Should I Just Do It Myself? NO!!!

I did the first few transactions myself and then I decided that I'd try a TC.  What a relief it was to be able to be on vacation and know that everything was going to be taken care of.  We had 3 TCs in the office at the time and I talked to each of them and picked the one that was the best fit for me and just happened to be the least expensive also.  She had been trained well and did an awesome job!  When she moved to a different job I decided to train my daughter in law and she has been doing it since.  I suggest either asking people who use a TC who they like and why and talk to them or if you are going to hire a brand new person that you have a good system in place that can be duplicated and plan to check over the first few transactions that person does.  Good luck in whatever you decided to do.

My first question is What is a Transaction Coordinators?  What roles, functions and activites does a function corridnator do.  Let me know I am curious.   

Outsource to a Virtual Assistant.  It's scalable without employee headaches.  We have used the services of AnotherME.com since 2007.  Truly awesome!

I have a fabulous TC and could not exist without her. She orders things and makes sure deadlines are met, she knows when the contingencies should be removed, she interacts with clients...she's amazing. I turn a file over to her and she handles all the behind-the-scenes things, I can do the items that require a "face." Saves me tons of time and headaches.

My office offers a "Service Department" for 10% of my commission (average commission in my area is $3000 for one side).  They do everything from data entry of my listings to any and all advertising that I want them to do, to making sure that everyting is done from contract to close.  I do any of the negotiating that needs to be done. It has helped me not worry so much about the transaction and focus on getting more clients in my pipeline.  Definitely worth it in my opinion but you need to have the right people.  I always let my clients know that "Jen" will be following up with them but if they need to call me for anything they can.

John #67 - I looks like different people here have different jobs for theirs.  I most certainly do not turn everything over to my TC.  Our office doesn't care who you use for a TC, just that you use one.  I have a wonderful one who handles all of the dozens of disclosures.  She prepares and prints them all out and from there we do one of two things: 

She could send them to the client to be reviewed and signed, but usually she sends them to me and I take them to the client and go over them to explain what they are signing.  Then I get them back to her and she sees that the other agent gets them and keeps reminding everyone what still needs to be done.  She seldom has client contact, and there is still plenty for me to do! I explained more in my comment at #58.

I have a TC who makes sure that all my documents are completed.  I love it.  It frees me up to have more time to help my clients and is well worth the money spent.

Transaction cordinators are rare on Kauai because we're a tiny little island in the Pacific.  If I had one available, I'd use the service in my busy times and do it myself when business is slow.

In my opinion if your growth makes it too hard to devote time to transaction coordination, then yes find someone to do it for you.  However, make sure that person is your right hand man!  They better understand everything you want from them and how you want the transaction to go.  Otherwise, you will do most of it yourself anyway and be angry because you have to pay someone else too! 

My TC is $395 and definitely worth it. But I also someimtes do all the admin stuff myself. With all the CA paperwork/disclosures, etc. it's worth having someone to help keep it all organized and make sure it gets to where it needs to be on time.

Jeff

I've never had good luck with Transaction Coordinators. Not only that, when I'm the one going through each step with my clients, we stay in constanta communication and they appreciate my efforts more. At least, that's been my experience.

Todd,

TC's are like agents...there's good ones and bad ones. Interview your options and ask for references. Be clear in what you expect. A good TC will be clear in what they will and will not do. Good luck!

Teresa Lamb

Realty Partners LLC

www.YourRealtyPartners.com

I do my own, always have and always will. It takes very little time. I know it is done right. And if not

have no one to blame but me. Also I get lot of business by staying in contact.

Just food for thought since I have limited knowledge on the specific topic, something I heard once which really made me think about delegation. 

It's ok to delegate and have somebody else do it.  They will make mistakes you would not have made.  It's OK, and that's how your going to grow beyond yourself.

If a business is designed to require a single person (you in this case perhaps), the business will never grow beyond that single person and remain a very small business.

I absolutely agree that communication is key to a successful relationship with your clients and with your TC. And even if you have a TC, please still call your clients once a week so they know you are involved in the process and on top of everything. Hiring a TC or a virtual assistant doesn't mean you are out of the loop or that you shouldn't speak with your clients. It just means that you have more time to keep generating more business. And yes, Nathan, you have to grow at some point and it will require the help of someone.

I still do it myself but certainly see the convenience of hiring it out.  I believe it's a personal preference, and it depends on your level of income.

Hi Todd,

In March 2010 I hired an assistant. I figured a T/C would cost $400/transaction, and my goal is 3 closings per month. I hired an assistant who is paid about the same as I would be paing a T/C for 4 transactions a month. I usually like to have 7 listings and 2-3 buyers in the pipe all the time.

My production now is 12 listings, 2-3 buyers, and 11 homes in escrow. My business has exploded.

In addtion to files, my assistant:
has built 4 geographical farms that we farm and market to
puts out my monthly newsletters to my past clients and sphere of influence
answers my phone while I am lead generating
puts together closing baskets
returns phone calls that do not need my personal attention
updates my website with new listings, sales

There's more, but you get the idea. I am getting more done, in less time. My sellers and buyers get my personal attention, my assistant takes care of almost everything else.

For the first time in 5 years I am taking regular days off. I went on a 7 day cruise. I feel like I got my life back.

Just an idea, wish you much success.