People often bring a Virtual Transaction Coordinator to help agents with their productivity. At first, everyone is enthusiastic about it, for a small fee for each transaction. They can count on the help of the personally selected transaction coordinator, evaluate and place it in the office by the broker or manager.
In general, one of three scenarios was developed:
- He’s a rock star, he can handle 75 transactions a month and doesn’t mind working more than 60 hours a week to do it (at least initially). However, as we all know, working more than 60 hours a week for too long leads to fatigue. Whereas it may be good for a while, this star fades or collapses quickly.
- He receives little or no training in managing the volume of real estate transactions. He hopes to manage, and many agents soon stop using their services because they are frustrated by the lack of personal attention they thought they would receive. Instead of holding a weekly meeting or website to post updates or even emails, they pass through your office and “hang around”, distracting you and slowing you down. (So, things fall through the crack)
- The storm begins, and agents are not happy because things get lost. It has no leadership to help its own coordination methods: fire suppression and reaction, rather than a system to do its work effectively. In addition to dealing with the transaction format, you also need to perform other Services. They cover the receptionist on vacation, help over the phone by showing instructions. Furthermore, by creating some flyers for some agents in a pinch.
In House Transaction Coordinator vs Virtual Transaction Coordinator
In the past, many realtors used the in house transaction coordinator. This strategy has proven to be too expensive for many. The cost of salaries, contributions, training, and full-time employee booking is not always logical, especially when sales are low.
This is where real estate paper-pushers come into play. We perfectly integrate our services with your company, manage your contracts, and offer a transaction-based pricing structure, so you don’t lose money when your workload changes. Our professional team or transaction coordinators are here to serve your agents.
What Does Virtual Transaction Coordinator Do?
The Virtual Real Estate Coordinator works online to handle the closing transactions of the customer who sells the house. Unlike traditional TC Real Estate, which operates in a real estate office, a virtual real estate takes all its responsibilities remotely and is often hired to work with many vendors. As a virtual real estate TC, your responsibilities are to monitor the sale process, review the contract and other legal documents between the seller and the buyer and any third party, and submit any additional documents, such as escrow filings.
Growing Your Business with a Virtual Transaction Coordinator
With the virtual transaction coordinator, you can be more efficient and effective in your job of selling homes, while your Transaction Coordinator handles all the repetitive tasks related to closing a transaction, such as collecting documents and signatures and contacting customers and parties completing paperwork, track contracts and requirements, and compile an intermediary file for each transaction made.
Typical tasks for the default virtual transaction coordinator include:
- Goal Setting: Review goals and timelines to provide progress updates and help you continue the task
- Prospecting and seller/buyer service: Complete the required documentation, collect estimates, and help find/choose service providers
- Escrow Management: Open escrow and coordinate many of the functions necessary for this operation through closing
- Document Management: Drafts of routine documents (eg, vendor disclosure package, attachments, exemptions) and review forms for accuracy, signature verification, and missing information
- Coordinate and close transactions: Manage burdensome evaluation, ownership/trusteeship and mortgage loans
- Coordinate and communicate with the client: Act as a point of contact for your customers to ensure that their needs are met and receive the attention they deserve throughout the purchase/sale process.
- Scheduling Coordination: Monitor customer programs, service providers and lenders to help ensure that core tasks are completed
- Search: Perform background and search tasks, as necessary
- Dedicated Support: Provide personalized administrative support according to your specific requirements
Think of what you can achieve if you have a qualified transaction coordinator professional who takes care of these jobs and makes sure that your sales are managed effortlessly and efficiently. Free up your precious time and build your growth stack with proven growth tricks that start with virtual assistance services.
Why Hire a Virtual Real Estate Transaction Coordinator?
To understand what the virtual transaction coordinator brings to the table in front of the in house transaction coordinator, think of just two of the many benefits of outsourcing this functionality.
- The larger pool of talent available: Hiring an experienced transaction coordinator who understands your role, tasks. Moreover, the real estate industry is key to a successful real estate operation. Overcome geographical constraints with a wide range of virtual talent.
- Economic benefits: Virtual assistants are freer to do their jobs. This generally makes their salaries more competitive than traditional support salaries in person. Choosing from a wide range of geographies allows you to choose a transaction coordinator who lives in a place at a lower cost of living, allowing him to work at a lower rate than transaction coordinators in your area. It also saves on labor costs, operating expenses, overheads, and recruitment expenses.
Importance of Transaction Coordinator
Sometimes customers get frustrated. Most of them are independent contractors, and they turn to a service like ours to help them. After making some transactions with us, they realize that, in the end, they don’t need someone in place. Moreover, by hiring a Twin Cities Transaction Coordinator to manage the transactions only, they receive a much better service level.
Your customers deserve the best from the contract to finish, as well as for you. This does not mean that you have to do everything; it simply means providing the best solution for you and your customers.
TwinCities TC’s will fully integrate with your business and will provide services to your company with a secure 24/7 access to our transaction management system. Along with saving a lot of stress and time for agents, our services will also save time for your customers. So they can go to work to bring in new customers, drive sales and grow your brand.
Besides helping to increase the profitability of brokers, we provide flawless record-keeping, which is necessary if a broker is sued.