Real Estate Virtual Assistant
When I started looking for my first Real Estate Virtual Assistant ten years ago, I asked myself, “How do I use a Virtual Assistant to Manage my Real Estate Transactions?”
I knew why I wanted to use a Virtual Assistant; it’s cost-efficient, beneficial to agents that joined my team, and a virtual assistant could do more than transaction management. But, I had other questions like:
- What could an unlicensed assistant do?
- How would I manage the process from a distance?
- What technology would I need to purchase to get started?
Let’s look at each of these questions and how I used a Virtual Assistant to Manage my Real Estate Transactions.
What’s Involved in a Real Estate Transaction?
First, before you ask yourself what an unlicensed assistant can handle in a real estate transaction, you need to ask what’s involved.
- Contract Writing
- MLS Statuses
- Managing a Timeline
- Customer Service
What Can a Virtual Professional do to Manage My Real Estate Transactions?
Based on this simple outline, an unlicensed assistant can handle everything except the first two. They can’t negotiate or write contracts—two things the real estate agent should be doing anyway. So what’s left, everything that takes place after the contract is written. The virtual assistant can:
- Start the Broker File
- MLS Data (Admin MLS Access)
- Request Sign / Lockbox / Pictures
- EM deposit
- Schedule Inspection
- Seller Disclosures / Insurance History
- Manage Timeline (Agent should monitor as well)
- File additional paperwork (BINSR)
- Final Walk-Through
- Request Sign Down / Lock Box Removal
I’m sure you’re saying to yourself, that sounds like a lot, well it is. Let’s look at some numbers.
- If you’re closing four transactions a month, you’re saving 40 hours. That’s a week of work you get back every month.
- Assuming your worth $150 an hour and paying for a Full-Time Virtual Assistant through SecondYou at $1,295 a month, you’re saving $4705.
- If you paid a licensed transaction coordinator per transaction, at $400 per transaction, you’re saving $305 per month.
I understand that a licensed transaction coordinator can execute all the tasks involved in a real estate transaction. Still, an unlicensed virtual assistant can do things other than transaction work for the same price, like list building, CRM management, and social media if needed.
How do I use a Virtual Assistant to manage a real estate transaction from a distance?
Second, it comes down to systems and controls. Systems being a reliable process that enables your business to produce excellent results for your clients consistently. You can do this by creating checklists and timelines. Controls are the safeguards that protect your company from uninformed or careless decisions. An example of a control would be reviewing each transaction’s status in a morning huddle every day.
Remember, when you hired an employee to work for you, you became a boss, and managing the employee will now need to become part of your daily routine—an hour and a half monthly sacrifice to save ten hours per transaction.
Another part that comes with having a virtual professional manage your transactions is handling the critical linkages. You and your virtual professional will need to create a process that communicates when significant events in the transaction have been completed. For example, a time-critical tasks that should be brought to the agent’s attention right away is the earnest money deposit. The virtual assistant can call or text the agent when the EM deposit is scheduled for pickup.
You manage your virtual professional through systems and controls; there is no need to monitor somebody’s screen. If the work is completed without any trouble, they’re working.
What kind of technology will you need to work with a virtual professional?
Finally, everything you use is online, like: Zipforms, DocuSign, Skyslope, CRM’s, Brokermint, and the MLS. Most likely, you’ll only need to purchase communication tools. I recommend Microsoft Teams. Microsoft Teams gives you the ability to chat, video call, assign a local number, store documents, and many other great features all in one location. Of course, you can use other systems like Slack, Ring Central, and Zoom as well. For additional ways to use technology for more effective communication, check out this article.
So unlike myself, I hope you’re not asking, How do I use a Virtual Assistant to Manage my Real Estate Transactions? And instead, you should be asking who I should talk to to get started. Schedule your Discovery Call with SecondYou today. We have virtual professionals that have been in transaction management for 2-5 years in multiple states.