With years of administrative support and experience in the real estate field, Texas VA Gale Gallagher finally found her niche when she made online transaction coordination her primary business focus. And many happy clients are glad she did! Here’s her story.

MI: What kind of experience did you have to prepare you for a career as a VA?

GG: My entire working life has been devoted to business support. For several years I worked in the retail and manufacturing industries. I sensed I needed new challenges, started to focus on the Real Estate industry and I was offered the position as office manager for a local Real Estate firm. From my first day working in a fast-paced Real Estate agency, I was hooked! My interest was two-fold. Not only did I enjoy coordinating the process of listing and selling, but I found myself fascinated with the homes themselves. Working for as many as 40 agents at the same time certainly prepared me for my future career path. Real Estate kept moving in and out of my life throughout my career.

With such an ongoing love affair with Real Estate in general, I decided to try my hand at being a Real Estate agent. After passing my Real Estate exam I joined a team and sold residential Real Estate for about a year. Although I enjoyed Real Estate sales, I soon realized that my true strengths were in being part of the support team.

MI: At what point: and why: did you go into business for yourself?

GG: Finding myself in a position of suddenly having to provide for myself during a time and in a place where secretaries and administrative assistants did not command much income, I was forced to look at alternatives. With encouragement from the owner of a local secretarial firm, I decided to open a secretarial and desktop publishing business. Providing a variety of services for an even greater variety of businesses created the groundwork for a strong knowledge base and a broader understanding of the support needs of small businesses. I have operated my full-time business for over 13 years. The hours are long and the work can be challenging… but, though it sounds cliché, I wouldn’t trade it for anything.

MI: How long have you been working virtually as a VA?

GG: I was never quite satisfied with serving just the local business community, especially after learning about the concept of providing services virtually. As computer ownership became more commonplace, I was finding the need for my local administrative support services declining. It became clear to me that I could create a vital link to service clients anywhere in the country utilizing my computer and my administrative skills.

I had been a successful VA résumé writer for several years. In early 2004, I seized the opportunity to transition into 100% VA services as a Real Estate Transaction Coordinator. As many times as my career came full circle and returned to Real Estate, I finally got the message: This is where I belong

MI: What services do you provide to your Real Estate clients?

GG: My primary service is Transaction Coordination. However, I have expanded my services as some of my REALTOR® clients have requested my help with Listing/Marketing Coordination.

MI: Why did online Transaction Coordination become your main focus?

GG: As I became more interested in Virtual Real Estate Support, I began my research to determine how to best niche my services. With the assistance of my business coach, Angela Parker I was able to narrow my focus and recognize the specific value of Transaction Coordination (TC). Her favorite advice was always… “Niche, niche, niche.” I got the message. On Angela’s recommendation, I found a priceless mentor in Karen Drebes. Karen made it possible for me to learn and grow my TC business at the same time. I will be forever grateful for the countless hours of her valuable time, her talent for teaching, and her incredible patience.

MI: How does Transaction Coordination work as a virtual or online process?

GG: Transaction coordination is a team effort between the TC and the agent. The agent provides the initial information and documents necessary to process the transaction. Documentation of all details and events is critical to establishing a viable audit trail to provide maximum protection for the agent. Communication is key to keeping all parties to the transaction updated.

Traditionally, agents tracked all the information themselves. The transaction folder was “in the car,” “at home,” or “back at the office.” Documents were “in the folder back at the office,” “thought I had it but can’t find it,” or “haven’t had time to take it to the seller for signature.” REALTORS® spend an inordinate amount of time on the phone following up on transactions in escrow. They are learning the intrinsic value of being able to access their transaction information 24/7 from any computer. No more “he said, she said.” It’s all there in black and white, with every document and every message carrying a time and date stamp. The agent can find out, at any given moment, the exact status of the transaction. Telephone communication, though not replaced by any means, is bolstered by email. Written documentation of all phone calls and other events is a benchmark of a good Transaction Coordinator. It is now even possible in certain instances to upload .wav files from telephone conversations.

There is a growing trend toward Virtual Transaction Coordination. The benefits are apparent when one considers that most agents are already in cramped office quarters or work out of their homes. They also don’t want the responsibility of payroll, employee benefits, employment laws, and extra office equipment. Best of all, when business is slow, the REALTOR® does not have to pay a salary for “make busy” work, or experience the pain and discomfort of laying off an employee. Agents have found by using a Virtual Assistant they are paying only for work performed.

A VA has been educated, mentored, and brings substantial experience to the table. A VA is motivated to serve his/her clients with excellence to ensure a long-term, successful working relationship. Agents have realized that face-to-face interaction is not essential to building a cohesive bond with their assistants.

MI: How are Transaction Coordination fees structured?

GG: When a client signs on for TC services, there is generally a reasonable setup fee, due at signing. This covers the cost of setting up the account in the online transaction management platform. Messages, preferred providers, and customized task lists are entered into the system. The TC and agent may collaborate on a collection of personalized letters, formats and website banners.

Critical to the receipt of documents is a type of email fax system whereby the TC and agent are receiving documents concurrently via a joint fax. The agent never has to worry whether or not her TC has received a document. Typical cost associated with a joint fax begins at approximately $10 per month. It can be higher if large quantities of pages pass through the system.

To process transactions online, two platforms I prefer are SettlementRoom and Gurunet. An experienced TC can assist the agent in making an informed choice. It is very important to select an online platform that offers the benefit of inviting participants to the transaction. This provides a “one-stop” location for every activity associated with the transaction.

Most Transaction Coordinators offer flat fee services. This is because a TC may be working several transactions at a given moment, and the ability to clock in and out and treat all the clients fairly would be a monumental task. A TC has a good idea of the time it takes for the “typical” transaction.

When the unfortunate occurs and there is a “fallout,” a TC ordinarily will require a nominal fee for the services already rendered on the transaction.

The agent must be prepared to pay the fee for the services of the TC. Often the fee is taken from the agent’s commission at close and the title company/attorney mails the check. Others pay by personal check or online via PayPal. The agent and TC can agree on the most appropriate method of payment. It is becoming more commonplace for REALTORS® to pass the transaction fees on to their clients. Most of my clients currently charge a transaction fee to the buyer or seller.

MI: If an agent would like to transition to online Transaction Coordination, what are some of the things she should consider before making the move?

GG: If an agent has used in-house Transaction Coordination, the transition should be relatively easy. One of the greatest difficulties for agents new to TC is the ability to “let go” of all the little details. Once the agent and TC have been through a couple transactions together and a bond of trust is established, the agent is more relaxed and confident in the relationship.

The agent should be prepared at the initiation of each transaction to provide the necessary information and documents to his/her TC. This provides the groundwork for efficiently processing the transaction. The importance of keeping your TC informed of events which occur outside of the online transaction cannot be overstated. You are a team and you want to convey that image always with clients and colleagues.

The TC cannot legally do everything the agent can do. Unlicensed REVAs (Real Estate Virtual Assistants) are not permitted to negotiate contracts, nor explain contract terms. Most TCs are not licensed, and even if they are, in order to conduct activities as a licensed agent, that license must hang IN the office where the TC is coordinating the transaction. That pretty much takes the “virtual” out of Virtual Assistant.

As with any business relationship, the REALTOR® should perform his due diligence in selecting a Transaction Coordinator. It helps to interview several TCs, and try to find one that has a similar business philosophy, a strong work ethic, a compatible personality, and is willing to provide references.

MI: You have clients in many different states. Is it tough to meet the legal transaction requirements when you have multiple sets of rules to deal with?

GG: Yes and no. When I accept a new client, I request a complete list of all documents required by his office. I also review with the agent any legal issues relative to his state, which are relevant to processing the transaction. However, most laws a TC follows are universal: don’t negotiate, don’t interpret, and maintain confidentiality.

MI: What do you find most rewarding about working as a Real Estate VA?

GG: Helping my clients increase their business, be more effective, and consequently giving them more time in their lives demonstrates a tangible value, which I find very rewarding. They really NEED my help and I don’t mind going an extra mile for any of them. We have a bond of mutual respect, and they know I will come through for them when it counts. I know my services provide my REALTORS® more time to develop new clients and build success. Why wouldn’t I love that job?!

MI: Gale, thanks for sharing your time and your expertise with us.

GG: Thank you, Michael. I feel this has been a great opportunity to share my views on my business, the VA Industry, and the benefits of Real Estate Support.

To learn more about Gale and her services just send her an email at Gale@GaleGallagher.com or call her at (903) 526-0105.

Always remember to do a thorough due-diligence before hiring any kind of assistant. This interview is part of an ongoing series of VA profiles designed to help you find the perfect VA or VA team to help you get organized, profitable, and in control of your business.