If you’re already wondering if you need assistance, then the answer is probably yes. We ask and answer four questions that will help you decide if it’s time for you to hire a real estate transaction coordinator.
“I’ll take it!” “This is the one!” “Sold!” These are the kinds of phrases that motivate and delight realtors all over the world. And while there’s no doubt it’s an unbeatable feeling to agree on a deal with a buyer, in reality, it’s just the end of one phase of the process and the beginning of another.
There’s still a lot of work to be done before the deal is officially done, and it’s the kind of work that can bog you down if you’re not careful. In today’s digital economy, more and more realtors are turning to real estate transaction coordinators and virtual assistants to help them close the deal.
There’s nothing glamourous or heroic about trying to do everything all on your own. The truth is, your work and quality of life will suffer. You miss other opportunities, and details can fall through the cracks when you’re trying to juggle everything by yourself. The good news is that there is an easy solution that can transform the way you work and run your business., That solution is to work with a real estate transaction coordinator. A transaction coordinator, or real estate virtual assistant, is someone who works directly with you to help manage the details of all your real estate transactions.
4 Common Questions About Real Estate Transaction Coordinators
1. What is a real estate transaction coordinator?
Essentially, a transaction coordinator is a virtual assistant, but with specialized skills around the administrative tasks of real estate transactions.
2. What tasks does a transaction coordinator help with?
Your real estate transaction coordinator should be able to shoulder the burden of all administrative aspects of your closings, including:
- Opening an escrow account
- Scheduling repairs and inspections
- Following up on documentation
- Scheduling meetings
- Managing email correspondence
- Helping manage the closing process
3. When do you need a transaction coordinator?
When you find yourself getting bogged down with paperwork and redundant administrative tasks that are keeping you from getting new clients or spending time with friends or family, it’s time to hire a transaction coordinator.
Too often, realtors waste precious time on high volume, low revenue generating tasks that no doubt are essential, but that could easily be done by someone else who understands the business but is not also operating as the face of the business. If this sounds all too familiar, then it’s likely time you start looking to hire your own transaction coordinator.
4. Where to look for a transaction coordinator?
Most affordable, quality real estate transaction coordinators are found online these days. These are professionals who have built up a lot of experience doing this kind of work, and they know how to jump right into these administrative tasks in order to free up your time.
When you’re looking to hire, make sure you select an individual with an excellent command of English (if hiring outside of the US) and who comes recommended via a reputable virtual assistant agency. In our experience, transaction coordinators from the Philippines tend to work very well with US real estate agents and have built up a great reputation as some of the best transaction coordinators and real estate virtual assistants in the world.
How much does a transaction coordinator cost per month?
Typically, a transaction coordinator or real estate virtual assistant can cost anywhere from $2,000 to $3,000 per month, depending on his/her level of experience and where they live. What makes international transaction coordinators so appealing is that they typically charge anywhere from $1,000 to $1,750 per month. That comes out to being between $7-10 per hour, which is typically under minimum wage in most states.
How do I onboard a transaction coordinator?
The key to any good business relationship is training. No transaction coordinator is going to automatically know everything about your business, how you operate, and how you like things to be handled. It’s extremely important that you dedicate time to training in order to get the maximum value from your transaction coordinator.
There are real and immediate benefits to be gained from outsourcing. It’s very reassuring to know that your business is in good hands and important details are not going to fall through the cracks. With the help of a transaction coordinator, you will be able to spend your time prospecting for new leads, or making sure you can continue to provide a great client experience.
In the beginning, it’s tempting to try and save money by doing everything yourself. But over time, you’ll realize that in order to grow your business you need additional help. A real estate transaction coordinator is an investment in your business that saves you time, minimizes costly administrative errors and will have a dramatic impact on the quality of your life.
If you’re ready to take the first steps, then reach out to PhotoUp today to find out why our Philippines-based real estate transaction coordinators are so popular and successful in working with US real estate agents.