Transaction Coordinator

Real Estate Transaction Coordinator

Over the years, requirements that have to be met to successfully close real estate transactions have evolved. Every transaction is different and can be complex depending on the state and local county laws & requirements. Hence, engaging a Transaction Coordinator is the key to seamless closing experience. While it is usually sellers who engage a Transaction Coordinator, even Real Estate Agents are now engaging them. This helps them focus on the core aspect of the Real Estate Business – Get More Clients!

A Virtual Assistant (VA) for Real Estate can manage the Transaction Coordination tasks. The VA helps Buyers/Sellers/the Real Estate Agent by –

Managing the closing process seamlessly
Manage and resolve any issues requirements that come up
Acting as the point of contact for better coordination

Let’s take a look at the Transaction Coordination tasks that a Virtual Assistant (VA) can manage –

Follow-ups

To follow-up with the parties involved in the transaction is time consuming. A Virtual Assistant(s) can manage these tasks with ease. Here's something that they can do -
A. Follow-up with various parties involved - buyer, seller, escrow & various other third parties
B. Draft & send the communications to various parties involved
C. Send reminders to you and others on approaching deadlines
D. Keep a close watch on the closing process and follow-up with relevant parties to ensure it stays on track

Manage Documentation

Every purchase-sale transaction requires documents to change hands. Drafting these documents and making relevant changes can be time-consuming. A VA can -
A. When working with a Real Estate agent, draft the purchase contract
B. Review the purchase contract to ensure it is complete
C. Work on drafting the Seller's Disclosure Packet which can run into many pages depending on the city, state, and county.
D. Work drafting addendum as necessary
E. Review the transaction file before the close of escrow to ensure everything is in order
F. Review the contract documents to check for any inconsistencies
G. Send copies of the relevant documents to the right parties & follow-up with them for signatures

Deadlines & Contingencies

In order to ensure the transaction stays on track, it is important deadlines are monitored closely. The VA can do the following -
A. Monitor the deadlines during the contingency period & keep track of the progress
B. Work on serving a demand notice to the buyer if he is unable to meet the timelines
C. Track the progress of the mortgage process
D. Ensure the mortgage underwriter has all the documents made available so that approval process can move ahead
E. Follow with the buyer & get the contingency removal form by the contingency removal date or serve the buyer a notice to perform

Other Tasks

Apart from the ones mentioned above, there is more a Virtual Assistant hired as a Transaction Coordinator can do. Let's take a quick look at these tasks -
A. Deal and manage the request for waivers
B. Coordinate & manage the final walk-through
C. Coordinate & manage the move-out schedule
D. File/organize the paperwork for a transaction in relevant folders
E. Create a transaction management file to keep a tab of the open, in-progress and closed transactions
F. Assist in any tax compliance rules & assist in creating a complete tax file for your clients which can assist them in their tax filings

That’s an exhaustive list of tasks/activities that a Real Estate Virtual Assistant can manage when hired as a Transaction Coordinator. Do you need a virtual assistant services company that can help you prepare a mutually rewarding plan to outsource tasks to virtual assistant(s) or a virtual assistant team? Let’s Connect and we will assist you to make your business less tiresome.