How a Transaction Coordinator Help you Grow your Real Estate Business
Hiring a real estate transaction coordinator is one of the best steps you can take to grow your business. A transaction coordinator will handle all the paperwork associated with the real estate transaction, freeing up time for your producers to list, sell, and manage properties. The more time producers can spend on revenue-producing tasks, the more revenue they will produce and the happier they will be.
Here are some specific reasons why hiring a transaction coordinator is such a smart move.
Transaction Coordinators Save You Time and Effort
Transaction coordinators handle all the details involved in making sure the sale closes on time with the escrow agent. They:
- set up the escrow account
- ensure the correct deposit is collected
- give details to the escrow officer
- plan and coordinate inspections
- prepare concession addendums as needed
- frequently update parties on the status
- obtain all the required documents from all parties
- monitor contingency periods
- ensure a smooth transaction for your clients
Transaction Coordinators Help You Meet More Clients
When you have a transaction coordinator, you and your agents will be able to spend more of your time meeting with clients and potential clients. In other words, you and the agents will do the things you love to do. You’ll be ecstatic, and your agents will be ecstatic. The extra meetings also will likely lead to additional revenue.
Transaction Coordinators Ensure You Meet the Deadlines
Nothing turns off clients more or serves more as a downer for you than missed deadlines. Customers plan their moving dates around residential settlement deadlines, and they won’t be happy if they have to reschedule. Your escrow agent won’t be satisfied either. However, if you meet your deadlines, your clients are likely to refer other businesses to you. Your escrow agent may invite you out for drinks and even ask you to be friends.
Transaction Coordinators Can Perform Other Helpful Tasks
If transactions slow down, coordinators also can help with other administrative tasks. For example, they can post listings and solicit referrals, testimonies, and reviews from satisfied clients. According to Inc. Magazine, 84 percent of people trust online reviews and testimonies as much as they trust referrals from family or friends. Gaining additional testimonials and reviews will help grow your business.
Transaction Coordinators Have Specific Training
The transaction coordinators that we provide have specific real estate transaction coordinator training. They are taught how to use processes and systems to keep the transaction on track. They also are taught effective time management skills and how to stay on top of the details in multiple files at once. They know the right questions to ask throughout the close process and how to listen to the answers. They also are taught about real estate contracts, disclosures, and other documents.
In addition to the training, coordinators have specific traits that enable them to effectively manage the details of transactions for you. These traits are an attention to detail, the ability to work with a timeline, the ability to rise rather than shrink from a challenge, and the desire to work behind the scenes and provide outstanding customer service.
Transaction Coordinators Can Manage Multiple Files
While every transaction coordinator is different, most experienced transaction coordinators can handle 30 to 40 “hardcopy” files a month. If they use technology, they can typically handle up to 200 files per month. Imagine what having someone handle transactions for up to 200 files a month could do for your business.
With Virtual Transaction Coordinators, You Can Scale
Some real estate businesses may generate several hundred files a month, while others develop a few dozen. In almost all agencies, the volume varies from month to month.
If you hire a transaction coordinator as an employee, you’ll have difficulty scaling. They’ll want a specific number of hours; they’ll go elsewhere if you can’t give it to them. Likewise, if you have a blockbuster month, they won’t be able to handle the workload. Working with a virtual transaction coordinator at an offshore staffing agency will allow you to scale to meet your needs while also receiving excellent services at a reasonable price. You’ll pay for service without carrying the overhead for hours you’re not using.