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| - | BT says it will pay �2bn into its pension fund to help cover the scheme's deficit.
| + | What Is a Transaction Coordinator? |
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| - | It is one of the biggest one-off payments yet made by a company into a pension fund.
| + | 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: |
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| - | The payment is part of a nine year plan to bolster the scheme, which at the last valuation in June had a deficit of �4.1bn.
| + | 1. Responsible for processing of all contracts through closing. |
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| - | Supporting the pension fund has dragged down BT's performance. Back in 2008, the fund had a deficit of �9bn.
| + | 2. Coordinating appointments for inspections, appraisals, and closing. |
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| - | Under the latest plan, BT will make nine further annual payments of �325m.
| + | 3. Effectively communicates with clients, customers, other agents, lenders, title agents and other service providers throughout the process. |
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| - | BT's pension fund has 330,000 members, making it one of the biggest private sector schemes in the country.
| + | 4. Responsible for proper documentation of the file to comply with brokerage policies. |
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| - | "This agreement, under which the company makes an immediate contribution to the scheme of almost half of the deficit, reflects BT's financial strength and re-affirms our commitment to the scheme," said chief executive Ian Livingston.
| + | 5. Assures that all post-closing disbursements, filing, and procedures take place. |
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| | + | 6. Frees the agent client up to focus on business building activities. |
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| | + | 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: |
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| - | BT, Royal Mail and Trinity Mirror - there is quite a lot going on in the fraught world of final salary pensions. �
| + | 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. |
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| - | | + | 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. |
| - | "BT's long-term sustainable cash generation has improved significantly since the 2008 valuation and we remain focussed on improving BT's financial strength, investing in our future and enhancing shareholder returns."
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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.
