Some Realtors like preparing their own real estate transaction files. Others hate the hassle with paperwork. Whether Realtors like it or not one question always arises. How much time do transaction coordinators save?
What a Transaction Coordinator does
A Transaction Coordinator (TC) manages the details of a real estate transaction from the signing of the purchase contract all the way through the closing of escrow.
This means dealing with the buyer, seller, agents, lenders, and escrow company. Also, monitoring the transaction file’s progress. Making sure all deadlines met and all documents submitted and properly executed.
Transaction Coordinators Save Time
Typical Transaction Coordinators help close deals every day. Knowing the ins and outs of the California Association of Realtors® forms saves Realtors lots of time.
Even the other California real estate agents find that a TC saves them time with a familiarity of the typical forms used in all transactions.
Saving time means more time to do other things professionally. Like prospecting for leads, meeting clients, previewing properties, and showing properties.
It’s estimated that a standard real estate transaction file preparation takes 10 to 20 hours. With an extra 10 – 20 hours how many offers can you write? Or, how many extra listings can you get? How much more money can you earn?
Simply put, using a TC frees up more time to do what you do best. Like listing and selling real properties.
Transaction Coordinators Reduce Stress
Let’s face it. Real estate sales become very stressful.
So many things go wrong during a typical transaction. For instance, the seller forgot to mention the unknown partner of a property. Or, the divorcing spouse he or she never wants to talk about. And, a boundary dispute with the next door neighbor.
Other causes of “transactional stress” (yes, psychiatrists use this term often when treating professionals) include:
- Missing documents;
- Missing essential players for signatures;
- Lenders adding more requirements for buyer’s loan approval;
- Hidden defects discovered during inspections;
- The buyer just got fired from his or her only job;
- Credit report problems lowering the buyer’s credit score;
- Important deadline nearing requiring more documents and signatures; and
- Many other potential problems.
Agents concerned about the quality or status of their real estate file suffer from stress.
Hire a TC to make sure all disclosures properly filled out and signed along with all contractual items fulfilled. Using a professional to handle all the documents and players in a transaction relieves agents from stress.
Transaction Coordinators Help Turn Buyers and Sellers into Clients
Consumers expect updates, status reports, and hand holding during their transactions. With today’s smartphones, they expect answers to their questions immediately. However, when agents become too busy juggling other clients and deals it’s difficult to provide quick answers. That’s where a TC really helps agents.
Daily interruptions take time away from your priorities to make money.
Your TC fields all questions, find answers and communicates with all parties in a transaction. Acting on your behalf a TC acts like your personal assistant.
Not only does your TC save you time but also assists you with communicating on your behalf to the transaction consumers. Impressing consumers with prompt replies and good answers to their questions elevate your professional reputation.
Who do you think a satisfied buyer and a happy seller will recommend as a great real estate agent to their family and friends? The agent who took the listing and was never heard from again? Or, the buyer’s agent who’s TC took care of the buyer and seller on your behalf?
TC’s who increase customer satisfaction makes the agent look like a competent professional worth using in the future.
Thus, TCs help agents gain future referrals.
Don’t Miss the Details
Your TC supervises all stages of a home sale from the signed contract to a successful closing. Don’t worry about the timelines and deadlines and tricky contract clauses needing follow-ups.
Let your TC worry about keeping the transaction moving. This makes the entire selling process less stressful for you.
No Need to Hire and Train an Assistant
Every agent needs help.
But, you must control your expenses while increasing your income. How much is your time worth? How productive can you be with a TC taking off the load from your shoulders?
The time saved by using a TC for only one transaction a month may save you extra hours to get another sale each month. Thus, doubling your commissions.
Many agents include the TCs fee as fully disclosed administrative fee as a buyer’s agent which the buyer pays instead of including it in your own expenses. After all, the TC benefits your client as well as yourself.
So, save time and money by hiring a TC instead of hiring and training an assistant.
Smoother and Faster Closings Using a TC
Your TC performs these time-saving functions:
- Opening escrow;
- Coordinates the transaction with the escrow officer;
- Obtaining and organizing documents;
- Tracking down persons requiring signatures;
- Making sure all documents contain required signatures, initials, and dates;
- Coordinating inspections;
- Hiring repair persons and following up with completion of repairs;
- Monitoring contingency periods;
- Providing updates to agents, buyers, sellers, lenders, and other players;
- Coordinating the closing process; and
- Schedules client follow-up calls after the closing to measure satisfaction and ask for referrals.
In essence, your TC takes care of the most time-consuming tasks leaving you more time to grow your business.
Other Benefits of Hiring a TC
As you read here, a TC takes care of all the time consuming administrative tasks from opening escrow to the closing.
This gives you more time to focus on:
- Prospecting;
- Building relationships;
- Converting leads;
- Enjoying more quality time with your family and friends; and
- Living your life.
That’s how much time transaction coordinators save.
Need a Transaction Coordinator in San Diego?
Consider Transaction Monster. We provide professional experienced TCs to save you time while coordinating a fast successful closing for all your transactions.
Also, take the time to read some of our blog posts to learn:
- How to be a Paperless Real Estate Agent. Here
- How to Build Rapport with Real Estate Clients. Here
- How to Organize Your Real Estate Documents. Here
- Communication Tips for Real Estate Agents. Here
- Best Times to List Homes for Sale. Here
Contact Us for more information about how we help real estate agents in the greater San Diego area.
Steven Rich, MBA – Guest Blogger
HAVE ANY QUESTIONS?
Contact us here: www.TransactionMonster.com/contact
Let us know, we love to help!
Transaction Monster – Real Estate Transaction Coordinating Company