5 Reasons Outsourcing TC Services is Smart for Real Estate Agents

5 Reasons Outsourcing TC Services is Smart for Real Estate Agents

Thinking of hiring an in-house TC? Here are some reasons you might consider outsourcing to an independent TC instead:

  1. No salary, payroll taxes, or benefits to pay, especially when times are lean. Independent TC fees are also tax deductible!
  2. No researching, learning and setting up apps and training manuals for transaction management. Independent TCs have the systems, apps, and checklists already in place.
  3. No hiring, training or managing staff. A bad hire is money and time lost. Independent TCs already have the highly trained, efficient, experienced and skilled staff.
  4. No extra E & O insurance needed. Independent TCs have their own policies to cover the work they do.
  5. Independent TC fees can be essentially free, if you choose to charge your client a transaction fee!

Are you ready to outsource to an independent TC? Call (727) 291-9117 or email us at info@cooktransactionservices.com. We serve agents, teams and brokerages in 5 states and counting! cooktransactionservices.com

Are Your Clients Confused?

Are your clients confused? Blowing up your phone, asking questions?

They won’t if you’re using Cook Transaction Services. We provide education and guidance every step of the way, so your clients know exactly what to expect and what’s expected of them throughout the process, from listing to close.

We also provide three types of reminders to make sure they never miss a deadline or appointment, such as making their earnest money deposit or showing up to their final walk through. We send them calendar invites, it’s in their mobile app/portal, and they get text reminder the day before.

It’s time to expect more from your TC. And we deliver on it.

Reminders Are Important

Reminders are important! We’re all very busy these days and need all the remindes we can get. That’s why at Cook Transaction Services, we provide the following types of reminders:

For our agents:

  • Calendar invitations for events they need to attend (e.g. closings, final walk-through, home inspection)
  • Agent Portal on their smart phone gives them instant access to all property details, deadlines, statuses, documents and contacts.

For our buyers and sellers:

  • Calendar invitations for all events, deadlines they are responsible for, or someone is coming to their house (e.g. buyer’s earnest money due, seller’s appraisal or home inspection)
  • Text reminders with date, time and address of event
  • Email with date, time and address of event; education for what needs done, how and why
  • Client Portal on their smart phone gives them instant access to property details, deadlines, statuses, documents and pertinent contacts

Overwhelmed Agent?

Overwhelmed agent? No worries, we’ve got you!

We offer Listing Management, Contract to Close, and Compliance Only packages. Not only are we licensed, insured and experienced, but we make our agents look like rock stars!

Your clients will get:

  • full access to us for answering questions
  • educated/guided along the way
  • calendar invites & text reminders for pertinent events
  • access to mobile-friendly portal with property details, timeline dates, documents and pertinent contact info
  • a copy of their settlement statment next January for taxes

You will get:

  • everything taken care of from contract to close, except negotiating and things requiring boots literally on the ground
  • access to our mobile-friendly portal and calendar invites
  • several review & referral requests on your behalf
  • no invoice for terminated transactions
  • peace of mind

Are Your Clients Covered?

Property values have increased, but has your client’s insurance coverage?

Now is a great time to reach out to your previous clients with a CMA of current property value and remind them to talk to their insurance agent regarding their current coverage to make sure they have enough to reflect current market values.

Just as being a resource for your clients doesn’t end with the closing of escrow for you, Cook Transaction Services is here to help brainstorm and look at ways to continue relationships with our agents and their clients long after the ink has dried on the last contract signature.

Realtors: How Do Your Clients See You?

Sometimes agents say they’re worried about how their clients will see them, if they use a transaction coordinator. My response: “When you go to your doctor’s office, does the doctor greet you, check you in, get your insurance information, take your vital signs, draw bloodwork, or take your x-rays? Mine neither!” Your clients are more contcerned with how organized, efficient and helpful your services are, than who actually provides them. Just like they don’t care what brokerage you’re with–they come to you for YOU and YOUR reputation. As long as they are getting the top notch service from their trusted professional, it doesn’t matter if that professional also has helpers. In fact, they will know you are a professional and busy agent, because you needed and were willing to recruit help!

Cook Transaction Services communicates with buyers and sellers all the time, and helps them see our agents as rock stars!

Are You Working ON Your Business or just Working IN Your Business?

So many times we agents just spin our wheels, working on so many tasks that someone else could easily do, and many times do better. In comes the phrase that business coaches love to share, “Are you working ON your business, or just IN it?”

When we work on our business, we are doing revenue generating and business growth activities, such as:

  • networking with potential referral and client resources
  • reaching out to our sphere and database
  • going on listing appointments
  • showing homes
  • attending CE courses and conferences
  • setting goals and working strategies to meet them

This is opposed to working in our business on non-revenue generating activities, such as:

  • inputting data and uploading media for listings
  • scheduling inspections, closing, final walk-throughs
  • completing documents and sending for signatures
  • inputting data into the broker’s compliance app and uploading docs
  • tracking timelines and chasing documents down
  • creating flyers, social media posts, postcards, emails, newsletters etc for marketing our listings and ourselves

I can’t tell you how many agents I’ve heard say that their business exponentially increased when they hired a transaction coordinator and social media manager to manage all this for them! But don’t take my word for it…poll your medium to high producing colleagues and see just how many say there are only pros, no cons, to hiring this out. The revenue you will generate by passing off these ‘busy work’ tasks will far surpass the cost of doing so. 

Even if you are making as much money as you ever wanted to make, it can greatly impact your work-life balance. As they say, work smarter, not harder. What’s your family time worth to you? How about a little time for yourself for a change?

What if you’re a new agent? Many agents will say you need to manage your own transactions when you’re new, so that you learn. I respectfully disagree! Most new agents don’t know the contracts, don’t have a grasp on what documents to use and when, and put their clients at great risk by missing important but often overlooked deadlines. And let’s face it, most new agents don’t have a mentor or thorough training on how to work a contract start to finish. In contrast, a licensed and experienced transaction manager will know your state’s contracts and documents well and have an established system in place to track every possible contingency, deadline, and document. New agents will watch and learn, while still remaining in control. A great transaction manager will make that new agent look like a rockstar and true professional, not only to their client, but to their colleagues as well. And only successful agents understand the importance of that!

No matter where you are in your real estate career, having the right mindset and implementing the strategy of having a great transaction manager and marketing admin can be the impetus you need to meet and surpass your goals.