So the first question agents and brokers will want to ask is how many deals are they averaging every month. Most in-house transaction coordinators are a W2 employee, so their salary and benefits carry set, predictable costs whereas, independent transaction coordinators carry little to no overhead expenses – agents and brokerages pay on an as-needed, per-transaction basis. Pros and Cons of In-House Transaction Coordinators and Outsourced Independent Transaction Coordinators W2 or 1099 – Add Up the Cost Truth is, there is no one-size-fits-all approach, but there are definite pros and cons of each. So as an office manager, broker, transaction coordinator or real estate agent, how do you choose between an in-house transaction coordinator role or outsourcing as an independent contractor? Today, brokerages, teams and outsource agencies can’t staff transaction coordinators fast enough. Many transaction coordinators got laid off in early 2020 while others, fearing imminent layoffs, left their roles altogether, he says.
“By mid 2020, we were exceeding growth and hiring at a rate that has never been seen and hasn’t stopped since,” says founder and CEO Clint Muhlenberg. Indeed, in a market with many listings under contract within a week or sooner, it’s not surprising that more transaction coordinators are in demand and getting in the game.Ĭonsider Level – Virtual Specialists, a virtual assistant recruiting agency that was hiring an average 6-8 transaction coordinators a month pre-pandemic, lost 30% of its business in the beginning of 2020, tripled its net growth by September 2020 and is now holding steady at double its initial rate. The shift in today’s remote-based workforce, coupled with the explosive demand for real estate over the past two years, has caused a significant uptick in the need for both in-house and outsourced independent transaction coordinators.
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Real Estate Experts Share Tips on How to Choose Between Hiring an In-House or Outsourced Independent Transaction Coordinator
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