What would you do if you didn’t have to worry about all the details of each of your transactions? Probably a lot more business! Imagine, no concern about obtaining signed disclosures, setting up inspections, coordinating appraisals, tracking down the lender for loan approval status, and no fretting over missed deadlines.

Sound too good to be true? Hardly. Ellen Bithell and Agnes Stalmach of The Bithell Stalmach Team, RE/MAX Executive Realty in Hollywood, Florida are living this dream. The Bithell Stalmach Team has a Virtual Transaction Coordinator (me) that helps them provide their clients with a private web site for each transaction. As a result, their clients are receiving World Class service in addition to 24/7 access to all the details, documents and contacts. Also, Ellen and Agnes have more control over the transaction process with less stress while being freed up to generate new business and enjoy the fruits of their success.

The Web-based OTM system I use for Ellen and Agnes is provided by a company called Settlement Room. The great thing about Settlement Room is that it is flexible enough to handle the nuances of doing transactions in any state of the Union. The first part of my job as their Online Transaction Coordination was to set up the system to reflect the flow of their area's transaction process. This includes setting up specific task lists, default time lines, and calendars. Once customized in this manner, I am ready to begin entering transaction information.

Here is a quick thumbnail on how I manage their transactions from 3,000 miles away: When one of this dynamic duo lands a sale, they simply fax a copy of the transaction along with a contact sheet, copy of the deposit and MLS sheet to me. I input the specific transaction information into the customized Settlement Room system using my Web browser, upload the documents and invite all the involved parties, including the buyer, seller, co-operative agent, inspectors, lenders, title companies, attorneys, etc. Each party has a user name, password and is provided with different levels of security based on the Agents discretion.

Next, I begin executing the transaction in the following way:

• I order inspections and make sure that all necessary parties are informed of the date and time;
• I make sure that someone will be there to let the inspector in;
• I ensure that the loan application has been submitted, and check on the loan status;
• I make sure that we get all necessary disclosures and amendments;
• And a whole lot more…

During this process as each task is marked completed, the system sends an e-mail to each respective party. I also send regular updates to the client that eases any concerns they may have and greatly enhances their perception of Ellen's and Agnes' professionalism.

Settlement Room also allows all parties to e-mail and fax messages directly from the website while automatically recording and documenting each message sent. And, as Online Transaction Coordinator, I have full control as to who can or cannot see each message or document within the system, thus enhancing the client's (and your) privacy.

Now here is the best part. When the client, Title Company or any other involved party has a question or needs to fax a document, they contact me first. Having a VA Online Transaction Coordinator insulates you from all the disrupting calls and faxes that otherwise rob you of productive time. So, while I am handling all the details of their transactions, running interference on problems, screening calls, and keeping their clients up to date, Ellen and Agnes are out selling more property with the peace of mind knowing everything is under control.

And if that is not enough to convince you on the benefits of Virtual Assistants and Online Transaction Management, listen to what Sean Baber another member of The Bithell-Stalmach Team has to say…

“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.”

"Control" doesn't mean doing it all yourself. True control is when you know that important things will be handled consistently, professionally, and in a timely manner. Managing your transactions through OTM and a qualified VA gives you that control and the extra time to enjoy it any way you want!

Michelle Thornton is our VA CORNER columnist and a RESS Certified VA.  You can visit her web site at TheRealEstateVa.com and contact her via e-mail at michelle@vacorner.com

(NOTE: Mr. Internet, his company and staff receive no compensation whatsoever from any third party vendors or service providers. Also any virtual assistant or consultant profile found in this publication is not to be construed as an endorsement of their services by Mr. Internet or his company.)