I had a great transaction coordinator who took care of all my paperwork, organized my files, followed up on showing feedback, scheduled showing appointments, provided me with maps to get there (before GPS) and my business increased incredibly.  However, I found out after her performance started to take a down turn that she had/has a heroin problem and an alcohol problem.  She was very successful working for me and earned a lot of bonuses.  I paid a flat hourly rate plus bonus for every transaction closed and additional money for duties that took her out of the office.  She was making as much as $5000 a month, sometimes more.  Her performance started to deteriorate until finally I had to let her go.  She went to work for another agent in a sister office and she stole a check from her purse and tried to cash it and was let go there too.  I have tried since then to find another person but haven't found anyone that I felt could do what she did.  Now I manage an office and I have an admin person, who is great and I think she'll be a great coordinator too once I get her trained the way I want her to do the job.

Definitely worth having a Transaction Coordinator.

Thanks for the comment June.

Do you mean to tell me that you never had her telling you, "June, you have to call and make sure the appraisal is ordered." or "June, do you have a signed copy of the Inspection Resolution?" My point is that if I have a person haunting me for those things, I may as well do it myself in the first place. Do you think I just haven't found the right person?

I'm on the fence on this. I've heard of agents having success with transaction coordinators and others who have had not such great luck  I do not have an assistant or transaction coordinator - nor do I have 10 deals a month.  Until you are doing 5 or more deals a month consistently, I feel you can keep up with it yourself....

I agree withTim Tanz, who made the comment before me. 

Patricia Aulson/Lic NH /ME/MA 

Tim and Patricia:

I think you are both correct. The "team" person I'm in a deal with today told me that he's a high producer, (does 4 or 5 deals a month), which is decent, but I'm not sure if that's worthy of my having to report to a few people who aren't communicating.  Personal choice, I guess. Thanks

I handle much of the escrow transaction myself although I just started to have an assistant help with scheduling, research, certain tasks.  Personalities and workstyles need to complement each other.  Depending on the behavioral style of the cooperating agent, an assistant may help you.  Since I am on the road quite a bit, it is wonderful to have a team or an assistant who may be near a telephone, desk, and computer to work.  Most people assume that with technology, a real estate agent should be able to respond to phones in minutes or work while driving.  Little do they realize that if an agent is devoted to looking at inventory or handling clients, and they are concentrating on their large investment, why would the client want their agent to talk on the phone and take down valuable information while driving?

I also admit that I am reluctant to use an escrow coordinator because that is so significant to the sale.

Ronda Ching Day

Ronda Sells Honolulu Oahu Hawaii Real Estate

Wow, I'm sorry I didn't find this post sooner.  Lania, I feel confident is saying you just haven't seen a good coordination team in action.  Believe me, we have encountered a lot of unorganized and inefficient coordinators.  We have multiple people on our transaction team but here is the key:  We process our transactions completely by way of carefully constructed work flow that is within our online transaction management system.  We give our agents FULL access to the transaction so that they can view updates 24/7.  We schedule all inspections, monitor all deadlines with all parties, and fully track the entire transaction with all third parties on behalf of the agent.  Not only do we NEVER say, "June, you have to call and make sure that the appraisal is ordered" but we immediately email or fax the purchase agreement and preliminary title report to the lender, call the lender to verify when the appraisal will be ordered, ask for the appraiser's contact information, confirm the appointment with the appraiser, notify the seller when the appraiser will be there to confirm proper access, check with the lender to make sure the appraisal came in at value and make sure that the buyer is clear to remove financing contingency on time.  We continually post all of these conversations and updates on the online file so both the agent and the consumer are completely updated.  Transaction teams CAN work, but it has to be a well skilled team that can successfully communicate with each other.  I've watched our Agent clients accomplish greatness over the years with the support of our team.

Hello all,

I'm sure that we all know that there are bad apples in every bunch. Personally, I am a virtual real estate closing coordinator. Most of my business is referral based. That means that if one is not happy, I have cut-off connections and possible clients. I also know that if a closing does not happen, not only does that reflect on me, but I don't get paid. So trust me when I tell you this, it is my goal as a business owner to make sure I get paid, which means that it is in my best interest to get you closed.

I am truly sorry about everyone who has had a bad experience with either an in-house or independent coordinator. I wish you all much success. 

I believe in transaction coordinators... but I believe in them being in house as part of a team. If you can hire a capable person there is no reason why they couldnt handle trx coordination as well as many other admin and marketing tasks.

Our service as Transaction Coordinators is unsurpassed.  Our founders have 50+ years in the title and mortgage industries.  We pride ourselves on providing top notch service every step of the way.  We have a website that keeps all parties updated 24/7; please visit our website @ www.virtualtca.com; we would love to hear from you!

Theresa Holdheide

theresa@virtualtca.com

www.virtualtca.com

I am a believer in the transaction co-ordinator.   There comes a time that one is needed, that number depends on how much of a life that you want.  Close 8 to 10 deals a month and still try to list and sell and you will need the co-ordinator in my opinion.    I have seen this work at a high level but it takes hiring the right person to do this. 

I have been in the real estate industry in some form or another now for 25+ years and I completely understand that challenges that go along with transaction coordination from the agents perspective. I currently have a transaction coordination company that does residential and short sale transactions and have been through every kind of challenge there is. I have been on the other side of the fence with coordination and I too, know that there are VERY good ones out there and very bad ones out there. However, in all my years, I believe coordination is a wonderful tool-it can provide the agent much needed time to continue to cultivate business and have some personal freedom. Finding the right person, with the right services to suit the needs of each agent is the most important aspect. Not all agents work exactly the same way. ONE person contact is the key-that person knows your transaction intimately and as you build a relationship with them, they begin to know how you work and what expectations you have of them, their service and the overall performance.

I shared a closing coordinator with another agent. It worked out great. He took care of organizing the file once I got the contract fully executed, he handled faxing papers, communicating with the title company, other agent, ordering WDO, etc. I handled any major issues and I would communicate with my clients. It worked well, but he left for another job and I never replaced him. I would do it again once my volume goes up.

I think first, as many have expressed, it depends on the level of your business.  The pipeline better be full and flowing to justify the expense.

However, it also really comes down to the quality of the coordinator -- if you can't delegate and disengage, no, there's no point in having a TC.  There's plenty of software out there to "remind you" to do something.  The objective is to free you of minor activities.

I agree with much of what you say.  I have seen agents closing fewer than one transaction a month pay an outside coordinator $350 to take a deal to closing . . . basically opening title and ensuring paperwork distribution, perhaps scheduling an inspection / termite letter.  The agent still has to be involved in the inspection, etc.  So all they're really saving is a few phone calls and faxes.  And I can't tell you how many times I've seen agents chasing about following up on something the coordinator "needs".  To me that's not smart business.  A coordinator is necessary when there are no hours are left in the day, and you're losing business because you can't keep up with all the details of multiple closings . . . not because it allows you to sleep later in the mornings.

I've seen the same redundancy you're talking about in real estate teams with lenders and title/attorney offices as well . . . you deal with a pre-closer/originator, who has to check with attorney/lender, then you get transferred to some other specialist (title, appraisal, etc.), who says you really need to talk to the pre-closer/originator, and then you have the post-closer who has no idea what anyone else has been doing . . . all in the name of "streamlining" for efficiency.  Yeah.

A team is as good as the sum of its parts.  Where production levels justify it, an efficient and knowledgeable coordinator who allows us to go about the things we do best -- lead generating, preparing offers, negotiating, etc -- without any concern for what's going in the back office is invaluable (and probably costly).  Other than that, you're just working harder to support dead weight, while frustrating others with whom you have to work.

I charge a 295 transaction fee that covers the cost of my admin.

Hi Lania,

I have worked in escrow for quite a number of years and have handled transactions for real estate agents.  As Beth Young mentioned, an online transaction system is key.  This type of system enables all parties to stay informed and eliminates duplication of effort.

I feel your pain.  A transaction coordinator who only makes more work for you is definitely the opposite of helpful.  Anyone who offers transaction coordination services should have some background and experience in the real estate industry.

I can assist you with your transactions.  I'm also an expert in Top Producer 7i.  Please feel free to contact me.

Wishing you success!

Thanks Guys:

Maybe I should try again...I'll think about it. Thanks for your combo.

I have found this similar in that there is another person to keep in the loop. Also the customer service is not up to my standards in that agents have not been as familiar with the particular closing. If someone is up to 10 or more closing a month a personal assistant would be a must any way.

Bonner 

Thanks, Lania!

Over the past 20 years I have had assistants, transaction coordinators etc.It has been my experience that

when I had help, I was more efficient, worked fewer hours and spent my time doing the most productive

action, prospecting, pressing the flesh, building the pipeline. In my case, to give my clients and customers the high level of service they deserved, I had on my staff a transaction coordinator or assistant.

In regards to the cost, you can not afford not to have an assistant. There is an old saying "Hire an assistant, or be one)

Happy Holidays to all

Uncle Duff