Being a professional in the real estate world can be daunting. That’s because the real estate industry is much more than open houses and signing leasing contracts. Basic yet important tasks like data entry and completing forms can be time-consuming and stressful. This is why any real estate agent, whether a newbie or a seasoned realtor, can benefit from hiring a skilled transaction coordinator.

A virtual transaction coordinator can be the missing piece a real estate agent like you needs to streamline your operations, enhance your efficiency, and ultimately grow your business. Let’s discover more about this role and how you can benefit from working with one.

What is a real estate transaction coordinator?

A transaction coordinator (TC) is an administrative professional who handles backend tasks in real estate transactions. They offer support on routine yet critical processes like data entry, documentation, customer support, and more. Transaction coordinators interact with various parties on behalf of the real estate business, from property buyers and sellers to bank partners.

With a skilled transaction coordinator real estate business owners like you can enjoy smoother and more efficient operations. At the same time, you can recover valuable time and energy for the more high-level, big-picture tasks.

If you want to reap the benefits of working with a transaction coordinator while optimizing your resources, you can consider hiring a remote talent to fill this role. A virtual TC can handle just about anything an in-office coordinator can do but at a fraction of the cost.

Curious about remote staffing? Schedule a free discovery call to learn how this excellent alternative staffing solution can help your business reach greater heights!

How real estate agents can benefit from a transaction coordinator

According to a 2023 Zippia report, there are “over 1.53 million realtors in the United States.” If you’re in the real estate industry yourself, you know that this cannot be good news for you. Having this much competition means you need to be smarter with how you spend your resources and time. That’s why hiring a virtual transaction coordinator is a must.

But it’s not just keeping up with the growing competition; you can benefit from hiring a virtual transaction coordinator in other ways as well. In fact, hiring one can be the game-changer you need to confidently face your challenges and get your business on track toward your goals. Here are some of the hurdles that your real estate coordinator VA can help you with:

• Too many things to juggle at once

“There are a lot of tasks that need to be done to keep the well-oiled machine that is your business running smoothly,” advises Chin Espiritu, 20four7VA’s Sales Director. “But that doesn’t mean you have to take on all of them by yourself.” You don’t have to give yourself a hard time by juggling everything. You can simply delegate tasks, especially routine and time-consuming ones, to a virtual assistant. This way, you won’t have to wait for the inevitable moment when something falls through the cracks.

• Difficulty handling paperwork

Handling paperwork, as well as digital forms, can be frustrating. If you don’t have the time nor the patience to complete seemingly never-ending forms, you can hire a virtual transaction coordinator to handle this task instead.

• Managing costs while driving growth

The saying, “You have to spend money to make money,” has some truth. Growing your business may mean investing in new equipment, spending on ads, hiring more people, and so on. But that doesn’t mean you have to keep overshooting your costs.

One cost-effective way to drive growth is by hiring virtual assistants. When you have virtual transaction coordinators on your team, you can increase your capacity and expand your reach without stretching yourself or your budget too thin.

• Achieving balance

Managing stress can be quite difficult, especially when you have a lot on your plate. Having little to no time for matters outside of work can be bad news for your health. To be in the best state possible to lead your business to success, you must find ways to manage your stress.

Adding the right people to your team can make the workload more manageable. You can unload tasks that don’t need your immediate attention. You can regain enough headspace and time to focus on what you do best, including closing a big sale or finding more growth opportunities. At the same time, you can also carve up more time to take care of yourself and strike a more harmonious balance between work and personal life, which is crucial if you want to perform at the highest level.

• Keeping customers happy

Different customers have varying needs. By working with a virtual transaction coordinator, you can ensure that these needs are met. A virtual TC can provide regular updates and timely responses to queries. A coordinator also acts as clients’ point of contact, avoiding confusion. It also saves clients from the frustrating feeling of being passed along to different members of the team before one gets to the right person.

What a real estate transaction coordinator can do for you

You can delegate various tasks to a real estate transaction coordinator. They can provide the support you need to keep your real estate business running smoothly.

Here are some of the tasks they can help you out with:

Document management

• Prepare and review all necessary transaction documents, including purchase agreements and leasing contracts
• Review and ensure that all documents are correctly completed, signed, and dated.
• Distribute documents to the appropriate parties, such as buyers, sellers, agents, and escrow officers.

Project management

• Monitor and track all critical deadlines and contingencies, such as inspection periods and loan application deadlines
• Send reminders to all parties involved about upcoming deadlines to ensure compliance.
• Track the status of all listings

Communication and coordination

• Become the main point of contact for all parties, including buyers, sellers, real estate agents, lenders, escrow officers, and so on
• Provide regular updates to clients and agents about the status of the transaction
• Set appointments and coordinate schedules
• Handle any disputes or discrepancies that arise between parties during the transaction

Compliance and legal requirements

• Research and stay up-to-date on the local, state, and federal regulations
• Ensure all transactions are compliant and legally-binding
• Verify and submit required legal documentation in a timely manner
• Resolve any compliance issues that may arise during the transaction
• Prepare and complete documentation requirements, including HUD-1 and tax forms

Real estate agent support

• Assist agents with administrative tasks related to the transactions, including data entry and database management
• Provide customer service support through email, phone, and chat

By working with a virtual transaction coordinator, you can create a more streamlined process. And in doing so, you can reduce delays, avoid errors, and boost the overall customer experience.

Ready to delegate tasks to a skilled real estate virtual assistant? Book a free consultation call with our Growth Experts today!

Tips for working with a virtual transaction coordinator

Hiring a virtual TC can be an excellent business move for any real estate professional. But to ensure you’re maximizing this excellent staffing solution, here are some more tips:

• Be clear with what you plan to delegate

Before jumping into the recruitment phase, you must create a list that specifies the tasks you plan to delegate to your virtual transaction coordinator. Through this step, you can figure out the skills and experience level your transaction coordinator VA needs to have. It will help you find the best VA for your specific needs.

This step is equally important for us at 20four7VA. During your consultation call with our Growth Experts, we’ll learn about your unique staffing requirements, including the tasks you need help with. This information helps our team create the most suitable job description, which we will refer to during the VA-client pairing process.

• Open communication and regular check-ins

Once you’ve hired a transaction coordinator VA, you must actively maintain open communication channels. You must discuss with your VA the communication channels you need to use to stay in touch despite the different time zones and locations. It’s also crucial to schedule regular check-in meetings with your transaction coordinator. You can use these sessions to review their progress, address performance issues, or discuss roadblocks.

Investing time in staying connected with your VA helps set them up for success. When you have an engaged VA, they’re more aware of the important role they play in ensuring the business runs as efficiently and effectively as possible. They will also have the support they need to perform better.

• Utilizing digital tools

Project management tools like Asana or Trello can be useful in keeping every member on the same page. You can use a project management app or software to organize and track tasks. On the other hand, cloud storage allows for easy access to documents and information. It also helps foster collaboration among team members by working on shared projects despite working remotely.

• Feedback and continuous improvement

Providing feedback and continuous improvement are essential for maximizing the effectiveness of your virtual transaction coordinator. Offer constructive feedback regularly to help your real estate transaction coordinator improve their performance, ensuring they understand their strong points and opportunities for improvement.

Additionally, invest in ongoing training and development to keep your TC up-to-date with industry changes and best practices, ensuring they remain knowledgeable and capable of handling the evolving demands of the real estate market.

Hire a real estate transaction coordinator with 20four7VA!

If you’re ready to start your search for a virtual transaction coordinator, it’s time to schedule a free, no-strings-attached call with our Growth Experts. “We’ve helped over 5,500 clients grow through our award-winning solutions,” shares 20four7VA Operations Director Jen del Rosario. “And we can do the same for your real estate business.”

Hiring your transaction coordinator VA with us means you have access to our end-to-end remote staffing solutions. We don’t just match you with the top talents; we also help you with the whole journey, from training VAs to processing their payrolls. Simply put, you can get a whole support team at the price of working with just one virtual assistant. Now that’s a good deal that you shouldn’t wait too long before closing!