing company.
They offer expert single transaction coordination services per file or the ability to hire a part-time or full-time TC.
- Transaction Coordination – from $299 per file
- Listing Coordination – from $199 per listing
You and your brokerage can also hire a TC full-time or part-time. Learn more about pricing here.
If you’re still not convinced, learn more about the many benefits of hiring a real estate transaction coordinator.
AgentUp offers new clients a free, 15-minute consultation call. During the consultation, they will learn your basic business needs, answer any questions, and help you determine the best affordable options.
Further, AgentUp is a full-service real estate marketing company offering everything you need to sell your listings quickly and for higher prices.
Take a look at these tools and sales aids:
- AI real estate photo editing
- AI virtual staging
- Virtual tours
- Single property websites
- Custom house portraits
They also offer a convenient marketing coordination package, which includes listing photography, photo editing, virtual staging, interactive tours, floor plans, and more!
So, with all that AgentUp offers, why wait? Sign up for a free AgentUp account today.
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