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A transaction manager is a sales professional responsible for overseeing all transactions related to a business sale or purchase. For example, a transaction manager in the real estate industry might be responsible for overseeing contract negotiations, reaching out to professionals in strategically valuable markets, and communicating with management professionals about steps that need to be taken in order to close deals. In most cases, this kind of manager also takes part in planning for growth in terms of both market expansion and technological development.
It is common for a transaction manager to have an academic background in a field such as accounting, finance, or economics. As the same time, this kind of professional is also expected to have an aptitude for working with complex software and even performing some information technology (IT) tasks, such as updating software and consulting during business system design processes. It is common for employers to request that job applicants for this position have at least five years of experience in management positions. They should have experience performing contract negotiation and actively contributing to infrastructure and business system optimization.
An important function of a transaction manager is to manage relationships with vendors and clients. This function requires a manager to oversee renewal of contracts with existing suppliers and clients, which might include negotiation to ensure satisfaction on both ends of a deal. He or she is also responsible for branching out into new markets. Opening new accounts that help an organization to expand is a key function of a transaction manager.
While a transaction manager does not have to be an IT expert, he or she is expected to understand how IT systems contribute to an organization's operations. He or she might be required to meet with IT department leaders to discuss the support they need and to inform them of goals and standards dictated by upper management. A transaction manager might also be responsible for communicating with vendors that supply IT services and equipment.
Communication with management is another key function of a transaction manager. In most cases, he or she informs management of important developments in meetings and presentations. When this kind of manager functions as a project manager, meaning that he or she oversees implementation of new systems, he or she updates upper management as problems arise and solutions are discovered. Transaction managers also report communications they have with vendors and clients.