According to NAR®, each transaction takes about 45 hours to finish 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 literally thousands of hours you spent on the paperwork that 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 any additional appointments.
If you said yes to one or both of these things, it’s time to consider finding a Real Estate Transaction Coordinator seriously.
Stop getting bogged down by all the administrative work that comes with your transactions. Instead, hire a MyOutDesk Transaction Coordinator today. Schedule your Double My Business Strategy Session to find out how.
What is a Real Estate Transaction Coordinator?
Transaction Coordinators are trained to manage all the paperwork and deadlines involved in your real estate transactions – including every step of the selling process, from contract to close, and everything in between.
Sample tasks for your Real Estate Transaction Coordinator can include:
- Goal setting – review goals and schedules to provide progress updates and help you stay on task
- Seller/Buyer prospecting and servicing – complete required paperwork, gather estimates, and help find/choose service providers
- Escrow management – open escrow and coordinate the many necessary functions of this process through closing
- Documentation management – draft routine documents (i.e., Seller’s Disclosure Packet, addendums, waivers) and review forms for accuracy, signature verification, and missing information
- Transaction and closing coordination – manage the cumbersome appraisal, title/escrow, and mortgage loan processes
- Client coordination and communication – operate as a point of contact for your clients to ensure their needs are met, and they receive the attention they deserve throughout the buying/selling process
- Scheduling coordination – oversee the scheduling for clients, service providers, and lenders to help ensure essential tasks are being completed
- Research – perform background and inquiry tasks, as needed
- Tailored support – provide administrative support personalized to your specific requirements
Become more effective by using a transaction coordinator to handle the repetitive tasks involved with closing a transaction – such as gathering documentation & signatures, calling clients, completing paperwork, following up on contract terms & requirements, and ultimately creating 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 $1000 an hour?