The secret to investing virtually and ensuring how to get paid
Virtual “Online” Transaction Coordination is the latest in time saving method.
What are the benefits of hiring a Virtual Transaction Coordinator?
Transaction Coordinators are responsible for managing and monitoring the transaction process through interfacing with real estate professionals, clients, customers, vendors, title and escrow, attorneys, and lenders. Transaction Coordinators are responsible for maintaining the escrow closing process and completing all tasks assigned during the normal transaction process of the Broker and/or Agent.
When you start to invest virtually, and you don’t want to worry about the selling process and all the required paperwork and unrelenting phone follow-ups! You can do all your transactions virtually. The end result?—thorough follow-through, satisfied clients, and more time for you to list and sell property. This is great if you want to grow your business and spend more time doing the things that make you money. Making Offers and Selling them! Virtual Assistants use don’t take up space in your office, nor do they use your equipment. VA use their our own software, Internet connection and phone lines. Not only that, but you don’t have payroll taxes, health benefits, or vacation/holidays to pay. No make-busy work when times are slow, no trying to control employee personal phone calls, water cooler conversations, and so on. We work on a time clock and you are billed ONLY for time expended on your behalf.
Listen in while I interview Michelle Spalding of TMC
What are the benefits of Online Transaction Coordination? How does it work?
- Buyers and sellers can easily access their transaction via a secure password for up-to-the-minute status.
- Online TC creates a permanent record and audit trail of all documents and actions taken throughout the closing process. Every activity is time stamped and logged for permanent reference. Needless to say, this can provide added protection.
- Investing out of area? You can log online for instant updates on your transactions simply by using their secure passwords.
- Orders can be placed with vendors directly from the Internet—they are able to fax the completed reports directly back to the site. From there your OTC posts notification or disseminates the information to all interested parties.
- You and your clients can receive automatic notification whenever a task is completed.
- An online calendar allows you to see the status of all your transactions at the same time.
Examples of what your action plan may contain as part of the closing process
- Verify all documents are properly executed.
- Ensure escrow has been opened and all parties have received their ratified documents.
- Ensure sellers have forwarded loan payoff requests to closer.
- Verify appraisal has been ordered.
- Follow up on loan approvals and loan docs.
- Monitor calendared contingencies and follow up on tasks.
- Ensure all disclosures are completed.
- Issue notification of inspections, walk-throughs, closings, and other appointments.
- Monitor compliance with contract terms and deadlines.
- Follow up with co-op agent, attorney, and title company regarding transaction documents and appointments.
- Upload and disseminate all documents, reports, and disclosures; provide follow-up.
Here is the direct link to my virtual transaction coodinator http://protmc.com/duncan
To get a list of virtual closing coordinators, simply Google “virtual +closing +coodinator”