Table of Contents
- What Is a Virtual Real Estate Transaction Coordinator?
- The Value of a Virtual Transaction Coordinator
- Hiring a Virtual Real Estate Transaction Coordinator
- AgentUp Is Here to Help!
Virtual real estate transaction coordinators take over a real estate sale once the purchase agreement is signed.
Talented virtual real estate transaction coordinators free up an agent’s time to network and find new clients.
Today’s technology allows real estate sales agents to find talented transaction coordinators online easily.
This post will explain what is a virtual real estate transaction coordinator and how to hire the right one for your business.
But first, let’s explore what a virtual real estate transaction coordinator does.
What Is a Virtual Real Estate Transaction Coordinator?
A virtual real estate transaction coordinator assumes responsibility for managing the administrative aspects, paperwork, and communications inherent in every real estate transaction.
Once a deal is struck and the purchase agreement is signed, the transaction coordinator guides the sales process to completion by performing the following tasks:
- Coordinating appointments and juggling schedules
- Shepherding the closing process and tracking deadlines
- Streamlining document organization and overseeing the execution of contracts and disclosures
- Addressing inquiries from various parties involved in the transaction
Equally crucial is their role as communicators, ensuring that everyone involved in the transaction remains informed and that the deal proceeds smoothly.
This communication role includes maintaining regular updates with the following stakeholders:
- The mortgage lender
- Home inspectors
- Title company personnel
- The agent representing the other side of the deal
- And naturally, the clients
Additionally, they handle the routine yet time-consuming administrative tasks that can consume an agent’s hours, such as:
- Managing email and text correspondence
- Scheduling meetings
- Also, attending to incoming calls
Now, it’s time to dive deeper into what a virtual real estate transaction coordinator can bring to your business and why their input may be more valuable than you initially think.
The Value of a Virtual Transaction Coordinator
To show you why you need a transaction coordinator, let’s ask three questions whose answers might be more eye-opening than you think.
1. What’s Holding Your Business Back?
Regrettably, a prevailing myth has taken hold among many real estate agents, leading them to believe they must handle every aspect of their business personally.
These agents operate under the misconception that it’s easier to tackle all tasks themselves rather than invest time in training and onboarding others. Consequently, they persist in:
- Responding to every email and phone call
- Assuming responsibility for providing regular updates to all parties involved in each transaction
- Managing the paperwork, contracts, disclosures, and document revisions
- Balancing these responsibilities while simultaneously marketing their business and following up on leads
As a result, these agents often find themselves overwhelmed by many minor yet crucial tasks.
For our second step, let’s look at precisely what keeps most agents perpetually occupied.
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2. How Are You Spending Your Time?
Now, let’s explore how your typical day unfolds and where your time is allocated.
If you’re similar to most real estate agents, your day is consumed by the minutiae of the business, which includes:
- Lengthy phone calls and the back-and-forth of phone tag
- Devoting time to reading and responding to long email threads
- Fielding an array of questions from various individuals involved in a particular transaction
- Engaging in research to identify potential buyer and seller leads
- Managing and updating your CRM with detailed notes on leads
- Coordinating appointments and arranging showings
- Also, providing sellers with regular updates on progress and outlining the next steps
The list is not exhaustive; one could easily add more than a dozen tasks.
Let’s pose our third question now: Are all of the tasks mentioned above truly the best use of your valuable time?
3. Effective Time-Management
How much time are you spending conversing with title offices, mortgage lenders, and other parties involved in closing transactions? It is likely more hours than you realize.
Successful real estate agents recognize the importance of being efficient time managers to stay at the forefront of their profession.
By hiring a transaction coordinator, you can reclaim valuable time, allowing you to focus on tasks that foster the growth of your business. These tasks include:
- Cultivating networking opportunities and professional development
- Attracting more buyers and sellers as clients
- Devoting time to strategize and plan for overarching business growth
- Implementing systems for lead generation
Now, consider all the tedious, busy work that hinders you from tackling these pivotal business-expanding responsibilities.
An experienced virtual real estate transaction coordinator can efficiently manage nearly all of this distracting, busy work. Employing a virtual coordinator will enable you to experience substantial growth and progress in areas that truly matter.
Furthermore, you’ll enjoy peace of mind, knowing that someone else is now handling the tasks that have burdened you for so long.
Successful agents have been leveraging transaction coordinators to free up valuable time for years, and it’s high time for you to do the same.
Now that we appreciate the value of a virtual real estate transaction coordinator, the remaining question is: How can you hire one?
Hiring a Virtual Real Estate Transaction Coordinator
Transaction coordinators can be brought on board in various capacities, whether full-time, part-time, or even for specific projects, allowing you to customize their work schedule to your exact requirements.
However, before interviewing potential transaction coordinators, it’s suggested that you thoroughly understand your business needs and the tasks you want to delegate.
To start, assess your business systems and processes to identify any obstacles and time-consuming tasks that could be effectively outsourced.
Next, compile a comprehensive list of the responsibilities and duties you intend to delegate to a transaction coordinator, along with estimated time allocations for each.
Above all, don’t underestimate the talent pool available online and internationally. Even though transaction coordinators operate virtually, they can still be highly efficient.
Further, there are many transaction coordinators proficient in managing real estate businesses who are comfortable working online and across different time zones.
Additionally, understand that outsourcing to international talent online is often more cost-effective than hiring locally.
At this point, you may be wondering where to locate a virtual transaction coordinator, and this is where AgentUp proves to be an invaluable resource.
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AgentUp Is Here to Help!
AgentUp has assembled a proficient virtual workforce in the Philippines and can match you with the ideal virtual transaction coordinator.
Moreover, with AgentUp, you’ll be paired with a virtual real estate transaction coordinator ideally suited to your needs, possessing the requisite educational background, skill set, and experience level.
So, why wait any longer? Take the first step today and experience the benefits for yourself!
Schedule a free consultation to explore AgentUp’s virtual transaction coordinator services today.
Further, AgentUp provides various marketing tools to elevate your business to the next level. Take advantage of our virtual staging, single property websites, virtual tours, and real estate photo editing services, all geared toward helping you sell your listings fast and for great prices.
We appreciate you taking the time to read our post today.
We hope this article helped you better understand what a virtual real estate transaction coordinator is.
