Every party in a real estate transaction benefits from using a Transaction Coordinator (TC).
One of our past posts here explained some of the benefits a TC provides real estate agents.
The most important of these benefits include:
Relieving Agents from Administrative Responsibilities
Few real estate licensing schools offer agents courses on administration tasks. As a result, most real estate agents don’t perform such tasks well.
The solution involves hiring a TC to perform all the administrative duties for every transaction. Agents who do this free up time to do what they do best: create relationships to bring in new business.
This increases the agent’s efficiency leading to greater success.
Quality Control
Transactions need constant monitoring of the entire process to ensure everything functions. TC’s provide oversight of all transactions.
Brokers don’t have the time to look into what every agent does and to oversee all transactions.
TC’s provide professional monitoring of all aspects of each transaction.
Check out our previous post explaining our quality control benefits in greater detail.
Risk Management to Reduce Liabilities
Avoiding errors in all transactions also avoid civil lawsuits and complaints filed with the California Department of Real Estate (DRE) Enforcement Section.
In a prior post, we explained how transaction coordinators can prevent lawsuits.
Hiring a Transaction Coordinator provides quality control to the entire transaction process. This leads to avoiding errors.
Client Satisfaction Leads to Repeat Business
You must keep your clients in the loop during a transaction. They also expect prompt answers to their questions. As a real estate agent, you know how busy you get. Answering questions and keeping clients in the loop takes time.
The solution requires hiring a TC to hand hold your clients during the transaction process. Your TC knows the status of all parties and each phase of a transaction enabling quick answers and keeping your clients in the loop.
Such benefits increase client satisfaction leading to more referrals and repeat business.
Agents Focus on Prospecting and Selling Real Estate
Nowadays, agents find themselves spending most of their time on the phone, texting, chatting, driving around, attending meetings, previewing, and marketing themselves and their brand.
Let the TC free up your time by handling all the administrative tasks, monitoring and hand holding your clients during transactions.
This allows you more time to do what you do best:
- Prospecting and selling properties;
- It also gives you more time to conduct social media campaigns and other marketing tasks.
- In addition, it gives you more time to interact with your family and friends while reducing unnecessary stress.
Opportunity and Time Savings Costs
In a recent post, we explained how most agents spend around 40 hours managing a transaction. A TC averages only 12 hours because they create an organized system to monitor transactions and contact all parties before the closing.
Agents spending time managing a transaction creates a significant financial impact on themselves. For example, an experienced agent earning $80,000 a year (equal to $40 an hour); the agent spends around $1,600 of his or her time managing one transaction. A TC charges much less than that amount saving the agent a thousand dollars or more in time.
The TC Works for You
Escrow companies and title companies don’t work for you. Sometimes, the seller pays all the escrow costs and most of the time both the buyer and seller split the escrow fees. While escrow officers make sure all the terms and conditions in the purchase agreement become fulfilled, they are independent third parties.
If documents go missing or errors in them occur it’s not the escrow officer’s responsibility to ensure all documents arrive promptly or errors get corrected. Sure, they should contact the parties responsible for the problem. But, if they don’t get found or corrected the closing simply doesn’t occur.
When an essential party fails to provide important documents or doesn’t show up to sign the closing documents don’t expect the escrow officer to chase him or her down. In these situations, if the escrow fails to close it’s not the escrow officer’s fault.
If you hire a TC know that the TC works for you.
Your TC will hunt down missing documents, verify that errors get fixed, and track down closing no shows to get them to show up. All these mean that your closings will successfully close.
Transactions require many signatures. Let your TC collect all the signatures to avoid any delays in your closings.
TC’s Reduce Stress
As you know, real estate is a stressful profession. As we pointed out in a past blog post, a Transaction Coordinator reduces real estate agents’ stress by:
- Helping you move quickly through the transaction process;
- Ensuring your transaction process stays on track;
- Efficiently managing any issues arising with paperwork, buyers, or outside parties; and
- Acting as your contact point addressing all questions you have throughout the transaction.
- In addition, we organize the most important real estate documents for your transactions.
Transaction Monster Helps San Diego Real Estate Agents Make More Money
One of our earliest blog posts here explained how we help San Diego real estate agents to make more money.
Successfully helping San Diego real estate agents by coordinating transactions all the way through the closing. This entails organizing and handling your files and managing deadlines resulting in smoother closings leading to a successful business.
Let Transaction Monster handle all your transactions allowing you to spend more time doing what you do best like:
- Prospecting;
- Taking listings;
- Showing properties; and
- Working with your clients.
We give you more time to spend on money making activities!
Contact Us to find out more about how we can help you make more money.
Steven Rich, MBA – Guest Blogger
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Transaction Monster – Real Estate Transaction Coordinating Company