Paperwork expert keeps deals on track

As the transaction coordinator for Century 21 MoneyWorld's Summerlin office, it's Faye Hopkins' job to make sure files for each purchase and sale of a home are complete.

From purchase agreements to escrow instructions, title reports and commission orders, Hopkins checks to see that every signature and initial is in its proper place, agents are using current forms, and that nothing is omitted.

"It's an extra set of eyes checking papers, especially with all the new regulations and compliance laws," said Mike West, who co-owns Century 21 MoneyWorld with Michael Donovan.

Files are more complete when a transaction coordinator helps an agent, thereby eliminating any delays or last-minute problems when closing escrow, he added.

Hopkins said files average 30 pieces of paper and can range from one-half inch to 3 inches thick.

"The time an agent spends in the office doing paperwork he is not making money. The time he makes money is when he is out in the field. That's the transaction coordinator's service; it frees the agent to build his business. He has more face time with clients when he is not busy faxing and filing things," she said.

Agent Shirley White of Century 21's The White Team agreed.

"Because she (Hopkins) follows through on all the things that have to get done to make the deal happen, it frees me up to sell something else."

Donovan said MoneyWorld added transaction coordinators to its office staff about six years ago as a service to its agents.

"A transaction coordinator is essentially the same thing as a having a personal assistant to handle all the details that come up during a transaction," said Steve Tinney, branch manager of the firm's Summerlin office.

Donovan and West said transaction coordinators are available for agents at their four offices in the valley. There is a small fee for the use of their services, but they are salaried employees of the firm with bonuses given based on production.

Hopkins calls herself a facilitator. She often serves as a go-between from clients to agents and from agents to the broker.

When people get upset, it's usually from a lack of communication and information about the status of their transactions, which she said she is happy to provide.

"Most of our clients don't have any idea what an agent does. Ninety percent of what they do, the buyer or seller never sees. I'm just part of the support team," Hopkins said.

According to West, most real estate agents, as well as those from the mortgage, title and escrow industries, appreciate having someone in the office on a regular basis to answer questions and make sure things get done.

"The transaction coordinator position is not universal with all real estate companies; however, it is a benefit we offer to our agents," Tinney said.

Hopkins typically works with 30 to 40 agents and generally has about 100 files active at any given time.

"It depends on the agent's preference and their comfort level," Hopkins said.

White said she is 100 percent confident in Hopkins' abilities. "She's good at what she does."

Hopkins was a real estate agent for a few years before becoming a flight attendant for a private international charter. She returned to real estate last year.

"It was an adventure I needed at the time. It was great. I saw the world. But I needed to get my feet back on the ground, literally," she said.

She originally applied for a receptionist's position and was offered the transaction coordinator job within weeks because of her knowledge of the industry.

"You don't need a (real estate) license to do this, but I don't think you can do the job without a real estate background. You need to know what papers are necessary for each file. Without a real estate background, I wouldn't have a clue."

"Faye is one of the most wonderful, knowledgeable, experienced transaction coordinators I have ever known. She is organized and exceptional on her follow-through," Tinney said.

"If there was a prototype person for the transaction coordinator, it would be Faye," Donovan said.

Even with her experience as an agent, Hopkins trained with the company to learn its procedures.

"The service has to be uniform throughout the company, but it's also territorial. I was told to take the job and make it my own," she said.

Hopkins said she had to build a relationship with the office's agents in order for them to trust her with their files.

"It's a huge responsibility. I'm taking care of their paychecks and livelihood."

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