Should You Hire Transaction Coordinators or Outsource?
As a real estate professional, managing transactions can be a time-consuming and complex process. Hiring a transaction coordinator can help streamline the process, but should you hire one in-house or work with an independent transaction coordinator business?
In this blog post, we will discuss the pros and cons of using an independent transaction coordinator business versus hiring transaction coordinators in-house.
Pros of Using an Independent Transaction Coordinator Business
One of the main benefits of using an independent transaction coordinator business is cost savings. You only pay for their services on a per-transaction basis, which can be significantly less than hiring a full-time in-house transaction coordinator.
Working with an independent transaction coordinator business gives you the flexibility to scale up or down as needed. If you have a high volume of transactions, you can easily increase the number of coordinators working on your transactions without having to hire new employees.
An independent transaction coordinator business typically has a team of experts who specialize in transaction coordination. They have experience working with various types of transactions and can provide valuable insights and advice on how to navigate the process.
Working with an independent transaction coordinator business can help reduce your liability. They are responsible for ensuring that all transactions are in compliance with local, state, and federal regulations, which can help protect you from potential legal issues. Remember though, laws, regulations, and liability are different state to state and market to market. Always consult an attorney for questions about liability.
Cons of Using an Independent Transaction Coordinator Business
Lack of Control
When working with an independent transaction coordinator business, you may have less control over the process. You are relying on the business to manage the transaction, which may not align with your specific processes and procedures.
Communication can be a challenge when working with an independent transaction coordinator business. Since they are not in-house, you may experience delays in response times, which can impact the overall transaction timeline.
Dependence on a Third-Party
Working with an independent transaction coordinator business means you are dependent on a third-party for managing your transactions. If the business experiences any issues, it can impact your transactions, which can be frustrating for both you and your clients.
An independent transaction coordinator business may not be able to provide the same level of customization that an in-house coordinator can. This is because they are managing transactions for multiple clients and may not have the bandwidth to cater to individual needs.
What Are Your Specific Needs?
In conclusion, there are pros and cons to using an independent transaction coordinator business versus hiring in-house. While an independent transaction coordinator business can provide cost savings, flexibility, expertise, and reduced liability, it also has its downsides, including lack of control, communication issues, dependence on a third-party, and limited customization. Ultimately, the decision comes down to your specific needs and preferences as a real estate professional. It is important to carefully weigh the pros and cons before making a decision.
No matter what you choose, Jointly can support your business. Jointly automates the busywork, ensures compliance, and delights your clients whether you hire TCs in house or use an independent TC business. And, if you are running an independent TC business, Jointly can power your success, too!