Just some thoughts…

Posted: March 24, 2008 in General
Tags: , ,

Before I started this business to do transaction management, virtually, I researched quite a few companies. There aren’t very many out there. Although the demand for this service is growing rapidly, there aren’t a ton of companies out there doing it yet. But there are a couple of interesting facts to take note of about the ones that are:

1. Their pricing is much higher than mine. Pricing with most companies is around $350-$400.

2. They don’t do NEAR as much as what I’m doing. In fact, they really do the bare bones essentials – faxing, requesting a document or two, and uploading everything to a website so that it’s web based. But beyond this there isn’t much personal interactions or availability of the virtual transation managers.

3. They don’t have a real, person, committed and vested interest in making sure that things are done to the best of their abilities. In most cases the person is a paid employee who has no ownership. So if something falls through the cracks, they still get paid.

helpwanted.gif Some of you may be saying, “So what…this really doesn’t matter much to me.” It should! Why should it matter?

1. Because if you ARE using me already then it may give you a much better perspective on the caliber of work that we do here. Not only are our systems MUCH…an unbelievable amount…more detailed intensive than anyone else doing this, but I am the owner. This means that I have a huge vested interest in what happens here. So I make sure that things are done!

Now, that doesn’t mean that I can make a lender get docs out, not lie, or give me what I want and when I want. It also does not mean that I can make a Title Company take care of something when it is supposed to happen. That also does not mean that I can make a client get things to a lender in time, have repairs finished when they are supposed to be finished, etc. In fact, no assistant can do that. You can’t even do that.

2. If you ARE using me then you are saving money rather than:
                A) Using a different virtual transaction manager
                B) Hiring an assistant

Now, I’ve thought pretty hard about the “in office” personal assistant thing. There are one or two agents that seem dead set on hiring someone to be IN the office, as though this were going to alleviate certain issues. Not only is this going to create more problems (that’s inevitable), but I believe that an agent will quickly find out that they are going to pay MORE money doing things this way than by using me. But alas, the pseudo “control” that they think that they have dictates their decisions.

Gimme some cash… Look, let’s say that you do 15 deals a month. Multiply that 15 times the $250 that I charge. That comes out to $3750. Who can you hire for that amount that can handle 15 closings a month, have the experience that Holly and I have, follow through with all of the details like we do, and have the incentive to make sure things close (remember, we DO NOT get paid if the deal falls through)? No one – that’s who!

But there are very few agents who do 15 deals a month. So let’s keep it more realistic and say that you do 4 deals a month. Multiply 4 times $250. This comes out to $1000. What assistant can you hire for that amount that can do the kind of job that Holly and I do? Notice that it’s not just ME…there are 2 of us that you get for $1000. You also get our webbased software included in this.

Oh Lord, please give me strength But something not to be dismissed is the fact that with an “in house” assistant you have to manage someone, track their time, worry about taxes, and train them. All of this is avoided by using us.

But there’s more. I will detail some of this over the next few days. Then I’ll climb off of my soap box and move on. 🙂

Dustin…

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