Online Transaction Coordination
Are you a real estate agent who prefers the selling process over burdensome paperwork and unrelenting phone tag? At Coordinator Pro we process each of your transactions virtually. The end result?—thorough follow-through, satisfied clients, and more time for you to list and sell property.
Efficiency for all parties in a setting of total security
Every detail of your transaction—documents, communications, scheduling—is preserved in an online password-protected file, and all invited parties (with selective permissions) have access to the transaction 24/7. Rather than chasing down contacts and playing telephone tag, you can simply log on and communicate directly with your clients, vendors, co-ops, title companies, attorneys—all invited parties to the transaction.
Online Transaction Management (OTM) allows us to deal directly with the buyers, sellers, co-op agent, title company, and vendors—as your Transaction Coordinator (TC), Gale Gallagher represents your company as part of your professional staff.
At the close of escrow, depending on the online software you have chosen, you have the option of an electronic record of the transaction on CD or zipped file via email. Both methods contain every detail of your transaction from open till close. There is a small additional fee for a CD file of your transaction.
What are the benefits of Online Transaction Coordination? How does it work?
- Online Transaction Coordination is available to individual agents, agent teams, or entire offices and brokers. Instant reporting provides the broker with a comprehensive overview of all transactions in the office at any given moment.
- Buyers and sellers can easily access their transaction via a secure password for up-to-the-minute status. Imagine how impressed they will be with such advanced technology in place to manage their closing process. What a great way to improve your referrals!
- Online TC creates a permanent record and audit trail of all documents and actions taken throughout the closing process. Every activity is time stamped and logged for permanent reference. Needless to say, this can provide added protection for the agent, broker and the client.
- Just imagine how easy this process can be for out-of-town buyers. They can log on for instant updates on their transactions simply by using their secure passwords.
- Orders can be placed with vendors directly from the Internet—they are able to fax the completed reports directly back to the site. From there your OTC posts notification or disseminates the information to all interested parties.
- You and your clients can receive automatic notification whenever a task is completed.
- An online calendar allows you to see the status of all your transactions at the same time.
- Online Transaction Management can be a great recruiting tool for attracting top agents. Being relieved from so many administrative tasks will certainly give them more time to list and sell. Some studies indicate there can be an addition of as much as 20% more productive time to an agent's day, which can significantly boost income.
Examples of what your action plan may contain as part of the closing process
- Verify all documents are properly executed.
- Ensure escrow has been opened and all parties have received their ratified documents.
- Ensure sellers have forwarded loan payoff requests to closer.
- Verify appraisal has been ordered.
- Follow up on loan approvals and loan docs.
- Monitor calendared contingencies and follow up on tasks.
- Ensure all disclosures are completed.
- Issue notification of inspections, walk-throughs, closings, and other appointments.
- Monitor compliance with contract terms and deadlines.
- Follow up with co-op agent, attorney, and title company regarding transaction documents and appointments.
- Upload and disseminate all documents, reports, and disclosures; provide follow-up.
Online Transaction Management Platforms
There are a number of platforms available to the real estate industry, however, the comprehensive features of SettlementRoom put it near if not at the top of the heap. TransactionPoint, a transaction management platform developed by Fidelity National Real Estate Solutions (FNRES), appears to be growing in popularity among real estate agents, offices, and title companies. Gale Gallagher is certified in SettlementRoom and and is currently studying for certification in TransactionPoint. Agents will benefit from an online demo of either or both programs. Demos are free, and they provide an overview of the basic features.
For further information, to order a flyer about transaction coordination, or to schedule a demo regarding preferred online software solutions, contact Gale Gallagher of Coordinator Pro.
Read more about Transaction Coordination in this interview with Gale featured at ePOWER! News.