Table of Contents
- The Benefits of Partnering With Virtual Workers
- How to Best Work With a Virtual Transaction Coordinator
- Find a Virtual Transaction Coordinator With AgentUp
A virtual transaction coordinator shepherds contracted real estate sales to closing, saving brokers and agents valuable time and effort.
As the name implies, a virtual transaction coordinator remotely manages the contracts and paperwork, scheduling, and all communications related to the sale.
Some real estate sales professionals are skeptical of working with virtual transaction coordinators (TC) and feel uneasy about partnering with remote workers.
This article will explain the benefits and show you how to work with a virtual transaction coordinator.
But first, let’s dispel some myths about working with remote or virtual workers.
The Benefits of Partnering With Virtual Workers
Many brokers and sales agents assume that hiring an in-office TC has advantages over using a virtual transaction coordinator.
However, that view quickly changes when they see how expensive hiring a local in-office worker is. In addition to a salary, benefits and the cost of computers and office space are often also involved.
Further, besides seeing the costs involved, many brokers and agents also realize that since COVID, tens of thousands of workers across the country have continued to work remotely from home, and this arrangement works well.
Statistics support these insights. Survey after survey shows the benefits of using remote workers:
- The lack of office distractions and commuting time make virtual workers 4.4% more productive than their in-office counterparts
- 70% of employers report that virtual workers offer substantial cost savings
- In terms of real estate, over 50% of the top real estate brokerages rely on virtual TCs due to the many benefits
Moreover, technology makes remote working easy and efficient. With videoconferencing, email, chat, electronic signature programs, and file management software, a virtual transaction coordinator is more accessible than one in the office down the hall from you.
A virtual transaction coordinator manages all aspects of real estate closings, as does an in-office TC, including the following:
- Communicating with the mortgage lender
- Contract facilitation and signing
- Scheduling home inspectors and sharing the inspection report
- Ordering title work and updating title company personnel
- Updating the agent on the other side of the deal
- Answering client questions and keeping them informed through the process
For even more information, read what are the benefits of hiring a transaction coordinator.
Next, let’s talk about how to maximize working with a virtual transaction coordinator.
How to Best Work With a Virtual Transaction Coordinator
Partnering with a virtual transaction coordinator is easier than you might think. However, successful outcomes require clearly understanding roles and expectations and establishing a work routine.
Let’s take a closer look at the basic work issues and requirements for an effective partnership.
1. Clarifying Roles & Communication
First, it’s essential that the agent and virtual TC understand their roles and responsibilities:
- Agent’s role – Focus on lead generation, client relationships, negotiations, and closing deals
- Virtual transaction coordinator’s role – Handle the administrative tasks, contracts, and paperwork, client and vendor communication, and ensure each sale closes
- Shared responsibilities – Any tasks that may require collaboration, such as changes in strategy, new client sales, brainstorming better practices, and overcoming issues
Once roles and expectations are established, the second set of concerns is setting clear communication standards and channels:
- Regular virtual meetings – Schedule a short, weekly video meeting to keep everyone on the same page concerning ongoing transactions, address any concerns, and review progress
- Identify preferred communication tools – Select the methods of communication to be used, be it email, telephone, live chat, or some other means
- Set response times – Outline response times and deadlines to ensure smooth workflow and avoid problems
Marketing Leading
Real Estate Virtual Assistsants
Hand off your transactions, media, and marketing to a real estate VA.
2. Technology & Information Sharing
The second set of concerns relates to technology and the availability of needed information and files.
It’s vital to make the most of available technology. For example, keep in mind the following tools:
- Sharing documents – It’s best to rely on cloud-based platforms like Paperless Pipeline or Dropbox to share documents. Dotloop is another effective document-sharing option
- Project management – There are many project management programs that will help track progress and deadlines. Trello and Basecamp are two popular choices
It’s also crucial that your virtual transaction coordinator has access to the files and assets they need to do their job. Consider storing all of the necessary information in Google Drive or similar technology.
3. Regular Updates & Feedback
Given the nature of remote working, regular updates and ongoing feedback are important for keeping the working relationship stable and productive.
Make sure that the following expectations are set and maintained:
- Performance feedback – Offer your virtual transaction coordinator regular feedback on their performance and progress. Don’t neglect positive feedback as well
- Maintain open dialogue – Encourage your virtual TC to feel free to reach out with questions, concerns, or other issues
- Adjust workflow as needed – Don’t overwork your virtual TC. Maintaining flexibility and realistic productivity expectations are necessary for a happy working relationship
By following the above advice and tips, you can experience a successful partnership with your virtual transaction coordinator, thus streamlining your real estate business for greater success.
Now that we’ve explained how to work with a virtual transaction coordinator, all that remains is finding one.
Start Getting More Done
Virtual Assistants in the Philippines
View qualified talent today. Then interview your favorites.
Find a Virtual Transaction Coordinator With AgentUp
The primary advantage of using a virtual transaction coordinator is that it frees sales agents to do what they do best: find more clients and conduct more sales.
Even better, a virtual transaction coordinator is affordable and will more than pay for themselves through enhanced productivity. Recent studies show that a virtual transaction coordinator could save you could save you 10 to 20 hours per transaction.
The hours saved on paperwork, endless emails, and constant scheduling would be better used to expand your business or spend more time doing things you love.
Now, here’s some good news. It’s not hard to find the right virtual transaction coordinator. Simply start with AgentUp.
AgentUp will play matchmaker and connect you with a highly trained virtual transaction coordinator.
They have built a talented team of virtual transaction coordinators who have undergone extensive real estate training, are fluent in English, and are adept at working across time zones.
So, do yourself a favor and reach out to AgentUp.
Schedule a free call during which we’ll discuss your business needs and explain the process, including costs.
If you don’t have enough sales volume to justify a dedicated transaction coordinator, AgentUp also offers a transaction coordination package at reasonable prices.
AgentUp Also Does Real Estate Marketing
AgentUp is a full-service real estate marketing company that offers powerful and practical tools to help you sell your listings and services.
In addition to virtual transaction coordinator services, they also offer the following marketing solutions:
- AI real estate photo editing
- AI virtual staging
- Virtual tours
- Single property websites
- Custom house portraits
In terms of convenience, AgentUp also offers a marketing coordination package, which includes everything you need to sell a listing – photography services, photo editing, virtual staging, floor plans, and more!
Would you like to save even more time? They also offer listing coordination services. You owe it to yourself to explore everything AgentUp offers.
Sign up for a free AgentUp account today and check out ways to improve your sales and grow your business.
We hope you enjoyed this post on how to work with a virtual transaction coordinator. If you liked this post, check out these other related articles:
