Many different roles comprise your local, run-of-the-mill real estate team. These can be divided between roles assigned to either the real estate agents that comprise the team or the administrative staff that support them. Realtor roles can range from the team leader, whose job it is to craft the vision for the organization and ensure its execution, to the inside sales agent, whose responsibility is to generate leads for the team.
Support Staff responsibilities can have a broad reach, with roles ranging from Operations Managers, who assist the Team Leader with the execution of the team vision by overseeing all organization activities (such as event-planning and team-building), to the Administrative Assistant, who is responsible for answering incoming calls and emails, filing, and basic appointment-scheduling.
In the middle of these two ends sits the Transaction Manager (often can also be referred to as the Transaction Co-ordinator). These team members play a vital role in the smooth operation of a well-performing real estate team. This is why The Doyle Team ensures a transaction manager is a permanent part of our organization.
Transaction Managers are responsible for handling the procedural side of sales and ensure the clients receive the best care possible before, during, and after the sale of their property. Most of the time, they are the main point of contact between the client and the team making a background or expertise in customer care vital. They must be organized and able to manage their time well, as they are often responsible for multiple files with several transactions closing soon. They are responsible for coordinating with the client, the team, the lawyers, the brokerage staff, and administrative staff of other Real Estate Brokerages. The Transaction Manager oversees all aspects of the transaction process from the agreement to the final closing. Including the arrangement of all documentation and communication between parties.
For reference, here is a common situation that is handled by the Transaction Manager in regards to a Commercial deal:
There is an active buyer who is interested in putting in an offer at 123 Main Street. This is a commercial property, so the Agreement of Purchase and Sale will be somewhat more complicated than a standard residential offer. At this stage, the Transaction Manager’s job is to prepare the paperwork for the buyer agent, including the Agreement of Purchase and Sale and all other required forms.
The Transaction Manager will have to account for various conditions beyond inspection and financing (which are generally standard with a residential offer). This is an apartment building, so during the conditional period, the buyer will have to review all leases, bills, and any other remaining sources of income or expenses.
Once the buyer has reviewed and is satisfied with the provided material and are happy with their conditional purchase, the transaction manager prepares the fulfillment paperwork, such as a Notice of Fulfillment which states all conditions have been fulfilled or an Amendment, which would be removing the conditions. The Transaction Manager will then send all necessary deal paperwork to the client’s lawyers. If any items are outstanding or if any of the parties involved (buyer, seller, lawyer, etc) have any concerns the transaction manager becomes the point of contact when ensuring the matter is resolved and that the deal successfully closes. If there are matters related to the negotiation of the existing agreement, those are relegated to the leading real estate agent on file and the two work together to resolve the matter.
As the deal nears completion or closing, the Transaction Manager checks in with all parties involved to ensure no items are outstanding and that all parties are (at minimum) satisfied with the deal.
There is quite a bit of coordination and communication required during this process, from the initial Agreement of Purchase and Sale to the final Closing. It is the most crucial part of the Transaction Manager’s role. Therefore it is imperative that the team’s Transaction Manager maintain excellent rapport with all parties involved.
At The Doyle Team, we guarantee weekly updates to our clients and regular check-ins with the other vested parties, such as cooperating brokerage and lawyer. We maintain constant transparency and a no-nonsense attitude during all conversation. This ensures our clients are always kept up to date and aware of all activity throughout the Buying/Selling process.