Thinking about hiring a virtual assistant or virtual transaction coordinator to help with your workload?
Great idea! But do you know the differences between the two and which one would be most suitable for your real estate business?
Before deciding whether a virtual assistant or transaction coordinator is best for you, understand what each one does.
What’s a Virtual Assistant?
A VA (virtual assistant) typically works remotely and freelances their services as an administrative, creative, or technical assistant to various businesses and professionals.
VAs often have experience in many fields and can help with various tasks related to their experience and training. Many people refer to them as “jack-of-all-trades” due to their ability to work for multiple industries.
What’s a Transaction Coordinator?
A TC (transaction coordinators) specializes in the real estate and related real estate industries: mortgage loan; escrow; finances; legal; and may or may not be licensed but work under a licensed professional. Most states do not require a licensed TC to manage transactions, and most TCs have extensive experience in one or all of those pro-mentioned industries.
Today, a typical TC works in-house as permanently employed, but more and more real estate professionals outsource these services. Most outsourced TCs work independently and remotely.
Furthermore, transaction coordinators have been specially trained to comply with each transaction’s state requirements and have a deep understanding of all the documents involved. A TC can be a tremendous help managing a transaction by walking it through the nuts and bolts and challenges most agents face in closing a successful and timely transaction.
Which One Is Best For Me? Sample of Pros and Cons
Whether to hire a transaction coordinator or a virtual assistant is a very personal decision.
It all depends on the nature of your real estate business, the level of support from your staff you already have working for you, how busy you are, and most importantly – which direction your business is heading!
The high volume of transactions poses challenges for real estate professionals as details, and critical tasks demand undivided attention from agents. In this case, a well-trained and experienced transaction coordinator can help offload the work so that agents can focus on selling homes and growing the business.
If you can still handle your own transaction and need assistance with administration, you may benefit from a VA. A VA could add value to your business by assisting you with routine administrative tasks such as creating marketing material, general administrative duties required to run an efficient office.
However, as your business grows, you would probably benefit from hiring an experienced transaction coordinator.
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