Is it worth hiring a transaction coordinator?
We all know that buying and selling real estate is not as easy as filling out a representation agreement or residential sales contract and calling it a day. From document preparation and compliance to managing checklists, timelines, and deliverables schedules, time is money. Letting administrative tasks pile up can really bog you down. Worse yet, missing deadlines can land you in hot water or even cost you business.
A good transaction coordinator can help you navigate the market and save you considerable time and headaches. That means more opportunities to meet with clients and invest in your business — and not be stuck behind a computer.
But just how much time can you save by using a transaction coordinator?
Calculate your time savings
We put together this calculator to help you answer just that question.
How did we build this calculator?
The average ratified contract process can take on average 40 hours, give or take. Our 50-point checklist demonstrates how the following tasks can quickly add up:
- Review the contract for signatures and compliance
- Communicate with all parties to ensure deadlines are met
- Collect all items needed per the broker file checklist
- Upload files to your office’s online transaction management system (DotLoop, DocuSign, Transaction Rooms, Skyslope, etc.)
- Schedule inspections
- Order repairs and follow up on completion
- Order home warranty
- And other prep and post-closing tasks
Industry numbers indicate that a transaction coordinator can save you up to 16 hours per transaction, an 40 percent average savings. Multiply that by the number of deals per year and you can quickly see why hiring an expert can be critical to your sanity — and growing your bottom line.
Contingency complexity is the new time suck
One area that we’ve seen challenge real estate agents is managing time-intensive contingencies. In today’s hot market, many buyers are foregoing house inspections or putting in bids without seeing the property in order to compete.
As a result, you now have to deal with paperwork for things like the buyer’s acknowledgment of potential adverse consequences addendum, contingencies/clauses addendum, or a sight-unseen addendum. If a house closes quickly you might also have to deal with a seller’s post-occupancy agreement to ensure your sellers can remain until they find a new home. All of these add time to the process – time that a transition coordinator can help take off your hands.
A transaction coordinator allows you to invest more in yourself
This is all to say that no matter how much time you’re spending on administrative tasks, it’s too much. That’s time that you’re not focusing on marketing your other listings, showing houses to your buyers, promoting your brand, or tucking your kids into bed at night.
Real estate is not for the weak, but there’s nothing wrong with getting a little help from an expert. Hiring a transaction coordinator can put your mind at ease by seamlessly handling all the fine details so you close and move onto the next deal faster.
Not sure where to start when it comes to hiring a transaction coordinator? Let us walk you through our approach and what we can do for you in a free consultation.