Transactly, the leading Real Estate Transaction Platform providing Tech-Enabled Transaction Coordinators across North America, has officially...
Real Estate Agents: Here's Why You Should Use a Transaction Coordinator in 2023
Do you need to save time on transactions? A Transaction Coordinator could be of assistance. Read on to see the benefits of hiring a Transactly TC today!
Calling all real estate agents: do you need to save time during your transactions to spend more time on what matters most?
Well, Transactly's definitely got you covered.
In today's fast-paced real estate market, it's essential for agents to have a reliable and efficient team in place to help them manage the many tasks involved in a real estate transaction. One key member of that team is a transaction coordinator.
By definition, a transaction coordinator is responsible for handling the administrative and logistical aspects of a real estate transaction, including scheduling inspections and appraisal appointments, coordinating with escrow companies, preparing and distributing documents, and ensuring that all deadlines are met. They also assist agents with document preparation, and help to ensure compliance with state and federal regulations.
Now, what exactly are the benefits of using a transaction coordinator?
1) They streamline the process
Using a transaction coordinator can streamline the process of closing a real estate transaction, which is one of the main advantages. This is particularly crucial in a competitive real estate market where multiple offers and expedited closings are the norm. Having a transaction coordinator on your team allows you to concentrate on attracting new clients and strengthening relationships with current ones while the coordinator takes care of the minute details of the transaction. In today's competitive real estate market, being able to close more deals in less time can be a huge advantage.
2) Minimize risk of error
(Photo Credits: Pexels - Tima Miroshnichenko)
Utilizing a transaction coordinator can also help to reduce the likelihood of mistakes and oversights. They are trained to identify and deal with potential issues before they become problems and are conversant with the legal and regulatory requirements of real estate transactions. This can ensure that the process goes smoothly and with the fewest possible delays, which is best for both the buyer and the seller.
3) Protected from liability
A transaction coordinator can also assist in shielding you and your clients from legal responsibility. As a real estate agent, you are responsible for ensuring that all of the necessary paperwork is completed correctly and that all deadlines are met. When you are managing several transactions at once, this can be a difficult task. With a transaction coordinator on your team, you can be sure that all the required paperwork is completed accurately and that deadlines are met, reducing the risk of future legal problems for you and your clients.
4) Client communication
(Photo Credits: Content Snare)
Additionally, when it comes to client communication, a transaction coordinator can be a useful tool. They can respond to client calls and emails, give them updates on the transaction's progress, and address any queries they may have. This enables you to concentrate on forming connections with new clients and completing transactions.
5) Keeps information accessible
By keeping all necessary paperwork organized and available, a transaction coordinator can contribute to the transaction process' increased efficiency. To ensure that all tasks are finished on time, they can also help with the setting of deadlines and reminders. This keeps the deal moving along and guarantees that everyone is aware of their responsibilities.
Taking all costs into consideration, it is less expensive to have a transaction coordinator on your staff than to hire a full-time worker. You can hire a transaction coordinator on a contract basis, which will save you money over time, rather than paying a salary and perks. Additionally, you can free up time to concentrate on bringing in new business, which can result in higher revenue, by outsourcing the administrative duties to a transaction coordinator.
7) Knowledgeable about requirements
(Photo Credits: Pexels - Pixabay)
A transaction coordinator is a professional with training and experience in managing the administrative and logistical facets of a real estate transaction. They can assist in making sure that the required paperwork is correctly filled out because they are informed about the legal and regulatory standards for real estate transactions. This might help to keep your company looking professional and provide your consumers peace of mind that the transaction procedure will be handled with care.
8) Offers a wide range of services
Depending on the size and scope of your company, a transaction coordinator can offer a wide range of services. They can offer a full-service package, which would involve creating and disseminating paperwork, planning inspections and appointments, and working with escrow firms, or a more constrained package, which would just cover a few particular duties. This gives you the option to select the services that best suit your requirements and financial situation, and it can be a terrific method to bolster your current staff.
In conclusion, a transaction coordinator is an essential member of any real estate agent's team in 2023. They help to streamline the process of closing a real estate transaction, minimize the risk of errors and oversights, protect you and your clients from liability, and assist with client communication. With a transaction coordinator on your team, you can focus on what you do best - finding and closing deals - while the transaction coordinator handles the administrative and logistical aspects of the transaction.
If this blog post made you want to hire a Transaction Coordinator to handle your documents - which will potentially save you an average of 16 hours per contract, we here at Transactly would be more than happy to help you!
Transactly’s powerful platform helps you organize your tasks and you can use our customizable templates for FREE. The great thing is that as your business grows and if you ever need a highly qualified tech-enabled transaction coordinator, it can happen seamlessly!
Our use of proprietary and transparent technology not only makes our coordinators more efficient than the average TC, but also delivers full transparency to clients for peace of mind.
“Transactly is designed to simplify and streamline real estate transactions. Our proprietary technology helps those we serve - and our Transactly Coordinators - to be more efficient and out-perform industry standards, and we are excited to be working with agents on reaching that goal as well,” said Transactly CEO, Bryan Bowles.
Schedule a demo with us @ https://info.transactly.com/demo and get started today!