Exploring Life & Business with Jennifer Baykal of Jennifer D Baykal DBA Florida Realty Services

Alright, so thank you so much for sharing your story and insight with our readers. To kick things off, can you tell us a bit about how you got started?
I started working with a local Orlando Realtor in 2006 as a real estate assistant. My duties included everything from light bookkeeping, marketing, transaction coordination, and at the time learning about the real estate foreclosure process. I was a sponge absorbing everything that was thrown at me. In 2009, I decided that I wanted to focus on transaction coordination for realtors along with the processing short sales for sellers who were underwater in their homes. In 2011, I met with a local real estate attorney who was also processing short sales in addition to loan modifications, negotiating judgments that wanted to partner to expand her business so we joined forces. I took a step back from providing transaction coordination to realtors and focused solely on helping homeowners upside on their mortgages. I knew I would not handle foreclosure cases forever and noticed the market starting to turn around in 2012 to the positive so I began to brainstorm my next venture. Transaction coordination was always one of my favorite parts of working in real estate so in late 2014 I launched my transaction coordination business and retained my very first client. Today, I work with agents throughout the state of Florida, and on average close approximately  250 real estate transactions a year.

We all face challenges, but looking back would you describe it as a relatively smooth road?
Anyone who works in real estate full time will tell you this business is the least glamorous job and does not come without its challenges. When I started my business, I knew wanted to provide the best communication and I thought that meant I needed to always be available. I worked through so many family vacations and even my honeymoon because I wanted to make sure that nothing fell through the cracks. Having someone to share the workload should have been a priority. Another personal struggle for me was I was afraid to say no to more business even though I was overworked. I would work 10+ hours/day including the weekends. Now I ensure to set expectations upfront with each client, I keep a manageable workload, and I hire help when I need it.

Thanks – so what else should our readers know about Jennifer D Baykal LLC DBA Florida Realty Services?
We are a real estate transaction coordination company which in layman’s terms is a project manager for real estate. Realtors will hire a transaction coordinator to help streamline their process while working with sellers and buyers in the real estate transaction. Our job is primarily administrative to the transaction itself and not the Realtors.  Tasks will include gathering information or documentation from sellers or buyers, communicating with cooperating agents, title companies,  mortgage companies, and vendors to ensure everyone is meeting the timelines in the real estate contract while also coordinating access to homes for appraisals, inspections, and viewings. All real estate companies have a compliance department. Staying on top of the documentation and submitting paperwork to the agent’s Broker/Brokerage for an audit review before closing on a home is a vital part of the process that helps the agents to what we like to call “real estate jail”.

I specialize in residential real estate but, my past work history and years of experience have provided me exposure to various facets of the business. I believe what sets me apart from other coordinators is that I am a firm supporter of no question is a stupid question and every answer deserves to be explained in elaborate detail. When working with agents and their clients, I am not just pushing some papers around and calling it a day. I want the homeowner or buyer to understand why they are being provided a document to sign and how that document impacts their transaction. If I see that an agent writes the wrong name on a contract, instead of just fixing it and moving on, I explain why it’s wrong and how to get it right the next time. For some people that is a turn-off or makes me a know-it-all, but I think it makes you, the other person, smarter because you will not make the same mistake again. I pride myself on researching subjects I do not have a vast knowledge of. Always learning allows me to grow personally and professionally.

I can recite all kinds of statistics but, it’s a proven fact that dedicating someone solely to the transaction process releases the agent of the administrative responsibilities allowing them to grow their own business.

I have a quote on our website that is simple but true: “It does not matter what side of the transaction you are on, there is always a to-do list. Let us handle everything for you because we love working behind the scenes.”

I am a behind-the-scenes person and paperwork is my jam!

Where do you see things going in the next 5-10 years?
Real estate is a field that will continue to be a rollercoaster of highs with lows. I am already seeing a growing number of transaction coordination companies because you can work remotely from anywhere as long as you have good Wi-Fi service. The problem is there is also a demand for real estate assistants and while there are plenty of overseas companies offering this service, I believe we will see a new trend of virtual office assistants for Realtors at a local level. Who knows, maybe I will get the trend started!