If you are a virtual assistant looking to specialize, consider Transaction Coordination. Transaction Coordination is only one service offered by a Real Estate Virtual Assistant, but it is a service that is in demand by busy real estate agents.
So what is Transaction Coordination?
Transaction Coordination is merely coordinating the closing process from the execution of the sales agreement to closing day. As Transaction Coordinator (TC), you are the main point of contact between the buyer or seller and the Title Company who will prepare the closing documents and conduct the title search. Here’s an overview of the tasks you’ll do as a TC:
- Review all contracts for compliance
- Submit all contracts to the Agent’s designated office personnel
- Research municipality requirements and inform the seller of their responsibilities
- Schedule and confirm the closing date and time
- Close out the listing in the multiple listing service
- Update agent’s database and arrange for closing gifts.
Is Transaction Coordination complicated?
Absolutely not. You have to create a checklist based on the requirements of the agent you are working with and just follow your checklist. It is that simple. There is a belief that working as a TC is complicated. I do not think that is the case. I think the problem lies with training. Most times when a real estate agent is ready to hire an assistant, they do not have the time to do thorough training. That is why educating yourself prior to accepting a transaction coordination assignment is important.
What skills do you need to be a Transaction Coordinator?
You need some basic skills to be an effective Transaction Coordinator:
- Ability to read and extract information from sales documents. You will need to find the important dates and information in the sales agreements.
- Know when to ask questions. Don’t make assumptions, missing a deadline can be detrimental to a sales transaction. Better to ask the question now than to delay closing.
- Attention to detail. You must review your files and update information frequently throughout the closing process to be certain deadlines are met and requirements are completed.
- Take initiative. Do not wait for direction from your agent. Be sure everything is done that needs to be done in the timeframe required. Don’t assume it is complete without verification.
- Positive mindset. Your mindset may be your most important skill. You will be called upon to be an extension of your real estate agent, preserving the agent’s reputation. A positive happy tone will be an important asset. Frustration can occur in any transaction and you just can’t lose your cool.
What is not involved in being a Transaction Coordinator?
You will NOT be responsible for writing contracts, negotiating contracts and all things legalese. I set up my practice so that the agent I am working with is responsible for all contract negotiations including the home inspections. This is truly an aspect that the real estate agent must handle themselves due to fiduciary and contractual requirements they have with their client as well as licensing laws.
Do I have to have a real estate license?
Holding a real estate license is not a requirement to become a TC. You are performing administrative tasks and not handling the duties that would require a real estate license. Each state defines what a licensed and unlicensed assistant can do. Always be sure to check the state requirements.
Is Transaction Coordination for you?
Consider taking a look at this specialized niche. The Association of Real Estate License Law Officials (ARELLO) estimates that there are about 2 million active real estate licensees in the United States. Imagine if you had even 1% of those agents as clients … you’d have 200,000 clients. Realistically, I find that I can handle an average of 10 clients at one time so you can see how relatively easy it will be to get all the clients you need.
Cindy Winslow is the owner of CW Virtual Associates and is also a licensed real estate agent. Having been in the real estate industry for 20+ years, Cindy has a wealth of knowledge to share. If you are interested in exploring a niche in Transaction Coordination further, Cindy will be offering a course this fall. Sign up on the waiting list now so you can be notified when registration opens. http://eepurl.com/bTY7jL