How to know if you need a transaction coordinator!

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

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!!

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.