Preclose Blog

Transaction Coordination Services: In-house VS. Outsource

9/11/19 2:45 PM / by Tori Nardone

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Transaction Coordinators are a critical component of any real estate transaction. If you’re a real estate professional and haven’t utilized one of these highly-skilled individuals yet - what are you waiting for?! Transaction Coordinators take care of all of the administrative duties that come along with a real estate transaction and free you up to stay focused on lead generating activities. Whether you’re thinking about taking the incredibly smart leap to utilize a Transaction Coordinator for the first time or evaluating your current Transaction Coordinator’s role within your business, it’s important to know what services are available to you. In this article, we take a look at the different options that are available for Transaction Coordination services.

In-house

Hiring an in-house Transaction Coordinator is great for large teams who want someone onsite to field all client communication. An in-house TC is an integral part of your team and will be your go-to guy/gal for all things administrative. While hiring and training an in-house TC can be laborious, it will be well worth it to centralize this function for your team. When bringing this function in-house, it’s important to know the skills and traits that your TC should have to be successful. For more info on what we think makes a rockstar TC, check out this blog post.

Outsource

Virtual TC

A Virtual TC is a great option for perhaps a solo agent who isn’t ready to create a team or doesn’t want to hire and train someone themselves. The pros of Virtual TCs are that they will have their own systems in place, will likely be available at any given time, and can work from anywhere in the world. So, no matter where you go, you know that your Virtual TC will “be” there with you!

Mom & Pop

Mom & Pop TC services are also a great option for agents who aren’t ready to bring on a permanent TC. With Mom & Pop TCs, you’ll feel more like they are an extension of your company because they will be “real,” usually local people who play a big role in each of your transactions. Mom & Pop TCs have likely been in the biz for a long time, so they’ll know the ins and outs of real estate and be able to guide your clients to the closing table with ease. The one downfall of Mom & Pop TCs is that they are likely spread pretty thin, managing multiple transactions at a time with few members on their TC team.

Third-Party

Third-Party TC services (like Preclose!) are amazing resources for those who want to scale their business and who also want a dedicated TC on their team without the hassle of overhead costs like hiring and training. Third-Party TCs will be a dedicated point of contact for your clients and someone who (like Mom & Pop TCs) will be an extension of your team. Third-Party TC companies likely have a large team of TCs on their staff to allocate to new accounts as they come in. These companies ensure that each TC only has a set number of transactions at one time so that every client is taken care of with the utmost importance.

So, which TC service is right for you? With so many valuable options, it’s important to take into account the current state of your business and your goals for the future to make the decision of which service to select.

Interested in Third-Party TC services? Email us at hello@preclose.com to get started!

Topics: Transaction Coordinator, Transaction Management

Tori Nardone

Written by Tori Nardone