Table of Contents
- My Experience Working With a Virtual Transaction Coordinator
- What I Did With the Time I Saved
- Find a Virtual Transaction Coordinator With AgentUp
A transaction coordinator can save a real estate sales agent hours per month. And that time can be put to productive use.
Transaction coordinators handle the busy work of closing real estate sales. By tackling the minutiae and time-consuming communications, they can save valuable time for the agent who hires them.
In this article, I share what I did with the time I saved using a virtual transaction coordinator.
My Experience Working With a Virtual Transaction Coordinator
A few years ago, my real estate business grew to the point where I needed to hire help with administrative and communication tasks.
In particular, I felt overwhelmed by closing tasks, which took up hours of my time each week.
Every experienced agent knows that the result of a home inspection or a low appraisal can mean several hours of back-and-forth communications with clients, other agents, lenders, and others.
I asked advice from a few of the high-selling agents in my brokerage, and they all said the same thing: Hire a virtual transaction coordinator to handle all your closings.
The Advantages of Working With a Virtual Transaction Coordinator
I admit that I was surprised by the virtual part of their answer. I assumed I would hire an in-office transaction coordinator or work with someone nearby.
That quickly changed when I saw how expensive hiring a local in-office worker would be. However, I was concerned at how effective a virtual transaction coordinator could be with closing tasks.
I quickly realized that my initial assumption was wrong. A virtual transaction coordinator would be more affordable, efficient, and easier to work with than I imagined.
I learned quickly what many businesses already know:
- Virtual workers are 4.4% more productive than their in-office counterparts because they have to deal with fewer office distractions
- Like 70% of businesses using virtual employees, I experienced substantial cost savings
- I wasn’t alone in my decision – 50% of leading real estate teams work with virtual transaction coordinators, noting the time and cost savings as the reason why
Onboarding went much easier than I thought it would. Before the first day was over, my virtual TC was already sending emails and reaching out to all the players involved in the closing.
What Tasks Does a Virtual Transaction Coordinator Do?
Overall, my virtual transaction coordinator took care of the closing and maintained regular updates with the following:
- The mortgage lender
- Home inspectors and sharing the inspection report
- Ordering title work and updating title company personnel
- The agent on the other side of the deal
- My clients – answering their questions and keeping them calm through the process
Moreover, they managed the time-consuming administrative tasks, including:
- Getting contracts and addendums signed and shared
- Scheduling the home inspection, appraisal, and closing
- Ensured all the disclosures were in place and that nothing was missing
My virtual transaction coordinator saved me over 12 hours on just 1 transaction by handling the above tasks.
Now, let me tell you what I did with the time I saved by working with a virtual TC.
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Real Estate Virtual Assistants
Hand off your transactions, media, and marketing to a real estate VA.
What I Did With the Time I Saved
Benjamin Franklin said it best: “Time is money.” His keen business advice is still true 273 years later.
Realizing that I was saving significant time by working with a virtual transaction coordinator, I created a plan to make the most of those precious hours.
My Business Plan for Using the Hours Saved
I didn’t want to waste the hours I saved. Yes, I’ll admit it was extremely tempting to get in more hours golfing, but I resisted.
Here’s how I put the time I saved to use growing my business and increasing my income:
1) Prepared Market Reports for Previous Clients
With the hours I saved, I could focus on creating reports for previous clients.
These reports provided them with the recent value of their home, neighborhood pricing trends, and a local market sales forecast.
2) In-Person Meetings With Previous Clients
I emailed the reports to my previous clients and then offered to take them out for lunch or a drink to review the report and catch up.
In total, I created 20 reports and met with 14 previous clients over a month.
During our in-person meetings, 2 previous clients informed me that they planned on moving soon and were glad I had reached out. Right there, that secured me 2 listings.
Most of the previous clients told me about friends and family members they knew who were considering buying or selling a house. They passed along their names and contact information, and I received 7 leads in total.
By the way, the time spent with my former clients was enjoyable and served to help keep me in their minds for future real estate conversations.
3. I Reached Out to New Clients
I contacted each of the 7 leads. After several excellent conversations, 4 became clients, leading to another 6 transactions.
So, with the time I saved by working with a virtual transaction coordinator, I added 4 new listings and 4 new buyers.
How Much Time Can You Save?
The money from just one of the above commissions was enough to cover the cost of my transaction coordinator. Additionally, I used some of the other money to hire a part-time virtual real estate assistant to expand my marketing efforts.
Exactly how much time can a transaction coordinator save you? It depends and will likely vary from agent to agent.
Most studies show that an agent spends 12 to 20 hours getting a single transaction closed. If you average 10 transactions a year, that’s a savings of 120 to 200 hours annually.
Just think about all the revenue-generating projects you could accomplish using those hours.
Market Leading
Real Estate Virtual Assistants
Hand off your transactions, media, and marketing to a real estate VA.
Find a Virtual Transaction Coordinator With AgentUp
A virtual transaction coordinator could save you 10 to 20 hours per transaction. Those hours can be used to help grow your business, improve your income, or even spend more time doing things you love.
Finding the right virtual transaction coordinator doesn’t have to be difficult if you know where to start. Here’s our advice: Start with AgentUp.
With AgentUp acting as your matchmaker, you’ll be connected with a highly trained and skilled coordinator who will help close your transactions, saving you time and providing peace of mind.
They are a leader in the transaction coordination and real estate marketing industry, having built a talented team of virtual transaction coordinators and real estate assistants over the past 10 years.
AgentUp’s virtual workers undergo extensive real estate training, are fluent in English, and are adept at working across time zones.
So, reach out to AgentUp.
Schedule a free call today. During this quick consultation, they will listen to your business needs and help pair you with the best virtual transaction coordinator.
AgentUp also offers a transaction coordination package at reasonable prices. They also do listing coordination and marketing coordination!
AgentUp Can Handle All Your Real Estate Marketing Needs
AgentUp does more than transaction coordination. They are also a full-service real estate marketing company offering powerful and effective tools to help sell your listings and services.
Take a look at the following marketing aids:
- AI real estate photo editing
- AI virtual staging
- Virtual tours
- Single property websites
- Custom house portraits
Do you appreciate the convenience of one-stop shopping? Then look at our marketing coordination package, which includes photography services, photo editing, virtual staging, floor plans, and more!
Are you in a hurry and only need to edit a few listing photos? Then, use the AgentUp AI Editing app to edit your images in minutes.
Simply scan the QR code below to download the app.
There’s only one last question: What are you waiting for?
Sign up for a free AgentUp account.
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