5 Tasks Successful Transaction Managers Must Master

September 14, 2022

real estate pros and goals

Transaction management goes far beyond document tracking. Transaction managers need to excel at a variety of tasks, which means having a good understanding of all the ins and outs of the real estate transaction process. 

Successful transaction managers who execute tasks flawlessly and make clients’ lives easier help realtors win referrals and repeat business.

So what does it take to be a top-notch transaction manager? Here are five critical tasks you need to master (and the skills required) to stand out in this important role.

  • Document management

Transaction managers handle A LOT of documents. As a transaction manager, you’ll need to handle closing documents and HOA documents, which must be sent to the appropriate parties, depending on which side of the transaction you’re representing.

Skill required: Organization. If you don’t have excellent organizational skills, documents can easily slip through the cracks.

  • Communications

Everyone needs to be kept up-to-date on what’s happening throughout the real estate transaction process: this is your job as transaction manager. Transaction managers are responsible for providing an overview of deadlines and sending the executed contract to the appropriate parties.

Skill required: Communication skills. All emails must be clearly written and easy to                  understand, and must contain all relevant details. 

  • Deadline management

The real estate transaction process consists of many little tasks, all of which must be executed both accurately and on time. A big part of a transaction manager’s role is ensuring everyone meets every deadline associated with the transaction process. You’ll need to get signatures on documents, and you’re responsible for making sure everything complies with the contract. You will also be in charge of submitting all necessary documents to compliance within 48 hours of execution.

Skill required: Time management. There are a lot of deadlines to track and multiple small tasks to execute, and everything must be done in a timely manner.

  • Scheduling

Transaction managers handle the scheduling, ordering and tracking of several things during the transaction process. This includes ordering the home warranty contract, monitoring the status of the buyer’s loan with the Loan Officer, and confirming the home inspection has been arranged on time.

Skill required: Detail oriented. Scheduling and ordering various things associated with each transaction requires attention to detail to ensure nothing gets missed.

  • Wrapping up final details

Transaction managers play a crucial role in helping ensure deals close out smoothly. This includes coordinating the final walkthrough, scheduling any necessary closing appointments for clients and agents, along with other final tasks. It’s also the responsibility of the transaction manager to ensure the closing date and time are properly arranged with all parties, including the buyer, seller and agent.

Skills required: Organization, communication, time management and attention to detail are all necessary when it comes to this final, important task during the real estate transaction process.

AFrameSoftware helps simplify transaction management 

Transaction management for real estate is a breeze with AFrameSoftware’s CRM platform. This powerful tool helps transaction managers juggle dozens of transactions while keeping track of the many tasks associated with each one thanks to helpful features such as:

  • File storage for uploading and organizing transaction files. Transaction managers get access to all documents on their phone, at the office, or at home.
  • Contract date reminders which keep transaction managers on top of all important dates with reminders sent via email, calendar alerts, and mobile push notifications.
  • Action plans that help transaction managers handle the many tasks associated with taking on a new listing. Tasks can also be integrated with email/letter templates for efficient client communications.

Learn more about how AFrameSoftware’s platform is ideally suited to help transaction managers handle transaction management for real estate by visiting our website or emailing us at info@AFrameSoftware.com.