Real Estate Transactions Frequently Asked Questions
Q: What does REBO stand for?
A: REBO stand for Real Estate Back Ops.
Q: What is Real Estate Back Ops?
A: Real Estate Back Ops is the name of our company. REBO helps real estate brokers and real estate agents manage and complete real estate transactions.
Q: What is a real estate transaction?
A: Once an offer on a home is accepted, the property goes, “in escrow,” which is generally a 30 day process during which inspections can be done by the buyer, transfers of funds by parties can be made through a neutral third party account, and details of the purchase contract are hashed out before the final purchase is made.
Q: What is real estate transaction management?
A: Transaction managers handle all the data entry and organization to make the transaction coordinator’s life easier. They go through the purchase contract and extract all dynamic factors such as inspectors, dates, signatures, party names, etc., and enter that information into a transaction coordination software platform.
Q: What is real estate transaction coordination?
A: The process of organizing and communicating scheduling, missing documents, missing signatures, addendums, etc., between all parties involved in the transaction. This process begins with the acceptance of an offer, and ends when the buyer has received the title to the home and the seller and all other beneficiaries have received their funds.
Q: What is a transaction coordinator?
A: The transaction coordinator is responsible for carrying out the transaction coordination process. They determine what step needs to be carried out next to move the transaction along and communicate with all parties involved to see to it that step is taken care of within the schedule set by the purchase contract.
Q: Why do real estate brokers need transaction coordinators?
A: Transaction coordination is a time consuming, complex process that requires expertise and licenses to undertake. Transaction coordinators are legally qualified and relieve agents of the tedious paperwork and scheduling involved allowing them to focus on their marketing.
Q: Why do real estate agents need transaction coordinators?
A: Transaction coordinators are legally qualified for the work and effectively relieve agents of the tedious paperwork and scheduling involved allowing them to focus on their marketing. The idea is that the cost incurred by an agent of hiring a transaction coordinator will be less than the additional profit made with the excess time the coordinator provides them.
Q: What does REBO cost?
A: REBO charges a flat transaction fee for completed transactions.
Q: Where does REBO provide services?
A: In any and all of the 50 states. REBO transaction coordinators work remotely so there’s nowhere agents can’t be serviced.
Q: Who does REBO help?
A: REBO helps agents by handling their transaction coordination paperwork and giving them more free time to market themselves and manage their client list. REBO helps brokers by freeing them of salaried transaction coordinators with benefits and keeping their transaction coordination costs consistent with their production keeping them in the black throughout the year.
Q: I only do a few transactions a year. Can I still hire REBO?
A: Yes. REBO can handle any number of transactions.
Q: I am a super agent and complete a few hundred transactions per year. Can REBO handle that many transactions?
A:Yes. REBO can handle any number of transactions.