A Day In The Life Of A Real Estate Transaction Manager At Financial Bank
A real estate transaction manager's day at Financial Banking Company involves a lot of waiting and internal approvals, with tasks largely dependent on directions from strategy folks regarding the bank's specific property needs, which could range from renewals to finding new spaces, and then actioning these tasks with checklists in CoStar transaction manager. Deals can take almost a year because "a lot of internal approvals" and negotiations are necessary before documents can be signed.
Real Estate Transactions, Negotiation, Internal Approvals, Communication, Project Management
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Vanessa Corcuchia
Real Estate Transaction Manager
Financial Banking Company
San Francisco State University
Fashion Institute of Design and Merchandising
Business Management & Admin
Finance (Banking, Fintech, Investing), Real Estate
Real Estate
Video Highlights
1. The role involves waiting for approvals from strategy teams regarding the bank's needs for specific properties before contacting brokers.
2. The use of tools like CoStar transaction Manager is central to managing tasks and approvals, acting as a checklist to guide daily activities.
3. Deals can take a significant amount of time (up to a year) to complete due to the need for extensive negotiation of terms and securing internal approvals before documents can be signed.
Transcript
What does a day in the life of a real estate transaction manager look like?
When I log onto my computer each day, I check my upcoming meetings. My day's tasks depend on the type of transaction I'm handling, and deals are not completed immediately.
I have to wait for emails from our strategy team, who inform me of the bank's needs for a particular property. From there, I wait for those approvals. Internal approvals are required before I can contact a broker to work on the specific needs for that space.
After that, I go through my day. We use CoStar Transaction Manager, where I follow prompts for approvals and tasks. It acts as a checklist that I go through daily.
I attend meetings depending on the property. I have strategy meetings almost every other day. I also meet with our advisors, as I handle another type of transaction for the real estate department.
Essentially, I spend my day following up on what I need to process and get deals completed. I cannot proceed until I receive clear direction on what needs to be done. This includes tasks like renewing, giving back, or terminating a lease, or finding new space if our current lease is being terminated.
I have to wait for a lot of direction, and it takes time to negotiate terms with the landlord. Sometimes, my deals take almost a year to complete because I have to negotiate many terms and get internal approvals before signing documents.
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