From Polychromatic
(Difference between revisions)
|
|
| (7330 intermediate revisions not shown) |
| Line 1: |
Line 1: |
| - | Traditionally the function of the financial manager would be to be considered a safe set of hands and to analyse the figures to be sure that everything was acceptable. Today's financial directors have a significantly different function in that they need to give you a wide variety of support and help to the business to be able to justify their position. Section of their function will be to put in position the people and systems that will enable them to gain the right accounting information such as for instance a balance sheet and profit and loss account. They are going to then analyse these to make significant financial decisions to benefit the business.
| + | What Is a Transaction Coordinator? |
| | | | |
| - | Some companies will find that they can not justify the cost of having the full time FD and will as an alternative turn to those specialist organisations who are able to provide them with a part time financial manager. This kind of service offers a flexible and tailored solution for just about any business that cannot afford or does not need financial manager input signal on a regular basis.
| + | A Transaction Coordinator is a person who takes responsibility for managing the deadlines and tasks of a real estate contract to closing. Some of the duties include: |
| | | | |
| - | A part time FD will do all of the work that a full time director would do in that they will prepare the numbers in a manner that other directors, stakeholders and decision makers can understand but when they are needed these services will be provided by them only. They may be there to assist in the presentation of the material to anyone who has to understand and also offer guidance and support even when they are not physically at the office.
| + | 1. Responsible for processing of all contracts through closing. |
| | | | |
| - | Any part time financial director that the business is supplied with will have several years' experience of the function and will have a history of turning around companies that have experienced financial difficulty. Having a finance director who works on a part time basis as and when they are needed will give many small companies the chance to operate effectively during times of economic recession as they will still have access to financial expertise as and when required but will not need to invest in full time personnel.
| + | 2. Coordinating appointments for inspections, appraisals, and closing. |
| | | | |
| - | Another time when the services of a part time FD will be valuable is if the business is undergoing an important change. Having the support of a finance director is likely to be invaluable through acquisitions and mergers. They are able to also complement the accounts team during end of month or end of year accounting. Traditionally the function of the financial director would be to be considered a safe pair of hands and to analyse the figures to make sure that everything was alright. Today's financial directors have a significantly different part in which they need to offer a broad range of support and aid to the company to be able to justify their position. Element of the function will be to set in position the people and systems that will enable them to get the proper accounting information such as a balance sheet and loss and profit account. They are going to then analyse important financial decisions to be made by these to benefit the company.
| + | 3. Effectively communicates with clients, customers, other agents, lenders, title agents and other service providers throughout the process. |
| | | | |
| - | Some organizations will find that they cannot justify the expense of getting the full time FD and will instead turn to they can be supplyed by those specialist organisations who with a part time financial manager. This kind of service offers a flexible and tailored remedy for any company that can not afford or will not want financial director input on a regular basis.
| + | 4. Responsible for proper documentation of the file to comply with brokerage policies. |
| | | | |
| - | A part time FD will do every one of the work that the full time manager would do in that they will prepare the numbers in a manner that other directors, stakeholders and decision makers can understand but when they are desired these services will be provided by them only. They can be there to help in the presentation of this material to anyone who has to know and also offer support and advice even though they are not physically at the office.
| + | 5. Assures that all post-closing disbursements, filing, and procedures take place. |
| | | | |
| - | Any part time financial director that the firm is supplied with will have several years' experience of the function and will have a history of turning around businesses that have found myself in financial difficulty. Having a finance director who works on a part time basis as and when they are needed will give many small organizations the opportunity to operate efficiently during times of economic recession as they will still have access to financial expertise as and when necessary but will not want to take a position in full time staff.
| + | 6. Frees the agent client up to focus on business building activities. |
| | | | |
| - | Another time when the services of a part time FD will be advantageous is if the business is experiencing a major change. Obtaining the support of a finance director is going to be invaluable through mergers and acquisitions. The accounts team can be also complemented by them during end of month or end of year accounting.
| + | In many offices across the country, there are transaction coordinators on staff who are shared among the office. While this approach seems practical or beneficial on the surface because the coordinator is in house and can be accessed by stopping by her/his desk. It's not always the best or most effective approach when explored further. There are many reasons for that, a few are outlined here: |
| | + | |
| | + | a. The transaction coordinator is paid by the office and has a job, which is not always exclusively coordinating transactions. Meaning, they could get pulled away from their job to help the other departments such as receptionist, listing coordinating or what have you. This means they aren't working on your transactions. |
| | + | |
| | + | b. Interruptions! The facts are clear, it can take more than 20 minutes to get back on task after an interruption. That said, imagine how inefficient it can be if agents are walking in and out of the transactioncoordinators office all day long. |
Current revision as of 05:16, 9 December 2017
What Is a Transaction Coordinator?
A Transaction Coordinator is a person who takes responsibility for managing the deadlines and tasks of a real estate contract to closing. Some of the duties include:
1. Responsible for processing of all contracts through closing.
2. Coordinating appointments for inspections, appraisals, and closing.
3. Effectively communicates with clients, customers, other agents, lenders, title agents and other service providers throughout the process.
4. Responsible for proper documentation of the file to comply with brokerage policies.
5. Assures that all post-closing disbursements, filing, and procedures take place.
6. Frees the agent client up to focus on business building activities.
In many offices across the country, there are transaction coordinators on staff who are shared among the office. While this approach seems practical or beneficial on the surface because the coordinator is in house and can be accessed by stopping by her/his desk. It's not always the best or most effective approach when explored further. There are many reasons for that, a few are outlined here:
a. The transaction coordinator is paid by the office and has a job, which is not always exclusively coordinating transactions. Meaning, they could get pulled away from their job to help the other departments such as receptionist, listing coordinating or what have you. This means they aren't working on your transactions.
b. Interruptions! The facts are clear, it can take more than 20 minutes to get back on task after an interruption. That said, imagine how inefficient it can be if agents are walking in and out of the transactioncoordinators office all day long.
