Let’s start by affirming that in terms of responsibilities, there’s no difference between a virtual real estate contract coordinator and a traditional contract coordinator. However, while a traditional contract coordinator works physically in a real estate office, the virtual transaction coordinator works remotely and can work with more than one client at once.
The virtual contract coordinator manages the contract closing process online and ensures that the entire process is not just well monitored, but all necessary paperwork is appropriately filed.
Apart from possessing the same skills and requirements needed to be a contract coordinator, a virtual contract coordinator also must be proficient in using the internet and different other online applications relevant to the job.
Using virtual assistants is not limited to the real estate industry. Many sectors have found the process of outsourcing assignments a very productive way to manage resources and make more profit.
For greater efficiency, TCs perform all the necessary tasks required to close the deal, while the agents focus on selling more homes. However, contracting virtual transaction coordinators even make the process even smoother for the agent as they are cheaper to hire.
But we must note that not all transactions are well suited for virtual transaction coordinators. So, naturally, there are pros and cons to hiring them. But overall, using virtual assistants makes better business sense.
Pros of Using Virtual Contract Coordinators
Larger pool to hire from
When hiring a traditional contract coordinator, the agent (or house owner) is often limited by choice. However, with virtual TCs, there’s no such problem. You have a very large pool to draw from. And there are no shortages of talents. Having such a large number allows you to pick the best based on their track record. You can also assign different contracts to different TCs. Such opportunities are not available with traditional contract coordinators.
Distance/Geographic location is not a barrier.
Sometimes, the transaction coordinator you wish to hire is far away from you. With virtual assistants, distance is not a barrier. You can hire from anywhere as long as the capacity to deliver is assured.
The greatest advantage of using virtual assistants is cost-efficiency. The reason why virtual TCs offer a more competitive price is the freedom they enjoy in their jobs. More importantly, an agent would find TCs who are domiciled in areas with cheaper cost of living, who would naturally offer cheaper rates. It makes business sense to contract virtual assistants as they deliver more for less.
Lots of experience
Virtual transaction coordinators have more experience than traditional TCs because they are used to performing multiple jobs at once. Because they work remotely, they often manage more than one contract at the same time. This improves their capacity to deliver while they garner greater experience on the job.
Cons of Using Virtual Contract Coordinators
Inability to monitor the progress of work effectively
While real estate agents are always happy to get TCs on board, they often need to be carried along on how the deal is progressing. With virtual assistants, agents lose a lot of control over the process. Agents are not always bothered by this though unless some bottlenecks arise.
Risk of not closing up on time
Because most virtual assistants work on more than one contract at a time, there’s the risk of not closing the deal on time. While this is very rare, it is a possibility.
So, overall, if you’re able to ensure the hiring process is credible, virtual transaction coordinators would free up even more time and resources to achieve more in your business.
Hi, I’m Sean and welcome to Close Concierge. I’m a licensed real estate agent in the state of IL (license #475202452). I’m also an active real estate investor and previously was CEO of a transaction coordination company, as well as a property manager. In total, I’ve been a party to more than 600 real estate transactions! I write on this website about once every week to answer some of the most common questions I come across on a day to day basis within real estate.