How to know if you need a transaction coordinator!

By
Real Estate Broker/Owner with Pacific Grand Estates

Yesterday was the straw that broke the camels back.

It was me, my husband Pete (Broker), our 2 children, a buyers agent and 3 cell phones going crazy.

The Buyers agent was working with buyers, I was imputting BPO's, Pete was pulling comps and uploading listings into the MLS and the kids were being really good, reading and playing on the computer. I had planned to just spend a couple hours at the office and then do some work at home. Instead I was there for over 6 hours.

The problem calls started with...

1. An escrow that was supposed to close yesterday. Escrow still didn't have the docs back from the buyer (this was the 2nd set)!

2. An escrow that has been open for 2 weeks and they just called to let us know they haven't received the buyers info pack yet.

3. An accepted offer was still waiting for escrow instructions (it was accepted over 2 weeks before).

I could go on and on, but it really made me revisit the whole transaction coordinator thing. I'm pretty sure that if we had a TC none of these issues would have happened, right? I'm sick of spending time chasing people and paper and I need more time to recruit buyers agents which would then free up more time for the day to day bank owned property tasks instead of helping out with buyers leads.

The hardest part for me has been to deligate. I want everyone in the process to know that I value them and I guess I've always felt like if I were to hand the file to a TC then I am somehow letting everyone down, but now I feel like I'm really putting them first by paying someone else to stay on top of this all!

What do you all think? Do you use a TC? Has it helped? Where do I find one? I'd like someone that can stop in the office when I get a new file not a virtual TC (I'm just not ready for that).

I've pretty much decided that I'm going to hire a TC and 2 more buyers agents... but I need help with the ins and outs of TC... any advise? 

PS. I really wanted to add the tag "help" but I controlled myself!

Posted by

Pete Reese, Broker/President

License #01739054

Sale Pros Realty

www.JoinSalePros.com

join@Sale-Pros.com

“Join Sale Pros, Southern California's Premier 100% Commission Broker....Only $695 Per Transaction”

  • No monthly/yearly fees
  • No mandatory meetings
  • Work full or part time
  • Get paid directly from escrow!!

Comments (4)

Es r
CSR - Huntington, TX

A TC definitely helps, but working with competent vendors (ie...escrow) can significantly lighten your load. Keeping costs as low as possible is smart these days, even when the allure of having more time with family is strong. You may end up spending more time monitoring your TC then he/she is saving you. Get better vendors and let them do the work for you.

Good luck to you

Aug 14, 2008 04:54 AM
Peter Reese
Pacific Grand Estates - Rancho Santa Fe, CA
Luxury Real Estate Agent - Rancho Santa Fe

CF thanks for the reply!

I absolutely agree with you! Unfortunately I do not get to choose the escrow company. The different banks/Asset Managers choose so I'm at the mercy of the, much over worked, "chosen" escrow company!

Aug 14, 2008 05:05 AM
Laura Daley Transaction Coordinator / Virtual Assistant
Web-TCS.com - Marysville, WA

Hi Heather,

I am a licensed Agent, for over 3 years, and virtual TC licensed in both WA and UT.  I do know a TC could have helped prevented your "No Good Very Bad Day." Or at least foreseen and given you the heads up!

A few suggestions would be if you have not read Keller Williams the Millionaire Real Estate Agent it will give you steps on how to build your team & how to hire. If you are going to hire in house and take the time to hire and the time to train...(I can't stress this enough) take your time and do it right... it will pay off in the end otherwise you are going to be wasting more time and money.  (you can find the MREA on Amazon or probably get one free from a KW office)

Virtual TC's are an option I would still concider because you pay as you need them, and they are very specialized, know their job and no training is really involved. A getting to know your preferences time, but they already know their job. They will also be using a web based computer platform that can give you, your client, escrow, the lender controlled access. It is a great way for everyone to be on the same page. Clients like the 24/7 access as well as it is great for you to keep tabs on your TC 24/7.

Most of the on line management platforms also can lower your E&O because everything is time and date stamped that stands up in court. For example there would have a digital paper trail showing that the buyers were send emails, faxes, regardign the missing information. You can document when mail was sent, you can even send certified email. I do suggest even if you hire in house to go with a on line TC platform. I have looked and previewed quite a few if you want feedback on the systems from a TC viewpoint feel free to call or email.

I guess my last thing would be I would recommend hiring a TC licensed in your state. It reduces your liability since there are activities an unlicensed TC can and can not do. 

Best Wishes & Congratulations for needing to hire!!

Aug 15, 2008 07:07 AM
Es r
CSR - Huntington, TX

Pete & Heather,

I am not selling my company right now, but what you can do is "suggest" to the REO departments of the banks that you are working with, vendors that you would like to use. They are currently adding additional vendors to their approved vendor lists as they are overworking many of their current vendors. Some banks won't even talk vendors unless they are recommended by agents like you  in the market. Good luck.

Aug 17, 2008 04:09 PM