Why Your Real Estate Business Needs a Transaction Coordinator
Updated: Sep 24, 2020
The presence of a Transaction Coordinator (TC) reduces the stress you have when managing your clientele. Their assistance helps you to ensure that each sales opportunity continues to move in the right direction. With the help provided from contract to close, this work helps you to cope with the issues that invariably arise within each transaction.
Think back to some of the last transactions that you managed. Did something fall through the cracks because you forgot about something or were late in meeting a deadline? Were you spending more time completing paperwork on your computer instead of spending time with prospective clients?
Several brokerages offer in-house TCs, but it might be a better investment to work with an independent Virtual Transaction Coordinator to receive the help you need. You can get more deals done and potentially more value for your investment.
Benefits of Hiring a Virtual Transaction Coordinator
The primary benefit of a Virtual Transaction Coordinator is that you can have this person managing all of the time-consuming paperwork that comes across your desk. Instead of worrying about the administrative tasks that come with a sale, you can spend more of your time bringing potential customers through your sales funnel.
Here are some additional benefits to consider when there is a Virtual Transaction Coordinator by your side.
1. You can build secure, detailed transaction files.
Buyers and sellers exchange high levels of sensitive data during the sales process that lenders require for the financial side of the contract. Your Virtual Transaction Coordinator can help to manage this confidential data, maintain accurate record-keeping, and provide critical facts if disagreements arise.
2. A Virtual TC can work from anywhere.
These real estate experts only need a computer and a phone to provide you with the help that might be necessary to close a deal. You will want to hire someone familiar with your territory since the rules and regulations can vary by location.
3. You will have an advocate.
Your Virtual Transaction Coordinator can follow up with buyers who are slow to send their paperwork. They will speak with unresponsive lenders. Their position as a liaison for everyone involved in the real estate transaction makes the entire process a lot smoother for you as a realtor and everyone else.
4. TCs provide an extra layer of real estate expertise.
A Virtual Transaction Coordinator provides extensive real estate experience with each home sale process. You can ask them questions freely, or they can serve as an intermediary to answer the queries from your buyer or seller. If they do not have the answer for you, then there is an excellent chance that they can point you toward the person who does.
5. Virtual Transaction Coordinators keep you organized.
The Virtual TC can supervise every stage of a home sale. This benefit includes taking you from the signed contract to closing. They will keep track of your deadlines, the timelines that need to be managed, and any clauses that require follow up during the transaction. Let them worry about keeping things moving so that you can keep the stress levels down.
How to Avoid Problems with Your Virtual Transaction Coordinator
Thanks to the expansion of the gig economy, you can find people offering their services as a Virtual Transaction Coordinator without much difficulty.
Some of the offered services are even highly affordable, but there are some risks you take as a realtor when working with someone from overseas. You might find some expert help from India or the Philippines at a discount, but the time difference and cultural expectations can provide some unexpected roadblocks to a transaction.
If you outsource these the duties of a TC overseas, then that person may not understand how your local market works. You might also find it challenging to launch litigation against someone if they violate the terms of your agreement.
There can also be problems with the quality of work that you receive. Overseas TCs may not always have experience with the business standards under which you operate. Since this relationship already delegates some control away, you could find yourself scrambling trying to correct issues that should have already been done.
Before making any decision, place every TC candidate through a screening process. Review their qualifications, which includes their motivation and writing ability. Then consider how your personality will match with theirs. Even in a virtual relationship, you can find points of contention that add stress to the transaction.
Then start the searching process of a Virtual Transaction Coordinator before you desperately need one. When you have the help of a reliable TC, then your growth as a real estate agent can begin. Instead of being busy all of the time, you can become more productive.