A VOOV Transaction Coordinator can Save You 50% in Costs and Help with More Closings.
In today’s challenging housing market, reducing costs without compromising your ability to close deals in every transaction is essential.
VOOV’s Virtual Transaction Coordinators offer 9 top cost savings to brokerage owners, Real Estate managers, and professionals.
According to the National Association of REALTORS®, the economy will slow in the second quarter of 2024, with the US Real GDP dropping from a high of 3.5% to a low of 1.3% in the fourth quarter of 2023.
But, in 2024, the top economists in the NAR agree that there will be no Real Estate crash in the US. In the first quarter of 2024, the NAR expects a slight rise in Existing Home sales.
Experts predict this bump will occur as mortgage rates decline after the 2nd calendar quarter of 2024.
The Cost Savings Benefits of Hiring a VOOV Virtual Transaction Coordinator
1. Lower Labor Costs for a Transaction Coordinator
2. Payroll Tax Savings
3. No Direct Cost for Health Insurance
4. Retirement Plan Cost
5. Savings in Office Equipment
6. Zero Office Furniture
7. No Office Space or Rent
8. Savings in Utilities
9. No Administrative Costs
We compared US labor costs in the Real Estate industry with VOOV virtual outsourcing services and found great insights.
Find Out How the Virtual Transaction Coordinator Saves You Big Money
At VOOV, a Real Estate Virtual Transaction Coordinator is a trained, in-office virtual assistant who helps Realtors manage transaction documents, check escrow steps, update all related parties, coordinate inspections, and arrange successful closings.
Realtors founded our Real Estate virtual staffing company from the United States and Central America, and we understand the difficulties of Real Estate business operations.
We have a customer service office in Virginia Beach, USA. VOOV works from Nicaragua, which allows us to save costs and operate in all US time zones.
VOOV Gives Realtors three key advantages:
● Over 55% savings in operational costs.
● Convenient US time zone service (Central Standard Time).
● Virtual in-office, fully-managed virtual assistants:
VOOV provides Real Estate Virtual Assistants at affordable monthly fees. The fees range from $1,999 to $2,600, equivalent to $12.50 to $16.25 per hour. By hiring our virtual assistants, you can save both time and money.
Fractional virtual positions are also available at VOOV if you only look for services per task. To learn more about our fractional services, send us an email here.
For example, we have a Transaction Coordinator service at just $250 per transaction for buyers’ and sellers’ deals.
And for smaller Realtors with basic outsourcing needs, we have our economic service Skill Cloud Staffing. Real estate virtual services start at $1,500 monthly ($9.37 per hour). The Skill Cloud virtual assistants work from home to provide this service, and VOOV delivers remote quality supervision. Send us an email for more information.
Our best-value monthly fee for a Virtual Transaction Coordinator is $1,999 per month or $12.50/hour.
The VOOV Transaction Coordinator service offers more than 55% savings in operational costs. Realtors can save $6,463 monthly with a Virtual Assistant and more with other virtual positions.
This means over $77.5K per year in actual cost savings!
Graph 1. Cost Savings with VOOV Transaction Coordinator
Click to enlarge
Graph 2 shows the various components of United States Direct Labor Costs. These components include labor costs, payroll taxes, health insurance, retirement plans, office equipment, and furniture costs.
Graph 2. Direct Cost Savings
(US Transaction Coordinator vs VOOV Virtual Transaction Coordinator)
Click to enlarge
Graph 3 shows how much money Realtors can save monthly with a VOOV Virtual Transaction Coordinator. They can save around $1,823 compared to the cost of having a full-time Real Estate Executive Assistant in the US.
The calculation is for a 10-worker office. The office is 100 sq ft. and has a monthly rent of $3,000. The rent includes essential utilities such as power, water, gas, phone, alarm, internet, and administrative costs.
Graph 3. Overhead Costs for US Realtors
(US Transaction Coordinator vs. VOOV Fee)
Click to enlarge.
Below, you find a very detailed cost chart. We compare the costs of a Real Estate Transaction Coordinator in the US to a TC from VOOV.
Chart 1. Costs Comparison – US Employee Costs vs. In-office Transaction Coordinator (2023-24)
Click to enlarge
In a nutshell, VOOV Transaction Coordinators services can deliver you around $6,463 in monthly Labor Direct Costs. You won’t have any costs for Overhead because VOOV has invested in excellent office infrastructure and administrative systems.
Discover how virtual assistants can support your business during challenging economic times and help you save costs. Let’s get started!
1. Lower Labor Costs for a Transaction Coordinator
According to Indeed.com, in the US, the salary of an experienced Real Estate Transaction Coordinator is $5,300.
At Keller Williams Realty, the Transaction Coordinator’s hourly wage is $33. These labor costs may vary due to local market conditions or seasonal factors. However, they give you a clear idea of how much you can save by hiring our Virtual Real Estate Transaction Coordinators.
VOOV provides a Virtual Transaction Coordinator for $1,999, saving you 52%. In US states, the savings can be even higher, up to 55% or more.
Hiring a Virtual Transaction Coordinator reduces the risk of labor-related lawsuits for your Real Estate company. According to Workforce.com, defending a labor case can cost an employer between $75,000 to $125,000.
Realtors can hire Transaction Coordinators through VOOV services and avoid labor problems or legal liabilities.
2. Payroll Tax Savings
Another benefit of hiring VOOV is that you can save the 7.65% Federal Payroll Tax for employers.
According to Forbes.com, the federal payroll tax is 15.3%. The employee covers one-half, and the employer covers the other 7.65%. But if you are a sole business owner, you’ll be responsible for a total tax of 15.3%.
So, in the VOOV’s Transaction Coordinator example, you can save around $4,865 per year in Payroll Taxes. At VOOV, Realtors pay a monthly fee that includes Nicaraguan labor taxes for virtual workers’ social security.
3. No Direct Cost for Health Insurance
About health insurance, you can save about $722 per month, saving $8,664 per year. With VOOV, your monthly fee includes the Nicaraguan public health coverage for the Virtual Transaction Coordinator.
4. Retirement Plan Cost
According to the 2021 Kaiser Family Foundation, employer healthcare insurance for one person costs around $7,739 per year (Business.com). Kaiser’s study indicated that employers’ health insurance costs increase by about 4% annually.
The US’s Affordable Care Act (ACA) can fine employers who don’t provide health insurance to their employees. EAs stated by ACA, employers with 50+ full-time employees must give health insurance to 95% of them,
5. Savings in Office Equipment
At the VOOV office building, each virtual assistant has a laptop, backup battery, monitors, and headset for better service. By working with VOOV Real Estate Staffing company, you won’t have to worry about buying computer equipment.
According to Dell.com, a top laptop can cost around $2,850 plus $110 in essential computer accessories.
6. Zero Office Furniture
Our VOOV office provides electric desks and comfortable chairs for our virtual workers to increase productivity. A regular desk in the US typically costs around $300 and a chair $69.
Transaction Coordinator working environment
When you need to grow with more labor-productive workers, with VOOV, you won’t have to spend funds buying office furniture. Imagine you need three Virtual Assistants to handle your leads, admin tasks, and appointments. Hiring VOOV will save $1,107 plus all required office supplies.
7. No Office Space
According to PriceItHere.com, you can expect to pay from $500 to $3,000 monthly for a small 100 to 500-square-foot office.
A medium-sized office can cost between $1,000 and $5,000 per month. The size of the office ranges from 500 to 1,000 square feet. The cost depends on the location of the office.
Hire VOOV’s Virtual Transaction Coordinators to grow your business without extra rent or a crowded workspace. In a 10-person office with a $3,000 monthly rent, hiring a virtual assistant can save about $3,600 per year.
With VOOV virtual outsourcing, you pay zero rent. You could create a virtual office with appointment setters or marketing experts to get more leads.
You can keep growing when your Real Estate competitors are downsizing!
Book your free call, and we’ll share with you our outsourcing expertise.
8. Savings in Utility Costs: you can save $44 per new employee monthly on utility expenses. At VOOV, our monthly virtual service fee includes these utilities: power, water, gas, phone, Internet, and security alarm. In a year, you can save per new worker $533.
VOOV helps you grow and save money simultaneously because we provide the utilities for the work of our virtual assistants.
We estimate the typical utility monthly expenses to be about $444. So, if we divide this cost by ten people in a small office, we get $44 per new employee (Forbes.com).
9. Less Administrative Costs
For Administrative Costs, we use the example of having one Office Manager, one HR manager, and one office supervisor. The Office Manager would earn $7,417 per month. The HR manager $4,468 and the Office Supervisor $2,896 per month. These are salary figures provided by the platform Indeed.com.
So the sum of these salaries is $14,781. If we divide that figure by ten office employees, we get $ a cost per new employee of $1,478.
Conclusion
VOOV’s Virtual Transaction Coordinators offer a cost-effective solution for Real Estate companies facing challenging or growing markets.
With the National Association of Realtors forecasting a slowdown in 2024, the value of the VOOV service becomes even more significant.
The VOOV Virtual Transaction Coordinators can save Realtors $77.5K annually by utilizing the company’s unique system. This system eliminates the need for labor, taxes, insurance premiums, office costs, and other operational expenses.
