[Question] Transaction Coordinator Fees

[On The Go RE Assistant]

I am new to the world of REVA, but I have been in the real estate industry for some time now.
Does anyone charge a flat rate for Transaction Coordinating? Or do you just charge your hourly rate?
Vanessa

[hallmarkrealtorsupport]

If you are talking about closings it gets tricky. I actually haven't ventured into this in the "virtual" world because it can be so complicated and changes on a minute by minute basis at the end. Some agents want to pay at closing out of closing- and some deals fall thru! So I would say a flat rate up to a certain number of hours, then a plus hourly rate.

[On The Go RE Assistant]

Thank you so much for that advise, I really like the idea of a flat rate up to a certain number of hours then the hourly rate.

[SupportMyOffice]

I have recently spoken with a new potential client about this and have a final meeting with them on Monday. I know this thread is almost a year old but I wanted to post my research and what I decided to do.

After a lot of online searching and talking to some agent friends of mine, this is how I'm planning to charge for transaction coordination:

Flat rate of $XXX

1/3 due when file is received and is non-refundable.

Final 2/3 due at closing IF the contract goes past the inspection period. If the contract does not close it is usually a failure at this point in the deal. While I don't feel I should charge for work I don't do, I do want to get paid for what I have already done, thus the non-refundable deposit.

There are plenty of contracts available online you can look at to draft your own contract for TC services but the most important things to include are payment timeline and collections notice. You can also check out the forms section here at VAF and see if there is a contract that might work for you there.

Some agents already have a system in place with checklists and things to keep the contract on track. Some do not. Some of the types of programs you might need are: File Sharing (dropbox etc), Project management (zoho, basecamp etc). Some agents will use their own CRM like Top Producer to manage these tasks and some just use spreadsheets.

The client also asked me about Listing Coordination and in my business that is not included in the $XXX flat rate. Listing Coordination includes things like entering a new listing into the client website and or MLS (where allowed), creating and sending email marketing blasts and things like that.

Remember that there are things that unlicensed assistants are NOT allowed to do and those things vary by state. There is a list HERE that explains state by state rules.

If you have any questions I'd be happy to discuss.

Jenifer