Real Estate

Expanding Your Real Estate Business: Should You Hire a Transaction Coordinator?

If you are looking to expand your real estate business, you could consider hiring a transaction coordinator.

Once you have ratified a contract between a buyer and seller, a transaction coordinator can take over to handle everything from the communication between parties to the management of Escrow and the deal’s closing.

Hiring a transaction coordinator can be a great first step in expanding your firm, so let’s take a look at the advantages of adding this professional to your real estate team.

Another Pair of Eyes Will Help You to Achieve Smooth Sales

If you hate handling paperwork, you will dislike a large part of your professional life as a real estate agent. Contracts in the real estate industry are long and complicated with multiple disclosures.

So, it can be frustrating and take a long time, to handle paperwork accordingly and ensure you do not miss deadlines or an appointment with a client in town on short notice.

By hiring a transaction coordinator business professional to look over contracts, you can avoid costly mistakes.

A transaction coordinator will ensure that all compliance and dates are met, and check to see that everything is in place for sales to be delivered and closed on time.

You Will Gain More Free Time to Take Your Business to the Next Level

By getting a transaction coordinator on board, you will have more time to spend on other areas of your business (like real estate investing) instead of having to handle every element and issue of a contract up to its close.

With someone else to do the work on your behalf, you will have fewer interruptions and be more in control of your time.

Once you hire a transaction coordinator, he or she can review contracts for compliance and perform all actions and communications throughout the sale process from clients, lenders, insurers, and so on.

With a huge chunk of your tasks and duties in the safe hands of a professional transaction coordinator, you can move on to finding new clients and securing new contracts.

You Do Not Need to Waste Time and Resources on Hiring Admin Assistants

One of the first steps to take in expanding any business is to hire more staff. However, some real estate agents believe the best approach is to hire and train an admin assistant.

The truth is it is difficult to find an unqualified person who can learn the real estate business quickly. As you will already know, it takes time to master the many nuances and details of real estate contracts and transactions.

So, hiring and training someone with no or little expertise can take up a lot of your valuable time, especially if you end up hiring and losing assistants in quick succession.

If you really want to expand your business, you need to have the time to spend on those expansion areas, so it is imperative you hire someone who knows precisely what they are doing.

A transaction coordinator already knows contracts inside out and has the systems in place to deal with them professionally.

Hiring a Transaction Coordinator Can Increase Your Income

There are many reasons for wishing to expand a business, but ultimately, the main reason for expansion is always to generate more income.

Quite simply, the more professionals you have on board to help you close sales, the more revenue you can create. Sure, you will have to pay your transaction coordinator their fees, but every business person knows it takes money to make money.

It will be more than worth investing in a transaction coordinator if it means you can double your number of closings each month. Double your closings, and you can double your income.

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