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Real Estate Transaction Coordinator Virtual Assistants

Leverage Specialist Virtual Assistants for All Your Transaction Management Requirements

Real Estate Transaction Coordinator

Goal:

The goal of using Virtual Assistants for your Transaction Coordinators (TCs) is simple:

To seamlessly manage & monitor all transactions in your Brokerage, throughout the “Pending” period (Contract-to-Close), ensuring every document is properly collected & submitted, and every item from your Closing Checklist is correctly checked off the list.

How It Works:

A Transaction Coordinator (or “TC”) is a specially trained Real Estate Virtual Assistant who is 100% dedicated to managing the transactional portion of your real estate business (from Contract to Close).

This includes tasks like:

  • Gathering important signatures
  • Keeping track of critical documents
  • Managing your transaction software (Dotloop, KW Command, Paperless Pipeline, EZ Coordinator, Reesio, etc.)
  • Interfacing with title, escrow, and property management companies
  • Scheduling & confirming inspections
  • Working with you to track down missing docs
  • Final transaction audits (based on your Closing Checklist).

Your Real Estate Transaction Coordinator Virtual Assistant is there with you from the moment your Contract is getting signed, till the moment Escrow closes & your Commission clears.

Plus, a dedicated TC can manage transactions for one Agent, or for an entire Team, helping to coordinate between multiple Buyer and Seller specialists (even on Dual Agency deals).

The Transaction Coordinator’s goal is to make sure everything moves smoothly from Contract to Close so you & your local Agents can focus on attracting & closing more deals.

This means the TC will not only follow your procedures religiously, they’ll also work closely with you to become a seamlessly integrated part of your systems.

Pros:

Having a designated Transaction Coordinator 100% focused on ensuring your deals move smoothly from Pending to Closed is one of the greatest forms of efficiency & peace of mind in the Real Estate Brokerage.

Whether this role is managed in-house, or delegated to a Virtual Assistant, with the right person handling the function, your business will run faster, more smoothly, and deliver a higher level of support to your Clients.

Sometimes even your counterparties on the other side of the deal will even be singing you praises, since a good TC is likely to provide value for both the Buyer and Seller Agents, functioning as the glue that holds the Closing together.

Another big benefit of using a Virtual Assistant for your Transaction Coordinator is flexibility:

If you hire a full-time in-house employee for this function, then suddenly see a dip in sales volume, you’ll constantly need to be adjusting that employee’s work schedule (causing frustration & distress on their end).

By using a Virtual Assistant instead, you can easily add & reduce Work Hours, because in theory that Virtual Assistant also works with other Clients, allowing them more flexibility to adjust to changing workloads.

Once you get your TC integrated with your Contract-to-Close Workflow & Closing Checklist, the process will basically run on autopilot without you needing to lift a finger.

Cons:

At the end of the day, especially if your Transaction Coordination role includes Client-facing communications, you’re probably going to want a US-based TC.

In many cases, it even makes sense to get a Transaction Coordinator who has an active Real Estate License (though they don’t necessarily need to be with your Brokerage).

This means you probably won’t be saving a ton of money using a Virtual Assistant as compared to hiring someone locally.

While there are other benefits of using a Virtual Assistant Transaction Coordinator, this key factor is important to keep in mind.

Work Estimate:

Once things are up & running, using a Virtual Assistant as your Transaction Coordinator is pretty straightforward.

While every process is a bit different, and there are distinct rules & regulations that differ from state to state, ultimately you can predict a Transaction Coordinator’s work hour requirement with near perfect accuracy.

In essence, depending on the complexity of your deal flow, you can expect:

For every 1 Work Hour Per Day (or about 20 Work Hours Per Month…

… Your Transaction Coordinator can handle another 1 – 2 Open Transactions.

In other words, if your Brokerage is typically closing 4 Transactions Per Month, you should expect to need a dedicated TC for about 40 Work Hours Per Month.

Another way to look at these numbers is:

If your average Agent closes 12 Transactions Per Year…

You’ll need a full-time Transaction Coordinator for every 6 – 8 “average producing” Agents.

Anything less than that, and you can definitely get by with a TC who is part-time, sometimes effectively managing all your Pending Transactions as little as 1 – 3 Work Hours Per Day.

Keep in mind, this number can vary, especially when deals go off the rails, or there are significant 3rd party delays.

A big factor that will determine a TC’s output capacity is the amount of communication responsibilities you delegate to them, like interacting with Buyers, Sellers, Contractors, Inspectors, Title, Escrow, etc.

The more you keep these communication tasks on the Agent’s plate, the less work your TC will have per transaction…

… but if you consider that Agent’s lost productivity due to Contract-to-Close Admin Tasks, it’s probably cheaper to delegate as much as possible to the Transaction Coordinator.

In general, unless you are a multi-agent brokerage doing consistent business, or unless you also want your TC to be spending significant time on email & phone tag, you probably won’t ever use more than 20 – 40 work hours per month for a TC.

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