Providing real estate agents with all the tools necessary for them to effectively conduct business is at the forefront of every broker’s docket. Ideally, they can do this while simultaneously reducing legal exposure, lowering expenses, and reducing the risk of agent turnover.
Achieving this perfect balance between functionality and security is difficult when brokers hire transaction coordinators as salaried employees for the following reasons:
Salaried Employees Get Benefits
Having transaction coordinators on payroll can be costly to a brokerages bottom line both in terms of cost/sale and benefits provided to employees.
A large number of TCs are unlicensed or have expired licenses.
A growing number of states like California are requiring transaction coordinators to be certified.
The ambiguity and volatility of these laws between states makes them difficult to interpret, and puts the broker at a greater legal risk by continuing the practice of hiring transaction coordinators who aren’t certified.
Agents are Loyal to their Coordinator
Agents often align their loyalty with their in-house transaction coordinator.
If the coordinator is poached by another brokerage, the agent may very well leave with them and vice versa.
If a transaction coordinator retires, this can create an unstable relationship between the agent and the brokerage if the new coordinator assigned to them doesn’t meet their standards, resulting in the agent leaving the brokerage.
Transaction Coordinators Don’t Use the Same Transaction Software
There’s often a difference in opinion among coordinators as to what the best transaction coordination software is.
This can result in the broker subscribing to multiple transaction coordination platforms, which is an unnecessary cost.
Alternatively, the broker could force the coordinators to all use the same platform, which will result in disgruntled employees and raise the likelihood for error by the coordinators who are forced to learn a new software, increasing legal exposure.
Each transaction coordinator has a preferred method of carrying out their tasks.
Some prefer to use DropBox, others use Docusign. Some store their PDFs in a folder on their Desktop, others in Google Docs, etc.
The non-conformity between how each transaction coordinator carries out their coordination responsibilities and how they store their files results in a greater hassle when file or correspondence retrieval becomes necessary, and in extreme cases, loss of files.
REBO CAN HELP
Fortunately, there is a simple solution for all of these issues.
Brokers that sign up with REBO instead of employing transaction coordinators:
- Save money
- Reduce legal exposure
- Reduce risk of agents leaving
Ready to find out more?
To learn how about how REBO can help you today and take advantage of our special offer click below!