In the last 6 years or so, the number of REALTOR’s promoting themselves and their “teams” to the general public has been dramatically increasing. As a consumer, this may sound attractive because having more than one professional helping you instills greater peace of mind, right? The answer to this question is YES and NO and here’s why:
REALITY OF OUR BUSINESS
As a real estate professional, having an assistant (or Transaction Coordinator, also known as a TC in the industry) to handle all of the administrative work, so you have more time to meet clients and generate more business, makes complete sense. However, in practice some professionals are giving too much authority and duties to their TC’s, which are putting their licenses at risk and giving their client’s an unjust level of representation and service.
As a full-time and active broker, I’ve seen many professionals allocate the following duties to their TC’s.
These are the most common:
2. Explain and facilitate the signing of contracts and disclosures (a licensed and experienced professional is the only person who can explain such documents to a client and one of the many reasons why people get sued).
3. Negotiate on the REALTOR’s behalf (Only a licensed broker or agent can negotiate on behalf of client).
4. They are the main point of contact for the REALTOR’s client(s) (legal, but defeats the purpose of our job. We build relationships with our clients through communication, without it, you have no real relationship or can build trust).
5. They communicate with all parties involved from start to finish (legal, but building relationships with fellow REALTOR’s, escrow officers, and lenders, is an integral part of our business. When people know your reputation and how you work (assuming its positive), they are more likely to work with you in the future. A TC can only do the transaction, not build relationships on the REALTOR’s behalf).
The level of responsibility allocated to TC’s has increased dramatically among many professionals and this has raised questions among other professionals as to the level of authority they should have. Many, if not most, TC’s are part time employees and unlicensed. Additionally, those who are licensed, are just that- licensed, they are not experienced.
If formed properly, a team can be a great asset and increase the level of proficiency for any professional, which can in turn provide a more streamlined process for their clients. The best way to determine if a team is formed properly, is to have your REALTOR be your main point of contact and have their team handle the administrative tasks behind the scenes.
I hope you or someone you know finds this information helpful and insightful.
Broker / Owner