Whether or not to hire a transaction coordinator is a question many brokerages and agents will face during their careers. Once a home is under contract, it’s not time to relax–especially if you’re handling the coordination yourself. From opening escrow, handling inspections, handling contingencies, repairs, to communicating with clients on the details/deadlines of the title transfer, it can be a lot.
And it can be a lot to risk. The last thing you want to see happen is to have a deal unravel due to details falling through the cracks, while only inches from the finish line.
That is why agents opt to hire transaction coordinators to handle all of the intricacies surrounding a real estate deal, allowing them to put their attention towards generating new business, and managing the intra-personal client relationships.
So what should agents/brokers do?
The usual scenarios we see play out are, (i) brokerages hire a salaried coordinator, (ii) agents will use their own outsourced coordinators on a transaction per transaction basis.
The pros and cons of brokerages hiring a salaried coordinator primarily lie in the structure of the employment agreement. Employees can be costly and get bogged down during the busier times of the year (Summer in most markets), which keeps the clients waiting and pushes the GCI (Gross Commissionable Income) further down the road.
If this happens, top producers are going to look elsewhere for their transaction coordination—most likely to an outsourced person. Which for agents, this has its pitfalls associated with it. One, there is no commonality when it comes to following procedures or using the same software amongst coordinators.
That is a nightmare for any broker or agent who’s looking to scale their business. Like any other business, the way to grow is through repeatable experiences for clients and systems for internal procedures.
But what if there was another way?
The new wave of real estate is here, and its backbone is technology and professional service providers. By utilizing technology, real estate businesses have been able to grow faster, smarter, and bigger than ever before. From the seemingly endless CRMs, listing providers, lead generators, etc., it can feel a bit robotic running your business.
That’s because, despite real estate’s backbone being in technology, it’s heart is in the brokers and agents who push the business forward.
That is why we made REBO (Real Estate Black Ops), a place where we could use all of the advantages of technology, and combine it with the human touch.
What is REBO?
Unlike private transaction coordinators, REBO is a transaction coordination service that allows brokerages to implement a seamless system, with professional transaction coordinators. This provides a secure and consistent process that opens the doors to scaling, ensures all documentation and steps are followed while providing excellent service/visibility to your agents’ clients.
How much does it cost?
As we mentioned above, having a full-time employee dedicated to transaction coordination can be costly–especially if sales are slowing. Brokerages have to provide a place to work (overhead), supplies (computers, printers, software, etc.), and stay on top of payroll taxes (more expense and liability). That’s why we charge a flat fee per transaction, so you don’t get caught paying for something you’re not using as a broker.
What does REBO handle?
We handle the transaction process from opening escrow until the money ends up in the seller’s hands. With REBO in your corner, your transactions can be processed efficiently and securely while leaving you the time to run your real estate business.
All-in-all, for a business to scale it needs the perfect blend of human touch, backed with great partners. As the growing need for uniformity and scalable systems becomes apparent for real estate professionals, REBO is there to help fill in the holes in the transaction coordination process and get your deals across the finish line faster and in a more efficient way.