Updated: Jan 24, 2019
Whether you're considering making your first hire as an agent growing your business, or looking to streamline your entire office or team's listing input system and contract to close workflows, you should absolutely consider hiring a Transaction Coordinator. Here's why:
1. You may not be ready to hire full time help, yet
To be a full time real estate agent is to be the CEO of your own business. Like any growing business, yours requires constant commitment, capital, and managing profit & loss. While your business is growing and you may be on the cusp of taking the leap with your first hire, being financially ready to commit to hiring an admin as your income still fluctuates, may be just out of reach. Hiring a Transaction Coordinator (TC) can help you over this hurdle while filling in any gaps in your current business operations. This dedicated TC can help you grow to a level where your income is more predictable and you can invest in a part or full time hourly admin when you are completely ready.
Did you know?
Our TC's work remotely, and yet are local to our main office! We establish a collaborative schedule with each agent client based on their needs so that we are always a click or call away when you need us.
2. Hiring and training an admin takes time and systems
Hiring and training an admin can take months and cost your business thousands of dollars. AND after you have invested all of that time and money, there is a very real possibility that it will not work out. Many agents know they need help, but they aren’t comfortable hiring and training an assistant. Others have tried and failed and are now scared to get stuck again, not to mention losing the time, and money, training someone new. A Transaction Coordinator already knows the contracts, knows the ins and outs of the real estate industry, and has systems in place. We even customize our communication so it flows and matches what you are already doing so we look to be a part of your team. The true benefit of that is you still get to run your business the way you prefer to run it, and you don't have to worry about or take the time to learn to advertise, interview, hire, and train someone from the ground up.
3. Details are slipping through the cracks
Real estate transactions can be drawn out, or move exceptionally fast, with multiple disclosures and documents to shuffle between parties, and it’s easy to miss a deadline when you are putting out fires or dealing with a client that came into town last minute. Let’s be honest, there are also some agents that just hate paperwork, and that's okay. Having another set of eyes on your contracts will help you avoid costly mistakes. Our Transaction Coordinators will ensure all compliance and contract dates are met, ask if something seems off, and ensure everything is delivered and closed on time. The best part is, the communication is seamless, you are included on everything, but don't have to worry about anything. This is the part our clients love the most and find is the biggest help.
4. Controlling expenses while increasing income is vital
Using a Transaction Coordinator can help you control your expenses and increase your income. For instance: let’s say the average agent earns $50,000 a year, which equals $24 per hour. Each transaction averages 15 hours to close after ratification. That means you spend $360 of your time working on a contract to get it to closing. What if you could take those 15 hours and spend them prospecting for new clients? Do you think you would earn more than $360? Calculate how much your time is worth and what you could do with those additional hours. If you are only closing 1 transaction a month right now, those 15 hours could get you to another closing each month, doubling your income! We want to see you grow and be a partner in your success. Let us take care of your non-income earning tasks off your plate so you can grow your income with the tasks that do. We get paid on closed files, too. No up-front fees!
5. You are ready to take your business to the next level
While the general public may believe the only thing a real estate agent does is open doors and hand over keys at closing, agents understand the daily activities that must be completed to be successful. From prospecting for new clients, to hand-holding to get them qualified and beyond, daily interruptions can derail an agent's business growth. Hiring a Transaction Coordinator allows you to control your time by limiting interruptions once a contract has been ratified. The TC will review contracts for compliance, and conduct all communication and actions throughout the process from clients, lenders, title, insurance companies, inspectors and more. This allows you to move onto new clients and get them under contract to increase your business.
Growth shouldn't be scary and we want to help you take your business to the next level.
Still not sure? Reach out for more info, now!