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Virtual transaction coordinators help brokerages close contracted real estate sales so agents can be out finding new clients.

Our brokerage has recently been working with a virtual real estate transaction coordinator (TC). The benefits of going virtual have been impressive. 

A transaction coordinator handles the paperwork, communication, and scheduling to meet the closing deadlines, freeing agents up to focus on clients and business growth. 

Not all brokerages work with virtual transaction coordinators; some ask whether it is worth the time and effort.

In this article, we’ll share why our brokerage opted for virtual transaction coordinators to answer that question.

The Benefits of Real Estate Transaction Coordination

virtual transaction coordinator

Transaction coordinators are indispensable in today’s fast-paced real estate market. 

While the signing of the initial contract for a real estate sale may seem like the culmination of a deal, most of the work lies ahead.

Closing a single transaction can easily consume 20 to 40 hours of an agent’s valuable time, encompassing a wide range of tasks:

  • Preparing and executing contracts and disclosures
  • Scheduling and managing home inspections
  • Coordinating with title companies for property transfers
  • Liaising with mortgage lenders and monitoring loan processes
  • Arranging appraisals and surveys

Even in smooth transactions, these tasks can take 3-4 weeks and require significant communication and coordination.

Real estate agents can free up their time to focus on revenue-generating activities, such as prospecting for new clients and building their sales pipeline by delegating the closing process to a TC.

In the next section, we will discuss the advantages of utilizing virtual transaction coordination services.

Why Our Brokerage Opted for a Virtual Transaction Coordinator

Why Our Brokerage Opted for a Virtual Transaction Coordinator

Our real estate company is a small, Mid-western brokerage with around 50 sales agents. We’ve been in business for two decades, and our sales volume is high for a small firm.

We have an in-office transaction coordinator on staff. She’s fantastic, but a few years ago, we realized we needed more help closing deals than she could handle alone.

However, this time, we hired a virtual transaction coordinator. And it was one of the best decisions we’ve made in a long time. 

Let us explain why.

1. Accessing a Global Talent Pool

Accessing a Global Talent Pool

First, we opened doors to a diverse pool of highly skilled professionals worldwide by going virtual for transaction coordination. 

This expanded our search beyond local limitations, allowing us to find exceptionally qualified individuals at competitive rates.

For example, many virtual TCs possess:

  • Advanced Education: College degrees or even advanced degrees in relevant fields
  • Technological Proficiency: Expertise in the latest technology tools used in real estate
  • Multilingualism: Fluency in English and often proficiency in other languages
  • Cross-cultural Understanding: A strong understanding of US real estate practices and the ability to navigate time zone differences effectively

This approach enabled our brokerage to hire a highly qualified TC with a master’s degree, fluency in English and Spanish, and extensive experience in the real estate industry at a cost-effective rate.

In the following section, we will share the advantages of managing virtual TCs over in-office employees.

2. It’s Much Easier to Supervise a Virtual TC Than You Think

It’s Much Easier to Supervise a Virtual TC Than You Think

Counterintuitively, managing a virtual transaction coordinator can be more efficient than overseeing an in-office employee.

Let us share a few reasons why:

  • Reduced Onboarding: Many virtual TCs possess significant experience and require minimal onboarding, saving valuable time
  • Enhanced Flexibility: Virtual TCs offer flexible work arrangements, quickly adapting their schedules to align with your needs and workload
  • Self-Directed Professionals: Most virtual workers are highly self-directed and require minimal supervision

These factors contribute to increased productivity and reduced management overhead.

Managing a virtual transaction coordinator is straightforward and can be effectively accomplished using readily available tools:

  • Email: For detailed instructions, questions, and in-depth discussions
  • Text Messaging: For quick updates, reminders, and brief check-ins
  • Video Conferencing: For regular meetings, team discussions, and face-to-face interactions

By leveraging these tools, you can effectively manage your virtual TC while maintaining high efficiency and productivity.

Market Leading

Real Estate Transaction Coordinators

Hand off your transactions, media, and marketing to a real estate TC.

3. The Cost Effectiveness of Hiring a Virtual Transaction Coordinator

virtual transaction coordinator

Virtual transaction coordination offers significant cost advantages over traditional in-office models:

  • Global Wage Scale: Many international workers allow the advantage of competitive hiring rates due to varying labor costs across regions
  • Reduced Overhead: Eliminates the need for office space, supplies, and expensive employee benefits like health insurance
  • Flexible Work Arrangements: Remote work reduces the need for physical office space and associated expenses
  • Equipment Costs: Virtual TCs usually utilize their equipment, further minimizing overhead costs

The statistics powerfully demonstrate the benefits of remote TCs:

  • Virtual TCs are 4.4% more productive than their in-office counterparts due to the lack of distractions and commuting time
  • 70% of brokerages claim substantial cost savings when using virtual workers
  • Finally, over 50% of the nation’s top brokerages use virtual transaction coordinators

Additionally, virtual TCs typically have higher job satisfaction, leading to lower turnover rates. This reduces costs associated with hiring, training, and onboarding new employees. 

Furthermore, studies show that virtual TCs are significantly less likely to leave their positions, minimizing disruption to your workflow and reducing long-term expenses.

A final consideration: the ROI on a virtual transaction coordinator is relatively high. 

Research indicates that successful real estate agents should dedicate approximately 20% of their time to client interactions.

By handing off administrative tasks to a transaction coordinator, you can free up valuable time to focus on building client relationships and closing more deals.

In many cases, a single additional sale can easily offset the cost of hiring a TC. Finally, there is substantial potential for revenue growth.

By embracing virtual transaction coordination, I’ve significantly reduced costs while maintaining high levels of productivity and efficiency.

Now that we’ve explained why we hired a virtual transaction coordinator let’s share some tips on how to hire one. 

A Tip on Hiring a Virtual Transaction Coordinator

virtual transaction coordinator

Choosing the wrong transaction coordinator can be costly and time-consuming for your brokerage. Mishandled transactions can damage client relationships and negatively impact your bottom line.

Finding a qualified and skilled transaction coordinator requires careful consideration.

Fortunately, a leading provider of transaction coordination services is offering free, no-commitment assistance to help you find the perfect fit.

Market Leading

Real Estate Transaction Coordinators

Hand off your transactions, media, and marketing to a real estate TC.

Trust AgentUp for Hiring the Best Virtual Transaction Coordinators

AgentUp Virtual Transaction Coordinators
AgentUp Virtual Transaction Coordinators

AgentUp is a leading provider of innovative, affordable technology, marketing, and support solutions worldwide for real estate brokerages and agents.

They specialize in supporting real estate sales professionals with a deep understanding of industry best practices. 

AgentUp is committed to helping you find the ideal virtual transaction coordination solutions that perfectly align with your unique business needs and budget.

They invite you to schedule a free 15-minute phone consultation to discuss your requirements. During this call, they will:

  • Understand Your Needs: Gain a thorough understanding of your business, sales volume, and support requirements
  • Present Tailored Solutions: Explore various service options and recommend the most effective and affordable solutions for your needs
  • Provide Clear Guidance: Clearly explain pricing, onboarding processes, and how to access the necessary services efficiently

They provide honest and unbiased advice, focusing on your specific needs and offering proven solutions without any sales pressure.

So, schedule a free consultation call today!

There’s no obligation. Take the first step towards affordable business support and experience the AgentUp difference.

AgentUp Virtual TCs Are Marketing Partners Too!

The company’s virtual transaction coordinators are not just administrative assistants but versatile professionals who can assist with various tasks, including marketing support.

They understand the challenges of selling real estate and offer affordable and effective marketing tools to help you achieve your business goals.

Let your AgentUp virtual TC put the following marketing resources to work to boost your bottom line:

AgentUp also offers the advantage of one-stop-shopping in its convenient marketing coordination package. 

So, explore all that AgentUp offers – Sign up for a free AgentUp account today.

The team at Agentup is ready to support you in taking your business to the next level.

We hope you enjoyed this post on why our brokerage opted for a virtual transaction coordinator. Also, please take a moment and explore these other related articles:

Gregory Gronbacher

Real Estate Sales Agent / Professional Blogger

Gregory is a real estate sales agent and a state-certified instructor of real estate licensing and law. Originally from New York City, he's called Grand Rapids, Michigan home since 1995.

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