Introduction to Virtual Transaction Coordination
Welcome, and thanks for visiting! If you're curious about what a virtual transaction coordinator is and their role, you're in the right place.
My name is Joni Bickel, a seasoned Real Estate Broker and the founder of The Transaction Coordinator Bootcamp, offering specialized training for those aspiring to work remotely in real estate. With decades of experience since 1987 and based in Washington state, I'm here to share insights into this dynamic role.
Understanding the Role of a Transaction Coordinator
What Does a Transaction Coordinator Do?
Every state in the US has different regulations for a transaction coordinator but the process and purpose of a transaction coordinator is generally the same in every state across the US.
A transaction coordinator’s job is to manage the sale from mutual acceptance to closing. This means that once a buyer and seller have completed all the negotiations from the sale of a property and have reached mutual agreement or mutual acceptance. That is the time the transaction coordinator’s job begins. They are not any part of the process before that time happens.
Their duties include:
- Broker compliance for the purchase and sale agreement and all required disclosures and documents.
- Responsible for making sure all the documents are filled out correctly and completely.
- Make sure the earnest money is deposited into escrow on time.
- Tracking contingency deadlines such as inspections and financing.
- Coordinating inspections and appraisals.
- Managing the lending process and keeping all parties informed and up-to-date.
- Coordinate signing closing papers and any walkthroughs that need to be scheduled beforehand.
The Distinction Between a Transaction Coordinator and a Real Estate Assistant
Maybe you're wondering if a transaction coordinator is the same as a real estate assistant. Or maybe you're wondering if you have to work in an office to be a transaction coordinator.
A transaction coordinator is NOT the same thing as a real estate assistant. The type of virtual transaction coordinator I am talking about is an independent contractor who works virtually from anywhere they want.
You can be sitting at home in your PJs or yoga pants drinking a cup of coffee and still be connected to the real estate community doing your job virtually working from home each and every day.
The Advantages of Being a Virtual Transaction Coordinator
Work-From-Home Benefits
- Maybe you’re stuck in your 9-5 grind and looking for something more rewarding.
- You want to stay at home with your kids and earn some extra money.
- Or maybe you want to be your own boss and call the shots but you're not sure how.
Embracing the role of a virtual transaction coordinator opens doors to a flexible, home-based work environment. Whether you're seeking a rewarding career shift, aspiring to spend more time with your family, or aiming to be your own boss, this path offers substantial opportunities for personal and professional growth.
Why Real Estate Agents Need Transaction Coordinators
Enhancing Efficiency and Focus
For real estate agents, time is a precious commodity. Real estate agents usually excel at interacting with buyers and sellers. They are a people person and enjoy getting out of the office and meeting with clients. Showing houses and going on listing appointments is what makes them money. Not doing administrative tasks such as paperwork.
That is where you as a TC can be most valuable to a Real Estate Agent. Transaction coordinators play an integral part in the closing process for an agent. You free up their time to go out and sell houses. A typical transaction can take an agent anywhere from 12-20 hours of paperwork during the lifecycle of a transaction. That is a lot of time a real estate agent can use to meet new clients and sell more houses! That can also free them up to spend time with their families and enjoy their hobbies.
It doesn’t take much to convince an agent that you can help them make more money if they use your services.
Once they trust you and know that their business is well taken care of by you they will spread the word. That will be your best marketing strategy to earn more clients. Busy transaction coordinators can work on 20- 40 files a month. Some even much more than that!
Building Your Business as a Virtual Transaction Coordinator
Steps to Success
Starting your own business as a virtual transaction coordinator is not just a dream. With dedication and the right approach, you can set your hours, manage your workload, and significantly impact your income by offering additional services:
Other admin tasks such as:
- Social media
- Advertising
- Marketing material and graphics
- Direct mail
- Branding
- Blogging
- Organizing their business
- Database management
- Client care
Learn More about The Transaction Coordinator Bootcamp Training
Interested in diving deeper into the world of virtual transaction coordination? The Transaction Coordinator Bootcamp is your gateway to mastering this fulfilling career. Discover comprehensive training, insider tips, and everything you need to kickstart your journey as a successful virtual transaction coordinator.
Learn more about The Transaction Coordinator Bootcamp here.
Blog posts about Remote/Virtual Transaction Coordinators:
How to Start an online business as a Virtual Transaction Coordinator
How Much Does a Virtual Transaction Coordinator Make?
Our Virtual Transaction Coordinator Bootcamp
Please leave a comment below and tell me if you have ever thought about being a real estate transaction coordinator. I would love to hear from you! Email me anytime at hello@inspiredhouseandhome.com
