According to the National Association of REALTORS®, a transaction takes about 45 hours to move from contract to close. That’s for every transaction you do. And for each of those transactions, 30 of those hours are spent on paperwork. That’s thousands of hours you could have spent selling.
Take a look back on all your transactions this year. Did any of the following things happen?
- You lost sight of something, you forgot a step or a piece of the process or were late in completing something.
- You got so involved in the administrative side of things (emails, inspections, paperwork, etc.), that other things in your business had to be pushed aside. As a result, you could not stay on top of your prospecting and make additional appointments.
If you said “yes” to one or both of these things, it’s time to consider finding a real estate transaction coordinator.
What Is a Real Estate Transaction Coordinator?
Transaction coordinators are trained to manage all the paperwork and deadlines involved in your real estate transactions. This includes every step of the selling process, from contract to close, and everything in between.
Tasks your real estate transaction coordinator can handle include:
- Goal setting
- Buyer/seller prospecting and servicing
- Escrow management
- Documentation management
- Transaction and closing coordination
- Client coordination and communication
- Scheduling coordination
- Research
- Tailored support
Become more effective by using a transaction coordinator to handle the repetitive tasks involved with closing a transaction, such as gathering documentation and signatures, calling clients, completing paperwork and following up on contract terms/requirements in order to create a broker file for the completed transaction.
How do you know when it’s time to hire a transaction coordinator?
Ask yourself these questions: if you could delegate all the responsibilities for each transaction that you do not need to do yourself, which is about 30 hours worth of work, what would you do with that extra time? How much more could you accomplish? You should know what your time is worth. Should you be doing work that equals $50 an hour when your time is worth $1,000 an hour? The answer is obviously no. Don’t “sleep on” hiring a transaction coordinator. Their value can be invaluable.
Daniel Ramsey is the founder and CEO of MyOutDesk, rated No. 1 virtual assistant service by TechRadar. With over 6,000 clients and 700-plus verified five-star reviews, he helps businesses gain indispensable leverage with virtual real estate professionals.
To learn more, visit https://www.myoutdesk.com/services/.
