FREQUENTLY ASKED QUESTIONS
What is a transaction manager?
Sometimes referred to as a transaction coordinator, closing coordinator, or transaction specialist, they assist the agent and/or broker in the processing of the real estate transaction. They complete all contract to close tasks to include but not limited to: completing compliance paperwork, tracking contingency deadlines, coordinating inspections and appraisals, managing the title and lending processes, and coordinating the closing.
How much does a transaction manager make per year?
As we cannot guarantee how much you will make, your salary will depend on the amount of transactions you decide to manage. The average transaction fee is $400 ($350 - $450) and the expenses are very low as there is not much overhead.
What type of person makes a good transaction manager?
Transaction managers are friendly, sympathetic towards others, good listeners, good problem solvers, highly accurate, precise, and detail oriented.
You can take the DISC personality test to see if your personality is a good fit. High Cs and and Ss are perfect candidates for transaction managers. Take the test here: DISC Personality Test.
Why do real estate agents use transaction managers?
Real Estate Agents use transaction managers to free up time to focus on what they do best – selling houses! Most agents are the complete opposite personality of a transaction manager. Therefore, they don’t enjoy taking care of the details –they enjoy selling! Some will also use a transaction manager to allow them to spend more time with their families, take vacations, or to give them more free time.
How do I use this training product?
We have set the training up based on each step of the transaction process. The training product can be used as complete study guide to learn the steps of a transaction but it can also be used to refer back to during a transaction to guide you through that particular step of the transaction. To start, we recommend reviewing the training program in its entirety to become familiar with the process, then going back to each section to master that particular step.
According to the Small Business Administration (SBA) 66% of small businesses will survive in the first two years, how do I know I will?
We are giving you the tools to set you up for success. The training and tools we are giving you are proven to work because others have used them to grow their business. If you have the will to succeed and great training and resources then you have a higher change of success. You can do this. Do not let fear and self-limiting thoughts prevent you from having a thriving home based business that meets all of your needs.
I’ve never owned a business before and I’m a little nervous. What should I know?
Don’t let the fear of owning your own business hold you back. Really the only things that are different in owning your own business is that you have to pay yourself, cover your own insurance, and pay taxes. Hire an accountant, they will take care of all of this. You don’t have employees or a lot of overhead so it’s really simple. You can set up autopay for the monthly fees for your various systems and your accountant can help you write it all off at the end of the year.
Do I need to have my real estate license to be a transaction manager?
It is highly recommended that a transaction manager be licensed in the state in which they do business. This ensures you are covered under Errors and Omissions (E&O) insurance. Also, it allows you go do more for your clients. We have provided a section with a link on how to obtain your license in your state.
If you do not have your real estate license, we recommend getting started on that right away. You can study the training program during the time you are studying for your license so that you are ready to start managing transaction as soon as you obtain your license.
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