Transaction Coordination, Contract to Close, Closing Coordination, Transaction Management… Whatever you call it, this is the one service you should consider adding to your business.
One of the challenges facing many agents today is keeping the paperwork and communications flowing during the closing process. When you’re out with new clients and can’t respond to calls or emails until the evening or the next day, the closing process for your Under Contract clients has been slowed down or sometimes derailed.
A Transaction Coordinator is on the job and working for you. She will be responding to those emails and phone calls during the day and making sure that everyone is “doing their job!” Then you can focus on new clients while still providing excellent service to your clients who are under contract.
Coaches and brokers recommend adding a Transaction Coordinator to your team when you are handling at least 20-24 sides per year. A Virtual Closing Coordinator just makes sense. Most Virtual Transaction Coordinators charge a flat fee per contract, paid at the closing. No overhead, no additional phones or computers to buy and no salary. Just pay as you produce!
Your Transaction Coordinator/Closing Coordinator is responsible for managing the process and deadlines, monitoring the progress, following up, communicating with all the parties in the transaction, and assisting your clients through the closing process. When you stop and think about it, there can be up to 12 parties involved in just one deal: buyers and sellers, co-op agents, escrow companies, title companies, closing attorneys, appraisers, inspectors and don’t forget the loan officers and processors. And with today’s market, deals are taking longer and are a bit more complicated!
The bottom line… when you get to the closing table and everything has fallen into place, then you look good and your clients are happy! Happy clients equal more referrals!