Primary Benefits of Utilizing a Transaction Coordinator
All parties involved in Real Estate the transaction benefit from the services of a Transaction Coordinator.
The following are the primary benefits of utilizing a transaction coordinator:
[if !supportLists]Focus on Core Competencies
Hiring someone to do the transaction process releases the Agent of administrative responsibilities, allowing Agents to create relationships and drive new business. The synergy created by individuals focusing on their core competencies enables increased efficiencies.
[if !supportLists][endif]Quality Control
Agents often experience a lack of oversight into the monitoring and regulation of processing transactions. Many times, Brokers have little visibility into what activities are taking place by each agent. By adopting a Transaction Coordinator, Brokers may centralize and standardize the company’s processes.
[if !supportLists]Risk Management and Reduced liability
Most insurance companies offer a reduced E&O (Errors & Omissions) premium to the Brokers that have standardized their transaction process.
[if !supportLists]Recruitment and Retention Edge
Successful Agents leverage new processes and other differentiators early to attract clients. Having a Transaction Coordinator may be an excellent way to differentiate the Agent’s suite of services. Even the “Control-Freak” agents will relinquish the responsibility to a Professional TC.
[if !supportLists]Customer Satisfaction & Repeat Business
Consumers expect to be kept in the loop and to receive immediate answers regarding their affairs. Realtors are busy people and, when available, don’t always have the answer on hand. Consumers will find that in working with a Transaction Coordinator who is more readily available, allows them quicker and more comprehensive answers to their questions. These benefits add up to improved customer satisfaction, referrals and repeat business.
[if !supportLists]Focus Agents on finding new clients and selling property
Today, Realtors are trapped in an arcane web of. A lot of time is spent on the phone, fax, and e-mail ordering products and services and checking on their status. Using transaction coordination, much of this time could be more profitably spent finding new clients, selling property, and other tasks that increase productivity.
[if !supportLists][endif]Time Savings and Opportunity Costs
The average agent spends approximately 19 hours managing a transaction compared to a TC’s average of 12.5 hours. The time spent managing the transaction, has a significant financial impact on the agent. For example, an experienced Real Estate agent earns $75,000 a year (equal to $37.50 an hour); the agent will spend in excess of $700 in his/her time managing a transaction. The average fee for a professional TC is $240. Utilizing a professional coordinator can save the Agent over $400 in time.
Many of these benefits can directly and in-directly affect all three parties relevant to the transaction.