REVA fees to charge

[Inland Sea VS]

Hello to all the REVA's out there!

I am meeting with my first possible client on Friday to discuss me doing basic transactional contract to close for his real estate team.

I am thinking charging a flat contract fee for each file and then if the work goes beyond that, such as website maintenance, database etc, adding to that.

Would love some feedback as to suggestions of what to base your fees on for a flat contract charge per file!

Thanks
Lindsey
Inland Sea Virtual Solutions

[Action Jackson VA]

Hi Lindsey,

I suggest you go by your hourly rate. For instance; how long does it take you to complete a file? Are you gathering the information for the REA? Are you making the calls and setting the appointments?

It really depends on how much work you are doing to close the file. If your average time takes 2 hours a day for 5 days to complete a file then charge that as a flat rate, based on your hourly fee. Unless you are looking to offer a discount for a certain amount of files to close.

Just some things to think about before moving to a flat rate.

Andrea~

[Action Jackson VA]

Also, try visiting activerain and trulia to help answer your question.

Take care,
Andrea

[Inland Sea VS]

Andrea

Thank you for your feedback and suggestions. I will be meeting with the Agent tomorrow to discuss possible work.

Thanks so much for your input

Lindsey

[Cathryn Jones]

For transaction coordination, my team charges a flat fee per file. We also charge a fee if the file busts prior to closing.

Best wishes!

[Virtual Assistant Services]

Hello to all the REVA's out there!

I am meeting with my first possible client on Friday to discuss me doing basic transactional contract to close for his real estate team.

I am thinking charging a flat contract fee for each file and then if the work goes beyond that, such as website maintenance, database etc, adding to that.

Would love some feedback as to suggestions of what to base your fees on for a flat contract charge per file!

Thanks
Lindsey
Inland Sea Virtual Solutions

Lindsey,
I have done a very limited amount of work for REAs and I charged by the hour. I was doing a database for one and the other updating information for her website, not the website itself she has a web designer do that for her.
Would really like to do actual real estate work but none has come through.
Hope this helps.
Tina Longo
Virtual Assistant Services

[Virtual Assistant Services]

Carolyn,
How did you arrive a flat fee for each file? Because there are always different circumstances with each transaction I would not know how to estimate the time that would be spent.
Some insight would be greatly appreciated.
Tina Longo
Virtual Assistant Services

[Cathryn Jones]

True, each file is unique. However, over time, you begin to see an "average" amount of time it takes to close a file. Some states are harder to close in than other states. So, when talking to a prospective client, you will need to be aware of the process to get a file to closing in the agent's state. With a flat rate, it is much easier to bill and is easier for the agent to budget. I charge other services at an hourly rate, but have always charged transaction coordination as a flat fee. I believe most VAs charge a flat fee for closing coordination too.

I highly recommend working as a subcontractor for anyone who wants to work as a real estate VA but doesn't have a background in real estate.

Best wishes!

[Virtual Assistant Services]

Carolyn,
Thank you for the info. I have had a Real Estate license in the state of NJ for approx. 13 years and have worked 11 yrs. as the OA in a real estate office. During that time I was responsible for all the transaction folders in the office and that is why I find it hard to decide how much to bill. I have not worked specifically for 1 agent which would be the case now and would have more control over what is done and how it is done. Keeping this in mind.
Thanks again,
Tina

[Cathryn Jones]

Tina -

You have a fabulous background in real estate! New Jersey is a harder state to close in than some of the other states. Your flat fee charged will be an "average". On some files it will feel like you are making little per hour as they have closing challenges. However, on other files, they "sail" to closing and take much less babysitting. As you know, it is impossible to predict which files will be difficult. As with an hourly rate, you will probably find a broad range of flat fee prices.

Best wishes!