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COMMERCIAL REAL ESTATE TRANSACTION COORDINATOR HOW TO

Reduced Labor Costs Up To 70%Ī study from Dot Loop suggests in-house transaction coordinators make around $50,000/year. This eventually resulted in a massive demand for both in-house and outsourced transaction coordinators.īut, how do you know if you need to hire locally or outsource virtual assistants from countries like the Philippines? To help you decide, here are some of the benefits you get from outsourcing. Meanwhile, others quit in fear of imminent layoffs.Įventually, the world began recovering from the pandemic, there was a huge demand for real estate. As a result, many transaction coordinators were laid off in early 2020. Benefits Of An Offshore Virtual Real Estate Transaction Coordinatorĭuring the pandemic, the real estate industry was hit hard. That said, here are some of the benefits you get when you choose to outsource a transaction coordinator for your firm. Still, the pros of hiring a real estate virtual assistant massively outweigh the cons.

COMMERCIAL REAL ESTATE TRANSACTION COORDINATOR HOW TO

Moreover, you also need to consider the risk of outsourcing and how to effectively manage it. Documenting buyer-seller communications.Īs a rule of thumb, the best way to utilize a transaction coordinator still depends on the specific needs of a real estate firm.Providing the lender with all necessary paperwork.If purchasers miss deadlines during the contingency period, send demand notices.Sending buyers, sellers, and lenders contracts.Signing contracts in the appropriate areas.Checking on the buyer during the contingency period.Make sure documentation is submitted on time.

Opening escrow and depositing the buyer’s money until settlement.

That said, here are some of the specific tasks you can assign to an offshore real estate transaction coordinator: However, because this is somewhat of a niche within the real estate industry, you have to be sure that your firm hires a qualified real estate virtual assistant. Tasks You Can Delegate To A Virtual Real Estate Transaction CoordinatorĪ virtual assistant that handles real estate transactions takes up a broad range of responsibilities. Furthermore, you can save up to 75% on labor costs when outsourcing this specific role. As a result, real estate agents gain more time to do dollar-productive core tasks. So, everything from initial contracts to a settlement can be streamlined. Luckily, that’s where a virtual real estate transaction coordinator comes in.Ī remote transaction coordinator easily handles all the paperwork and deadlines. Plus, scaling the business becomes an issue as more employees are needed to handle increased workloads. In real estate, every transaction comes with several documents that need processing – this takes up a lot of time.