Transaction Management
F.A.Q's
Transaction Management: Transaction Management is the “process”. A system utilized behind the scenes that manages all the steps involved in a real estate transaction. Transaction Management is also the name of the department. The Transaction Management department consists of highly trained licensed real estate professionals who take on a leadership- role in overseeing the entire transaction.
Transaction Manager – TM: A TM is licensed and more experienced and provides much more hands-on managing of the transaction than that of a transaction coordinator. The TM acts as the agent during much of the transaction, taking ownership of the transaction process. See below for full details of the Transaction Manager role.
Listing Management/Listing Manager – LM: C21 Scheetz provides additional Transaction Management services for listings. The Listing Management process provides agent support of the transactional side of the listing. The LM is a licensed real estate professional who supports agents with the transaction paperwork as well as the many details of the listing. See below for full details of the Listing Manager role.
The Ideal CENTURY 21 Scheetz Agent for Transaction Management Services:
At CENTURY 21 Scheetz, we value every agent and strive to provide resources that contribute to their ongoing success. The Transaction Management Department has established criteria to help ensure both agents and Transaction Managers can work together effectively, enhancing efficiency throughout the transaction process.
1. Experience and Volume:
a. Years in Business: At least 2-3 years in real estate to ensure a strong understanding of transaction processes and client interactions.
b. Closed Sides: Agents consistently closing 15 + sides per year will benefit the most from Transaction Management support, as the volume of transactions makes this a valuable service.
2. Growth Minded:
a. Objective To Grow Business: Agents looking to expand their business beyond the 15+ threshold must first reach the 15+ sides per year benchmark before utilizing Transaction Management service to support their growth.
b. Closing 40+ sides per year: Agents reaching 40-50+ sides per year may be ready to consider a dedicated Transaction Manager to help manage increased business and prepare for potential team growth.
3. Agent Who Might Not Be the Best Fit:
a. Agents With 2 Years or Less In The Business: Agents in the early stages of their careers may find it beneficial to manage their own transactions, allowing them to build a solid foundation and gain a deeper understanding of the process.
b. Lower-Volume Agents (Fewer than 15 Sides per Year): Agent in this category may not experience the best return on investment from utilizing Transaction Management services at this stage in their business.
These guidelines are designed to ensure that Transaction Management services are utilized effectively, providing the right support at the right stage of an agent’s career to help them scale their business while maintaining high-quality service for clients.
Consistency Using TM:
Due to the high volume of transactions managed by the Transaction Management Department, it is encouraged that agents consistently utilize this service for the majority of their transactions. If an agent’s closed transactions fall below the 15+ threshold or do not utilize TM services within a 90-day period, there may be occasions when service requests are placed on a waiting list, depending on availability.
Can I make an appointment to speak to a Transaction Manager in person, by phone call, or via Zoom? Absolutely! A Transaction Manager would love to meet you, learn about your business, and answer your questions.
Once I start with a Transaction Manger, am I required to give them all my transactions? Not at all, you can use a Transaction Manger for as many or as few transactions as you would like. But we will warn you, once you have a sample of what a Transaction Manager can do for you, you won’t want to go back to doing it alone.
Do I use the same Transaction Manager for all my transactions? Yes. You will use the same Transaction Manager and same Listing Manager for all of your transactions. It is requested that you work with the same TM for a minimum of 3 transactions to become familiar and comfortable with the process.
How does the Transaction Manager stay on top of the dates and correspondence? Transaction Managers use a real estate transaction management software program that keeps track of contacts, emails, dates, deadlines, email templates, etc.
Will Transaction Managers take care of Inspections? Transaction Managers can help you write Inspection Responses with your direction and your verbiage. TM’s track response due dates and put them on your Outlook calendar. TM’s will also make sure all inspection repair receipts are collected before closing.
Do Transaction Managers provide wiring instructions for closing? No, wiring instructions must come from the title company. Transaction Managers can help direct your client on whom to call and/or request title to send via a secure portal.
Will a Transaction Manager handle the negotiations of a transaction? No, the agent is responsible for all negotiations.
Will a Transaction Manager perform any additional administrative support outside of the transaction?
No, the brilliance of a TM is the work they do keeping the transaction well organized including corresponding with lenders, title, clients, and co-op agents within an agent’s transaction. The Transaction Manager does not perform any sales support related functions, nor does the TM attend closings.
How much does it cost to use a TM?
- List to Close – $350.00
- Pend to Close – $325.00
- Dual Sides – $475.00
What is considered a “Dual Side”? A dual side is a limited agency transaction, where the agent represents both the buyer and the seller for the same property.
How do I pay for Transaction Manager services? The Transaction Management service fee will be added to the commission form and taken out of your commission at closing.
Do I have to pay for a transaction that is mutually released? When a transaction is mutually released there is no fee charged to the agent. However, if the agent continues working with the same buyer/seller to complete the transaction at the same property, but does not include the TM in the transaction, the agent will be charged.
Do Transaction Managers work agent hours? We ask that you honor the business hours of your TM. Your TM is available Monday–Friday during business hours. However, we understand there may be times when something is very urgent, and after-hours may be required.
How do I start with a Transaction Manager? You can find out more information by scheduling a one-on-one meeting with a TM or completing the contact form at https://tm.myc21scheetz.com/
Will Transaction Managers have access to my loops in Dotloop? Yes, Transaction Managers have Administration access to Dotloop.
How will the Transaction Manager know if I have a pending transaction or a new listing? The agent will communicate with the Transaction Manager via email, text, phone call, or “Add to the Team” in Dotloop and the TM will be notified.
