Table of Contents
- Does a Transaction Coordinator Have to Be In-Office?
- The Advantages of a Virtual Real Estate Transaction Coordinator
- Hire a Virtual Real Estate TC With AgentUp
With today’s technology, a real estate transaction coordinator can work virtually or in a broker’s or agent’s office. Which setup is better?
Virtual real estate transaction coordinators (TC) work remotely, while an in-office coordinator shares your workspace. Location can affect productivity and performance.
Most real estate employers initially favor in-house transaction coordinators until they see the actual results and understand the costs.
In this article, we explain why working with a virtual real transaction coordinator has definite advantages.
Let’s get started!
Does a Transaction Coordinator Have to be In-Office?
A real estate transaction coordinator has traditionally been considered an in-office worker. However, the virtual real estate TC model has gained ground with the advent of advanced technology.
This shift towards virtual work offers several compelling advantages over the traditional in-office model.
One of the most significant benefits of virtual real estate transaction coordinators is their increased flexibility and convenience. Virtual TCs are not tied to a specific geographic location, allowing them to work from anywhere with an internet connection.
Additionally, virtual TCs can often respond to inquiries and requests more promptly, as they are not limited by office hours.
While in-office TCs may offer the benefits of face-to-face interactions, virtual coordinators can still build strong relationships with clients through regular communication, video calls, and personalized attention.
Furthermore, virtual TCs can leverage technology to streamline their workflows and improve efficiency. Cloud-based document management systems, video conferencing tools, and digital signatures eliminate the need for physical paperwork and in-person meetings. This saves time and resources.
As the real estate industry evolves, virtual TCs will be increasingly important in facilitating smooth and efficient transactions. Therefore, let’s explore the advantages of working with a virtual real estate transaction coordinator.
The Advantages of a Virtual Real Estate Transaction Coordinator
Keeping costs low in real estate sales is crucial for maintaining profitability. Staffing, including transaction coordinators, is among the most significant expenses for many brokers and agents.
A broker or agent can save money by working with a virtual transaction coordinator instead of an in-office worker. Let’s explain this in more detail.
1. Statistics on Virtual Transaction Coordinators
Let’s start by looking at some numbers that showcase the advantages of working with a virtual real estate transaction coordinator:
- Virtual workers are 4.4% more productive than in-house workers due to fewer office distractions
- 50% of leading real estate teams report significant time savings by working with virtual transaction coordinators
- 70% of real estate sale businesses that use virtual TCs see higher sales volume as a result
- 55% of virtual TCs are less likely to switch jobs than in-house TCs
Due to the cost and time savings, virtual TCs have become a growing industry trend:
- Currently, 35% of all real estate transaction coordinators are virtual, and that number is expected to double by 2027
- In 2023, there were 12 million virtual real estate employees, many being transaction coordinators
Moreover, the virtual worker pool is likely more diverse and experienced than your local market. Further, using virtual workers expands your geographic reach, allowing you to reach a larger talent pool.
All in all, working with a virtual real estate transaction coordinator is cost-effective and efficient. Let’s continue exploring this subject.
Market Leading
Real Estate Transaction Coordinators
Hand off your transactions, media, and marketing to a real estate TC.
2. A Virtual Real Estate TC Saves on Office Costs
When you hire a virtual worker, you can significantly reduce overhead costs.
Many virtual workers are outside the United States, where salaries and hourly wages are often lower than domestic rates. Economic context matters greatly when it comes to wages.
For instance, a $15 hourly wage might be too low for a U.S. virtual real estate transaction coordinator, but it could be a comfortable middle-class income in other countries.
Beyond lower hourly rates, you can also benefit from:
- Not having to buy desks, office equipment, or the related costs
- Avoiding the expense of providing tech support such as computers and phones
- Saving on paper, pens, and utility bills
- Being able to work in a smaller office space, thus saving money on rent
Moreover, you won’t incur costs for employee benefits like health insurance, paid time off, or retirement contributions. These savings can quickly accumulate and have a substantial positive impact on your bottom line.
So far, so good. However, there are other benefits to working with a virtual real estate transaction coordinator. Let’s go deeper.
3. Saving on Management Costs
Managing a virtual real estate transaction coordinator is easier than you think and will save you time and money.
Do you need more convincing? Let us explain to you why this is true.
Virtual TCs offer a high degree of adaptability, allowing their schedules to align seamlessly with the fluctuating demands of real estate agents. This same adaptability means you’ll need to spend less time managing the TC.
The flexibility of a virtual TC is also a benefit. During peak periods, their hours can be extended, and they can scale back during slower times. This flexibility adds up to even more cost savings.
Working remotely, real estate transaction coordinators face fewer office distractions, promoting a more focused and productive environment for both parties. They can devote more time to their tasks without the constraints of commuting or physical office management.
Onboarding a virtual TC is often a streamlined process, requiring fewer resources than in-person training and lessening training costs.
All of these advantages are significant. Real estate agents can effectively harness the potential of virtual TCs to enhance their business operations while simultaneously saving time and money.
4. A Virtual Real Estate Transaction Coordinator Pays for Themselves
Most virtual real estate TCs ultimately cover the costs of their employment. How does this happen? Your higher productivity will translate into more sales.
By entrusting time-consuming administrative and closing tasks to a virtual transaction coordinator, you can concentrate on what truly matters: closing deals and building strong client relationships.
Research indicates that top agents dedicate at least 20% of their time to fostering these connections. With a virtual TC, achieving this goal becomes more attainable.
The return on investment for a virtual real estate transaction coordinator is often swift. Even one additional sale can easily offset their salary and related costs, and the potential for even more significant growth is substantial.
The above benefits are significant reasons to start working with a virtual TC. So, if you’re ready to save on overhead costs while growing your real estate business, AgentUp is here to help.
Market Leading
Real Estate Transaction Coordinators
Hand off your transactions, media, and marketing to a real estate TC.
Hire a Virtual Real Estate TC With AgentUp
AgentUp is ready to help you hire the best possible virtual real estate transaction coordinator. In fact, we make it easy to do so.
AgentUp’s real estate transaction coordinators are among the best trained in the industry. Their constant priority is streamlining your transactions, minimizing errors, and ensuring every closing is on track and on time.
To accomplish this goal, their comprehensive list of services for every transaction includes the following:
- Entire contract and disclosure review for compliance
- Introduction email to your client
- Order title work
- Schedule the inspection and share the report
- Track and remind parties of upcoming deadlines
- Schedule the closing and property walk-through
- Coordinate client closing gift
- Send clients utility contact information post-closing
- Client Google review and referral follow-up
Let us help you find the right virtual TC and select the best service options for your business. We offer free consultation calls where we listen to your business needs and explain our services.
Schedule a call today to discuss how we can best meet your real estate business needs.
AgentUp Transaction Coordinators Will Do Your Marketing, Too!
AgentUp’s transaction coordinators are more than just closing specialists; they’re marketing experts who excel at managing your business promotions, social media outreach, and other marketing initiatives.
Beyond their transaction management duties, they can market your listings and promote your professional services through the use of the latest digital marketing solutions:
- Virtual tours
- Property websites
- Home flyers
- House portraits
- Real estate photo editing
- And virtual staging
With AgentUp, you get one worker who can close your sales and help with your marketing efforts to find more deals!
Take a moment and look through all of our marketing options – Sign up for a free AgentUp account.
Work With a Recognized Industry Leader
In business for over a decade, AgentUp is a recognized industry innovator for the following reasons:
- Tailored Services: They listen closely to understand your requirements and match you with the right services and solutions
- Outstanding Support: Their experienced team is committed to providing exceptional service every step of the way
- Affordable Rates: Enjoy premier transaction coordination services at competitive prices
Don’t just take our word for it. AgentUp and its services have been featured on ABC, CBS, Fox News, USA Today, and leading industry podcasts and blogs.
Thank you for reading this article on whether a real estate transaction coordinator has to be an in-office worker. If you found this article beneficial, then please take a moment and explore these related resources:
- Who Pays the Transaction Coordinator Fee – Agent or Seller?
- Best Transaction Coordination Services in 2024
- Can a Transaction Coordinator Post a Real Estate Listing?
- 4 Benefits of Real Estate Transaction Coordinators for Agents
- What’s the Difference Between a Dedicated Transaction Coordinator and a Regular TC?
