Table of Contents
- The Value of Real Estate Transaction Coordination
- Statistics on Virtual Real Estate Transaction Coordination
- The Advantages of Virtual Real Estate Transaction Coordination
- Real Estate Transaction Coordination With AgentUp
Real estate transaction coordination has increasingly moved online. As a result, more brokerages and agents are using virtual transaction coordinators.
Virtual real estate transaction coordination (TC) offers many benefits, including cost savings, easier management, and quicker closings. These benefits are causing the industry to shift to virtual TC.
In this article, we examine this trend in more detail and answer the question of why real estate transaction coordination is now virtual.
Let’s start by looking at why many agents use the services of real estate transaction coordinators.
The Value of Real Estate Transaction Coordination
Transaction coordinators play an essential role in the real estate industry. They take over and manage the detailed process of getting contracted real estate sales to closing.
Many people are surprised to learn that much of the work in real estate happens after a sales contract is signed. A typical real estate agent spends 20 to 40 hours getting a single sale to closing.
The closing process can be complex, with many players and steps involved. For example, all of the following are common steps in closing a real estate sale:
- Preparing and signing contracts and disclosures
- Scheduling the home inspection and responding to the results
- Working with a title company to ensure the property transfers properly
- Providing information to the mortgage lender and monitoring the loan process
- Helping coordinate the appraisal
- Having a survey done if it’s needed as part of the sale
Even if all of the above goes smoothly and without problems, the process requires many hours and takes 3 to 4 weeks in most markets. The communication tasks alone can consume many hours of an agent’s time.
This is where the role of the real estate transaction coordinator comes into play. The transaction coordinator takes over once the contracts are signed and manages the above process.
With the TC handling the closing, the sales agent now has the time to find new buyers and sellers and focus on revenue-generation activities.
Next, let’s look at some statistics on the benefits of working with a virtual real estate transaction coordinator.
Statistics on Virtual Real Estate Transaction Coordination
Before the digital technology and communication revolution, most transaction coordinators were in-office workers at a brokerage or sales agent’s place of business.
Today, with the Internet, smartphones, videoconferencing, and other communication tools, real estate transaction coordinators can work effectively remotely from anywhere.
However, some brokers and agents still assume that having the TC be an in-office worker is better. But, the statistics show otherwise.
For example, consider the following numbers:
- Virtual transaction coordinators are 4.4% more productive than in-house TCs
- 50% of the top-producing real estate brokerages use virtual transaction coordinators
- Sales agents that use virtual TCs report a 70% higher sales volume as a result
These advantages have caused a shift in the industry over the last ten or so years. More and more real estate transaction coordination work is being done virtually.
- As of 2024, 35% of all real estate transaction coordinators are virtual, and that number is expected to double by 2027
- Currently, there are 12 million virtual real estate employees, many of whom are transaction coordinators
This trend is not just driven by technology. Brokers and sales agents are increasingly recognizing the advantages of virtual real estate transaction coordination.
Therefore, let’s explore these advantages in more detail.
The Advantages of Virtual Real Estate Transaction Coordination
There are many advantages of working with virtual real estate transaction coordinators. Let’s look more closely at 4 of the significant benefits.
1. Virtual TCs Are Less Expensive
There are 2 main reasons virtual real estate transaction coordination is less expensive than the in-office model:
- Virtual workers often require lower salaries
- By going virtual, brokerages save on office costs
Real estate sales professionals recognize that keeping costs low is essential for maintaining profitability. Staffing, including the cost of transaction coordinators, is one of the largest expenses for many real estate businesses.
Many virtual TCs are from other countries. Wages are contextual. Consider that $15 an hour would be too low for market wage rates in the US, but it could be equivalent to a comfortable, middle-class salary in another country.
Further, by hiring a virtual real estate transaction coordinator, you’ll save money on office overhead costs.
For example, think about the following ways virtual workers save you money in relation to office expenses:
- The need for less office space resulting in lower rent
- There is no need to provide office supplies
- Virtual workers provide their computers, phones, and other equipment
- Additionally, you’ll save by not having to buy desks, chairs, and other office furnishings
Perhaps more significantly, you’ll save on employee benefits like healthcare, vacation time, and retirement plans.
Here’s one more cost advantage to using a virtual transaction coordinator – you’re more likely to keep them as an employee:
- Virtual real estate transaction coordinators are 55% less likely to switch jobs than in-person workers
The time and money saved by not having to find, hire, and train new workers is a significant advantage.
Next, let’s explore how hiring a virtual TC gives you access to a larger, higher-quality pool of workers.
2. Virtual Workers Offer a Larger, More Diverse Talent Pool
The virtual worker talent pool is global. You’ll be exposed to more well-trained foreign workers by not limiting yourself to your local market.
Many international virtual workers are college-educated, technologically savvy, and have strong work ethics.
Moreover, many virtual workers are fluent in English, understand the US real estate market, and are experienced and capable of seamlessly working across time zones.
Think about this advantage for a moment. By hiring a virtual worker, you might secure a transaction coordinator with a master’s degree, several years of experience, and excellent English skills for half the cost of a local TC with less education and experience.
The next advantage we’ll examine is that virtual workers are often easier to manage than their in-office counterparts.
Market Leading
Real Estate Transaction Coordinators
Hand off your transactions, media, and marketing to a real estate TC.
3. Virtual Real Estate Transaction Coordinators are Easier to Manage
While it might seem counter-intuitive, you will spend less time managing a virtual real estate transaction coordinator than you would an in-office worker.
Consider the following reasons why a virtual transaction coordinator is easier to manage:
- Most virtual TCs have already been trained and possess years of experience managing transactions
- This means that your onboarding will take less time
- Virtual transaction coordinators also offer greater flexibility in terms of working hours
- Therefore, a virtual TC can adjust their hours according to your work volume
These advantages quickly lead to increased productivity and less time to supervise and instruct your TC.
How do you manage a virtual TC? By using the following everyday tools:
- Regular email communication for relaying instructions and answering questions
- Text messages for project updates
- Video conferencing for meetings and a weekly check-in
Managing a virtual real estate transaction coordinator is much easier than you think.
4. A Virtual TC Eventually Pays for Themselves
The cost of virtual real estate transaction coordination is usually covered by increased sales due to improved productivity.
Consider the following ways a virtual TC eventually pays for themselves:
- Time is money: TCs can handle various administrative tasks, freeing agents to spend more time prospecting for new clients and closing deals. This increased focus can lead to more transactions and higher earnings
- Efficiency boost: By streamlining administrative processes, TCs can reduce errors and delays, resulting in smoother transactions and happier clients. This can lead to referrals and repeat business
- Cost savings: While there’s an initial investment in hiring a TC, the long-term benefits can outweigh the costs. A virtual TC can help agents avoid costly mistakes and save time on administrative tasks, ultimately increasing profitability
Research indicates that successful agents need to spend approximately 20% of their time meeting potential clients. A TC can streamline administrative tasks, allowing agents to dedicate more time to client interactions.
One additional sale can easily offset a TC’s salary and related costs. Moreover, the potential for even more significant growth is substantial.
The above advantages are clear and robust. Working with virtual real estate transaction coordination will save time and money.
The only remaining issue is where you can hire a well-trained, experienced virtual TC.
We know just the source.
Market Leading
Real Estate Transaction Coordinators
Hand off your transactions, media, and marketing to a real estate TC.
Real Estate Transaction Coordination With AgentUp
AgentUp is your partner in real estate success. We connect top-tier real estate agents and brokers with highly skilled virtual transaction coordinators.
Our TCs are industry experts who manage your transactions and ensure a smooth closing process. They offer a comprehensive range of services, including:
- Contract review: Ensuring compliance with all legal requirements
- Communication management: Coordinating introductions and keeping all parties informed
- Title work: Managing the title search and related processes
- Inspection coordination: Scheduling inspections and sharing reports
- Deadline management: Tracking and reminding parties of important deadlines
- Closing coordination: Scheduling closings and property walk-throughs
- Client appreciation: Selecting thoughtful closing gifts
- Utility management: Providing clients with essential utility information
- Client referrals: Soliciting Google reviews and following up on referrals
So, are you ready to elevate your real estate business?
Then, take the first step toward increased sales and a more efficient workflow by partnering with AgentUp.
We start with a free, 15-minute consultation call, during which we learn about your specific business needs and explain our service options.
Schedule a call today to discuss how AgentUp can become your partner for growth.
AgentUp Transaction Coordinators Are Also Marketing Specialists
AgentUp’s transaction coordinators are more than just administrative experts; they’re skilled marketing professionals.
All AgentUp TCs are cross-trained in marketing. Beyond their core responsibilities of managing the closing process, they offer a comprehensive range of marketing services designed to:
- Build brand awareness: Increase your visibility in the local market
- Establish credibility: Showcase your expertise and professionalism
- Differentiate your business: Stand out from the competition with unique marketing strategies
- Enhance your online presence: Improve your website and social media profiles
- Implement effective lead generation campaigns: Attract qualified buyers and sellers
- Create engaging content: Share valuable information and build relationships with your audience
Additionally, AgentUp virtual TCs have the following cutting-edge digital marketing tools at their fingertips, including:
- Virtual tours
- Property websites
- Home flyers
- House portraits
- Real estate photo editing
- And virtual staging
Take a moment and explore all of these marketing benefits – Sign up for a free AgentUp account.
Work With an Industry Leader
AgentUp has been at the forefront of real estate innovation for over a decade, offering exceptional services and unparalleled support.
Why choose AgentUp?
- Tailored solutions: We provide custom services to meet your specific needs and help you grow your business
- Dedicated support: Our US-based support team is available 24/6 to assist you
- Competitive pricing: Enjoy competitive prices without compromising on quality
AgentUp has been recognized for excellence by ABC, CBS, Fox News, USA Today, and industry-leading podcasts and blogs.
Trust AgentUp to deliver results. Let us help you streamline your operations, enhance your marketing efforts, and drive your business forward.
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