First of all, congratulations on making the move to online transaction management (OTM)! You and your staff will see an immediate savings on time and effort managing the myriad details of each transaction. OTM also allows each party to the transaction (i.e. buyers, sellers, lender, title, attorney, etc.) to securely view (and in some cases add to) all relevant details just using their Web browser. This keeps everyone on the same page, the transaction on schedule, and greatly reduces the chance for mistakes and confusion. 

Keep in mind that current OTM solutions are a way to manage the entire transaction process remotely, (usually through a Web browser), however they still typically require parties to physically sign documents, etc.  The industry is still not quite ready for a completely paperless transaction.

The key to successfully implementing an OTM system that works best for you is not necessarily picking the "right" vendor, it is choosing the right solution —one that does not involve an arduous learning curve on your part...

Too Many Choices, Not Enough Time

There are several OTM solutions currently available including Finis, SettlementRoom, eFrogg, Guru Networks, and others. They each have their own way of handling online transaction management; each with their own advantages and disadvantages.

The problem is that no matter how "simple" the vendors claim their products to be, they typically involve a steep learning curve and a major investment of time to customize and use them effectively. These issues often stop many otherwise willing real estate professionals from taking advantage of this much more efficient way of handling their transaction process.

Fortunately, there is a way to implement a viable OTM solution almost overnight where you don't have to suffer through the trials and tribulations of mastering one of these systems yourself.

Your Virtual Transaction Coordinator

Thanks to the emergence of highly specialized real estate virtual assistants, implementing an online transaction management solution customized to the exact way you work, is just a phone call (or e-mail) away.

Michelle Thornton of e-Closing Coordinator is one such VA located in northern California whose primary focus is assisting agents with their transaction coordination regardless of where they are located.  Michelle primarily uses Settlement Room, however, she can adapt to any of the other OTM packages if you prefer to use something else.

Here is how the process of using her VA online transaction coordinator services works:

1. Assessment - You have an initial phone conversation to determine exactly how you like to have your transactions managed including nuances, checklists, priorities, documents, parties involved, etc. There is typically no charge for this initial consultation;
2. Set Up - Michelle then sets up the Web-based system to reflect your unique way of handling the transaction process.  This way, you don't have to conform to someone else's idea as to the best way to do it.
   (click here to see a screen shot of an example transaction master task list --remember, this can be customized to the way you do business);
3. Overview - She then gives you an overview on: a) how you, your clients, and the other parties to the transaction (i.e. lenders, appraisers, title, etc.) can access the system through a secure password protected Web site; b) how to pass the transaction information to her for submission into the system; c) how she will stay in touch with all the parties involved including handling time-consuming phone inquiries, etc.; d) reporting procedures so you can stay on top and feel confident that everything is moving forward smoothly.
   (click here to see a screen shot of a typical transaction progress summary viewable by the agent and their coordinator);
4. Use It - That is all there is to it. When you open a transaction with Michelle she will input all data into the system, notify all parties of how to access the system, keep things on schedule, handle phone calls regarding transaction specifics, and generally ride shotgun all the way to close.  All of which frees you up to bring in more transactions while having peace of mind that your current pipeline is being handled professionally.
   (click here to see a screen shot of a typical transaction progress report viewable by all other parties to the transaction --notice how it is branded with the agent's logo).

As of this writing, Michelle charges a one-time $250 fee to set up the system to reflect your way of doing transactions (Step 2 above). Her all-inclusive fee for managing transactions includes a $75 deposit upon opening a new transaction project, and an additional $200 upon close of the transaction. If for some reason the transaction falls out, you are only out the $75 deposit. Keep in mind that this is a flat fee regardless of how time-consuming your transactions happen to be.

Michelle is one of several VAs who specialize in online transaction management and are part of REVA Network, a community of REALTORS® and Real Estate Virtual Assistants. I co-founded this organization (which costs nothing to join) with the purpose of furthering the cause and benefits of using Virtual Assistants in the real estate industry.

Real Benefits Delivered Virtually

The benefits of OTM are real and not just for seasoned veterans. Here is what Sean Baber, a buyer's agent with Bithell-Stalmach Team in Hollywood, FL has to say about the effect that VA enabled online transaction management has had on his relatively new career:

“As a new agent, and a buyer’s agent, on the team, I did not understand how invaluable it was to have a transaction coordinator on our team. Furthermore, when I found out that Michelle was in CA, and my office is based in South Florida, I could not see how this would work. Several months and transactions later, I cannot imagine working without her!

As I watch some of the other associates in my office bogged down with endless paper work, I am elated that I'm freed up to go out with the next client, and procure my next sale. The skepticism of my colleagues amazes me. They say they 'do not want to give up control,' yet their clients are constantly calling and complaining about missed deadlines, etc. It is clear to me that I am the one in control while the other sales associates remain stuck in chaos.”

The real estate industry suffers from an embarrassment of riches with respect to having many powerful solutions to help you do more with less. That is if (and it's a big "if") you can implement and use them consistently. Most real estate professionals don't have the time or inclination to do so. Having highly specialized Virtual Assistants focus on key functions within your business (like transaction management) allows you to benefit from the best tools without having to learn how to use them.

And that my friend, is what real business is all about —you doing only what you love to do, while experts take care of the details (and in this case, from a distance).

(NOTE: Mr. Internet, his company and staff receive no compensation whatsoever from any third party vendors or service providers. Investigate any products or services found on the Net thoroughly to your satisfaction before using them at your own risk.)