Transaction Coordination

At Classic Real Estate VA we provide online transaction coordination for real estate agents who prefer the selling process over burdensome paperwork and unrelenting phone tag. 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.

Read more about Transaction Coordination in this interview with Gale featured at ePOWER! News.

Every detail of your transaction—documents, communications, scheduling—are 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… 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), Classic represents your company as part of your professional staff.

Here are just a few 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.
• Acquire information for loan payoff requests.
• Follow up on loan approvals.
• Verify appraisal has been ordered.
• Maintain calendar of events and detailed task lists.
• Ensure all disclosures are completed.
• Schedule inspections, walk-throughs, closings, and other appointments.
• Monitor compliance with contract terms and deadlines.
• Coordinate tasks with co-op agent and title company.
• Upload and disseminate all documents, reports, and disclosures; provide follow-up.

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 an online record which remains on file for ten years. Both contain every detail of your transaction from open till close. There is a small additional fee for a CD file of your transaction.

How does Online Transaction Coordination work?

What are some of the benefits?

• OTC is available to single agents, multiple agents, or entire offices and groups of offices. 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 TM 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.
• OTM 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.

Online Transaction Management Platforms

There are a number of platforms available to the real estate industry. Two seem to lead the pack for their low cost and comprehensive features. Gale is certified in both SettlementRoom and GuruNet online transaction management platforms.

Agents will benefit from an online demo of either or both programs. Demos are free, comprehensive, and conducted by knowledgeable personnel.

For further information or to schedule a demo regarding preferred online software solutions, contact Gale.

How Secure is Online Transaction Management?

All data is completely secure, with password access only. And the coordinator, at your direction, chooses who is invited into the transaction. Servers are located in secure locations with a full backup system in place to eliminate downtime. Data is backed up daily and stored off-site, and there are multiple backup connections to the Internet.

Learn more about pricing.

Home • Document Management • Transaction Coordination • Listing/Marketing • Pricing • Contact