You’re more than a person who coordinates transactions—you’re a business owner! You made the strategic decision to establish your career in real estate within the four walls of your own home. This means you require knowledge outside of being a Transaction Coordinator to keep things afloat. You need to build business owner skills that will take you the distance.
7 Business Owner Skills that Are Crucial for Transaction Coordinators
If running a business makes you nervous, you’re not alone. It’s tough starting out as a TC, even after several years in the real estate community. Things are fast-paced, high-stakes, and stressful! But it’s nothing you can’t handle from the comfort of your own home office. Here are seven business owner skills you need to succeed.
Attention to Detail
Whether or not you’ve worked in a tedious (but important) job before, a keen eye for detail is something you need to develop as a Transaction Coordinator. Countless documents cross your desk every single day. It’s crucial you understand what they are and what errors to watch out for.
Use templates and develop systems to ensure all of your work is complete and correct before passing it on to the next person. This can help you keep an eye on the details without losing your mind (or going cross-eyed reading all that fine print). Expect that your tasks will become quicker and smoother the more experience you gain.
You may enjoy the solitude of your office space, but acquiring strong business owner skills means communicating frequently with others. Your realtor in particular needs to hear your voice and touch base with home buyers and sellers regularly. Falling silent for too long is a crucial mistake you can’t make as a business owner!
For example, imagine your real estate agent is waiting to hear from you about document signatures. If you wait until Friday to deliver an update, you rob every other person in their team of valuable, necessary time to get their piece of the job done before the weekend.
You earn more respect and more Transaction Coordinator opportunities when you communicate efficiently with others.
Organization is among one of the most important business owner skills you can have as a Transaction Coordinator. You’re the captain of all the behind-the-scenes work involved in buying or selling a home. You can’t afford to lose documentation or messages due to messiness.
Imagine you’re in the middle of proofreading a closing document when an urgent call comes through from your realtor about another client. Failure to mark where you stopped on the original document could mean passing on embarrassing errors or wasting valuable time rechecking parts you already addressed.
The fewer mess-ups you have, the farther your TC business will go.
You’re thinking, “but nobody works for me!” That’s only true in a technical sense. Really, Transaction Coordinators unite infinite other real estate personalities. You have to guide them to get their tasks done on time, or else!
In that sense, you are a leader. You need a variety of business owner skills to motivate and inspire:
- Loan officers
- Home buyers
You gain far more traction (and more business opportunities) as a TC with leadership skills. It brings hiring real estate agents greater comfort when they realize you have the power to positively influence those around you.
Paying your bills is only a fraction of the business math you need to learn as a Transaction Coordinator. You ought to be tracking your financial data with metrics software so you can speak about it clearly and fix issues as they surface.
By knowing comparable salaries, revenue, supply costs, and liabilities, you maximize your chances of moving forward in a safe, lucrative direction. What’s more, you need to be literate with real estate finances in order to follow the housing market and make strategic moves in your field.
Picture this: a home buyer contacts you directly to dispute closing costs on their dream home. You need to be in control of that interaction! Negotiations pop up frequently in real estate, so it’s crucial you know how to steer those conversations in the right direction without becoming overwhelmed.
This is especially important because Transaction Coordinators (and their clients) are paid on commission. You want the pendulum to swing in your favor so you can bring home a fatter paycheck and build a strong reputation among realtors in your area.
Push time management to the top of the list of business owner skills you need for any real estate position. Transaction Coordinators are especially vulnerable to timing issues because they rely heavily on the work of others (realtors, inspectors, appraisers, etc.). They need ways to protect themselves from work-life mayhem.
It helps to work efficiently through the tasks you have the most control over and set clear boundaries between work and home responsibilities. A TC who can’t stay on top of timing will struggle to find happiness in their career.
How to Stay Motivated as You Work On Your Business Owner Skills
You can’t reasonably expect to master seven new skills at once (and instantaneously, if you’re a real go-getter). It takes some patience to acquire all the business owner skills you need to be successful as a Transaction Coordinator.
Don’t give in to overwhelm! You can totally manage and overcome feelings of self-doubt or anxiety by leveraging these three tips.
Treat Mistakes as Learning Opportunities
You can’t avoid mistakes. They happen to the best of us in the real estate biz. It helps to anticipate them and embrace them as opportunities to learn something new. Some mistakes, like forgetting to collect a signature on a particular document, may even be seen as a right of passage for TCs!
Go with the flow. Apologize and move on gracefully! Your realtors will understand the occasional error and appreciate the ability to fix it and avoid it in the future.
Remember Why You’re Working on Yourself
Life as a Transaction Coordinator without business owner skills is incredibly hard to justify. You just need to keep telling yourself that the short-term strain of filling your business toolbelt is significantly better than the long-term pain of staying where you are (basically, in the dark).
Your future is bright when you take the time to learn new skills! Understand that others won’t hand you the education you need to succeed—you must seek it out on your own.
Celebrate Your Growth Along the Way
Make it joyful! The process of learning and growing your business owner skills is not a punishment, but a necessary step to expand your career. Find ways to measure your goals and celebrate every milestone you conquer.
For example, go out for a tasty treat after you dominate your first negotiation with a client. Give yourself gold stars for every new financial vocabulary term you memorize. It’s never silly to celebrate! In fact, your freedom to do so (however you wish) is one of the perks of being a Transaction Coordinator.
You know loads about real estate! Now, it’s time to build up your business owner skills to reach your full potential. Your career as a Transaction Coordinator will be infinitely better once you understand the full picture: working for others while working for yourself.