The Cost of Hiring A Transaction Coordinator: Why It’s Cheaper Than Doing It Yourself
Updated: Feb 16
The home buying and selling processes can quickly become complicated. Whether you are a professional real estate agent or a first-time home buyer, you could probably use some extra help along the way. It can be tempting to try and do everything yourself, but this can lead to important tasks slipping through the cracks. Hiring a transaction coordinator is the best way to ensure everything gets taken care of without overspending your time or money.
What is a Transaction Coordinator?
Transaction coordinators manage real estate contracts from start to finish. As a real estate agent, you can rely on your transaction coordinator to handle contracts and all communication with involved parties. They can take the daily activities and regular interruptions off your plate and give you control of your time.
You could hire an administrative assistant or secretary, but they will require a lot of training. Transaction coordinators are already capable of handling all of the administrative duties including opening escrow, coordinating inspections, and communicating with all clients and agents involved. They can ensure that all proper documentation is submitted fully and on-time. Instead of handling these tasks yourself, you can focus your time on building relationships, finding prospective clients, and converting leads.
Hiring a transaction coordinator can also give you back precious time with family and friends. There is no need to drown in your work as a realtor. If you feel overwhelmed and cannot find enough hours in the day to complete all of the tasks on your to do list, a transaction coordinator is your answer. Having an extra set of competent hands can lessen your anxiety and make you more productive on a daily basis.
Transaction Coordinator Services from Essential Virtual Talent
Many real estate agents are hesitant to hire a transaction coordinator because they worry about the cost. However, the right transaction coordinator will add value to your business and make the payoff worth your investment. Essential Virtual Talent offers a variety of real estate transaction coordination services to Florida real estate agents to boost your business and give you the peace of mind that everything is taken care of.
Your transaction coordinator makes the buying and selling process as smooth as possible. They are available if any issues arise and provide top-quality administrative support throughout the process. Transaction coordination services from Essential Virtual Talent include the following features.
When it comes to contracts, transaction coordinators are the experts you need. Your transaction coordinator will review all deadlines and create a timeline for all documents. They will contact clients and the cooperating agent, lender escrow agent, and title company as part of your team.
Your transaction coordinator will send executed contracts, confirm escrow deposits, and ensure they are received. They can confirm inspections and make sure they are scheduled within the proper time-frame. Essential Virtual Talent will maintain regular contact with all involved parties and provide status updates including weekly reports via email.
Your transaction coordinator is also capable of handling HOA and condo deed restrictions and documents. They will confirm that the buyer received them and ensure they make and application and interview if necessary. You can trust that everything is taken care of because they also confirm approval by the title company.
For financing, your transaction coordinator will confirm that the buyer has made the necessary loan application and confirm that an appraisal has been ordered. They will follow up to receive appraisal results and monitor the underwriting process.
With transaction coordination services from Essential Virtual Talent, your transaction coordinator will make sure the survey and elevation certificate are ordered and send the proper closing instructions to the buyer and seller. They will also confirm that the lender’s closing documents are delivered to the title company in a timely manner.
For closing services, your transaction coordinator is a Rockstar. They will regularly check that closing is on target for your necessary timeline and confirm the closing time and location. They will coordinate the final walk-through and send distribution authorization to the title company.
The Cost of Doing It Yourself
Hiring a transaction coordinator is the only way to ensure that nothing gets missed or left behind. As your business grows and changes, it is increasingly more difficult to handle everything on your own. In no time, you will be drowning in a sea of paperwork, confirmations, and check ins. You can save yourself from missing deadlines and becoming overworked by hiring a transaction coordinator.
If you need more time for your personal life and hobbies, a transaction coordinator can save the day. They are highly capable and do not require training like an admin assistant. With the right transaction coordinator from Essential Virtual Talent, your business is in good hands from contract execution to closing.