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January 29, 2025 15 mins
In this episode, we talked with Erica de Phillips about how much it is to use a transaction coordinator. Common problems and how to get your transaction and coordination paid for for free. 
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Episode Transcript

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Speaker 1 (00:00):
Get ready for me to elevate the future. You're thinking
your life one relation, one thard, one decision. You're closer
than you think you are. Make a decision and decide

(00:22):
there shot fire. Hey, good morning, it is coach Randy Burn.
I'm excited to be here on the Like a Boss
Podcast today. I'm really excited to being bring you some

(00:43):
tactical parts of your business that are going to completely help.
It's a leverage point. It's a lead lever. Leverage lever
in your real estate business. And that is the most
important thing you could leverage in your real estate business,
in my opinion, beyond maybe your first hire being an
assistance and is a TC transaction coordinator. So, with no

(01:04):
further ado, let me bring in my guest today, Erica Phillips. Erica,
welcome to the stage, Welcome to the podcast. How are
you doing today? Great?

Speaker 2 (01:12):
Thank you for having me.

Speaker 1 (01:14):
Oh it's my pleasure, Erica. I am blessed to have
you in my organization here at exp you joined up
with superstar Stephanie Peck and like the giver that she is,
she said, Hey, you guys are welcome to use my
TC with anybody in the organization, and really anybody for
that matter that is looking to kind of up their
game on the TC side of things. Right, So what

(01:36):
I'd like to do is maybe let's just jump in
so you could explain to people a little bit about
what you do. I'll include your contact information stuff as
we progress, but the highlight here is what you do
how it impacts and benefits agents. And I think it's
really important information, maybe more than ever with the amount
of forms and deadlines and all the things that have

(01:58):
to happen, right and your business all details and deadlines LLC. Right,
So first of all, why don't you give us that
thirty thousand elevation view you your background, how you got
into this, and then we'll go into a little more granulars.
That sound good, sounds good? Awesome?

Speaker 2 (02:15):
Well, I started details and deadlines in May of twenty
twenty so in the heat of COVID, and that year
I processed my first year of twenty twenty one, I
processed about five hundred files by myself. Oh five N
five O four to be exact.

Speaker 1 (02:33):
Wow, And then the following.

Speaker 2 (02:36):
Year I did the same thing. So I decided to
take my business to the next level and start with
the small team and training them to do things exactly
as I do them, plugging into our systems so that
we could continue to help more agents and grow and
have a little bit more balanced life. So that's where

(02:57):
we are. I've got now two transaction coordinators working for me,
and we're just trying to grow and grow slowly and
help as many agents as we can to level up
their business.

Speaker 1 (03:09):
That's amazing. I mean when I ran my team, we're
doing about one hundred and forty or fifty transactions a
year and had a full time TC that handled that.
But to hear you say five o four and you
did that pretty much alone is surprising. That's amazing. That
just tells me that you have a lot of systems
and a lot of structure in place, which is valuable.

(03:29):
So when you what are the arguments agout about using
the TCI, Guess what are the agent arguments that you
come across?

Speaker 2 (03:36):
If any, Some of the arguments are people not wanting
to let go yep, the control thing. They feel like
they need to have somebody, you know, on their staff
that's available to do whatever they need them to do.

Speaker 1 (03:53):
But at that point it's more.

Speaker 2 (03:55):
Of you're looking for an assistant versus a transaction corgnats.

Speaker 1 (03:59):
And say something. As a coach for ten years, I
was a Tom Ferry coach and now been coaching for
a decade. The number one mistake agents make in their
real estate business is they confuse the assistant and the
TC as one person. They try to save the money.
In the beginning, it mathematically makes sense. Hey, I'm doing
ten files paying four hundred bucks a file, that's four grand.
I can hire an assistant part time for eight grand.

(04:22):
They could market my listings and do my TC work.
But that's a big mistake in my opinion. You'd probably
agree because this is your business, right, right, But I'm
telling you very clearly, that is a massive mistake that
I find when I do needs assessments with coaching clients
and they're looking to have me be their coach. That's
one of the first mistakes I usually won't cover. So

(04:45):
always separate those two. TC is the first hire, right,
If you're doing one deal a year, you should have
a TC. You're doing sixty deals a year, you cannot
do it without a TC. Right. That's just my opinion,
But I think agents use that. I think you nailed it.
I think it's control and I think they think they
could do it better, Like they don't want you to
mess it up because it's a big check. Right, I

(05:06):
get that, But I've always felt the other way. I
think that by using a TC I better my odds
of getting that deal done, closed and correct because there's
a lot of spinning plates in our real estate life. Right,
you have one focus and a list that you're following,
and I think that's the best way to go clearly, right,
I love it. So let's jump into the meat and potatoes.

(05:28):
What does it cost to have you run a TC file?
You're in Oregon, Washington, correct, right? I heard? What's that
soon to be Arizona? Is that the room? I heard?

Speaker 2 (05:40):
Yeah, yep, we're getting there. So we charge four hundred,
five hundred and six hundred dollars a file. Five hundred
dollars is listing to close, So we get your listing
contract signed, get disclosures, start chasing down HOA docs, everything,
so that when we hit the market we're ready to go.

(06:00):
And then if it's contract to close on a buy side,
that's four hundred dollars or contract to close. If for
some reason you want to handle your own listing paperwork
and if you dual rep and dual representation is six
hundred just because we have everything and it's you, and it's.

Speaker 1 (06:16):
Yeah, that's that's reasonable. That's reasonable. Some people double it.
I don't like that, but I think adding a little
bit too it's more than fair. And so walk me
through what the list to close looks like for five
hundred bucks, because I think that's the greatest value. And
then let's talk about the dirty deed. If it doesn't
sell or it cancels or something, right, how's that handled?

(06:37):
So first of all, what's the process on the list
to close part that you would handle and take off
the agent?

Speaker 2 (06:43):
So if an agent gets a listing and it's literally
send an email with the address your listing commission so
that we can have that to fill out price. If
you don't know yet you're still running comps, we can
put TVD and do a listing addendum. Once you get
that figured out out, we introduce ourselves to the client,
get a trio ordered, and start prepping listing documents. We

(07:06):
make sure everything gets signed and upload into skyslope. We
get the seller's disclosures out, make sure those come back
you know, completely filled out. Make sure you know everything's
answered pretty much. You know it's sewer, there's no woodstove.
Kind of check over some things if there's an HOA

(07:28):
and get those signed and ready.

Speaker 1 (07:32):
I love it. I love it. What do you take it?
Drink of water on a live podcast around nothing better.
I tried to mute myself, but I'm still over here
at GAGIN. I'm a huge advocate for both TC and
unlisting TC because we want to get out and do
dollar producing activities, and too many types agents relate this

(07:55):
activity is important, but it's not dollar producing, right, it's
actually support. And I do a training how we keep
everything above the line above the line with the agent,
everything below the line below the line with the agent
being leveraged, right, everything inspections to tcs, to lending and
title and all the things. And so I think this
plays really marvelously right into that the agent should be

(08:20):
spending more time prospecting, and the time that you free
up for four or five six hundred dollars our average
prospecting time allotment to value as well over one thousand
dollars an hour. Right, there's an argument that it's five
thousand dollars an hour and beyond so that's why we
really want to be able to leverage the things in
our business. So what happens if somebody does a listing

(08:42):
and then it's on the market for two weeks and
the cellar gets squarely cancels. What's the cost of that cancelation?

Speaker 2 (08:48):
Eighty five dollars?

Speaker 1 (08:49):
Okay, that's reasonable, eighty five bucks because there's involvement and
work that you've put into it. So there's eighty five
dollars risk by having you do everything start to finish.
I like that because sometimes you know, in these markets
where the houses are not moving as much, or they're
not maybe the perfect home where it's going to move quickly.
Agents concerned about that. Do you handle land any any

(09:11):
of the other kind of things as well.

Speaker 2 (09:13):
Yes, we've done land, We've done manufactured homes and parks.
We're kind of starting to dip our toes into commercial
because we've got a couple of commercial agents right now
that just have one or two going. So learning that
and yeah, I love it.

Speaker 1 (09:28):
So what is what is something that may be valuable
that you can provide to the listeners that maybe sets
you apart from some of the other people, competitors or
otherwise you know, whatever it may be, maybe they're doing
it themselves. I hear a lot of agents go, oh,
my office handles that for me, and I'm like, well,

(09:48):
that relationship's a little different than hiring somebody to handle
your file because they have a compliance requirement to you.
So their their file coordination is to around compliance of
you doing things correctly, not making sure timelines and all
things are met, and you actually have a partner in this. Right,
that's my opinion.

Speaker 2 (10:09):
Right, that's my biggest thing that I promote when I
talk to new people. My business is fully built on relationships.
I am a huge relationship person. I want us you
to feel like we're part of your team. We've got
agents that have us, Stephanie Peck's one of them, on

(10:29):
their cmas, on their seller presentations, buyer presentations, use us
as part as your team, and you know, we want
to make you look a bit.

Speaker 1 (10:39):
That's a great point. So back up a little bit.
So in Stephanie and Stephanie Peck's one of our one
of our leaders in the organization. She's where's she at
city wise? She's in Orgon City.

Speaker 2 (10:49):
Or she does a lot in organ city.

Speaker 1 (10:51):
Be very transactions to your something like that. She has
a very successful team. But think about that when you're
doing your listing presentations, buyer representation booklets, Erica becomes part
of your team, part of your success formula, and you
could promote that accordingly. Right, is that what you're referring to? Yes, yeah,

(11:13):
that's beautiful. That's such a big thing. And so you know,
on the buyer side, obviously it's pretty straightforward. I want
to give them a little coaching tip of nugget that
you may or may not know. And I don't know
if you've seen this, but you can surely tell your
clients about this. As a number. You know, we were
the number one listing agent in Reading, California, doing about

(11:34):
I think I took went to ninety listing appointments and
when year took eighty eight, so very high ratio remaxes
at the time. So we're taking about eighty eight listings
a year, and my mentor goes, hey, I want you
to write in other terms, the seller to pay for
a fee for pre marketing or transaction coordination type work. Right,
So we entered this little thing that started at two

(11:56):
ninety five went to four ninety five, and all that
said was four ninety five do only upon a successful
close of escrow for transaction coordination, COMMA pre listing confirmations
and documents, pre listing work title and escrow searches, all things, right,
it's all included in this four ninety five fee, do

(12:19):
only upon clothes of escrow. But it's a seller fee
and it's another terms. So we'd take a listing at
six percent and then we'd have a four ninety five
seller term other terms in there that they agreed to
eighty seven out of eighty eight times. Literally, I had
one guy that bought me on at one year. But
imagine eighty eight listings times four ninety five. That's thirty
five thousand a year that you've added to the cost

(12:41):
of you leveraging all this out at a high level team. Right.
I don't know if you're catching any of that on
listing agreements or not.

Speaker 2 (12:49):
Not specifically transaction coordinating. We've got some you know, if
the listing cancels for the agent to be reimbursed marketing
home corporation expenses, and I think we're just kind of
lumped into there.

Speaker 1 (13:01):
Yeah, I don't like those personally. That's my thing, Like,
if we cancel it's on me. It's a business opportunity,
and I get it. Now, if we have special marketing
and things, that's different. We've had five million dollar properties.
They want us to market market to the Oakland Raiders
and the Niners, right, and so they pay for that separately.
We'd have a separate agreement. But if you're not doing this,

(13:21):
think about doing this. Listing agents, just in your listing
put down two ninety five to four ninety five. And
it's a transaction fee that is needed to be done
on this transaction. And I just tell them this is
a pass through fee. Right, We're paying this to somebody
to handle these things. And you can get that four
or five six hundred dollars fee paid like that in

(13:42):
my opinion, right, So it's a win win. I love it.
So I've got the number at the bottom of the
screen how they can get a hold of you. Are
you taking new clients now? We are, okay, awesome, So
I'm going to promote it to my organization. We have
about eleven hundred agents, one hundred in Oregon, one hundred
in Washington. Will promote to them specifically, but also are

(14:02):
you taking agents outside of the XP Absolutely? Yep.

Speaker 2 (14:06):
We work with agents all over.

Speaker 1 (14:08):
Okay, awesome, So I will you know your numbers on
the screen, your websites on the screen, Details and deadlines
dot com spelled out details and deadlines dot com. If
you're listening on the podcast, Eric to Phillips, I appreciate
you being here today. Any last words, any anything you
want to talk to us about.

Speaker 2 (14:28):
Nope, not at all.

Speaker 1 (14:29):
Just I appreciate you. You've got a great team. And
again you came highly recommended from one of my top agents,
Stephanie Peck, and she runs a first class team right
here in Oregon. And so that endorsement, you know, is
the reason you're here. Your endorsement from her is my
endorsement to my people. All Right, thank you. I appreciate you.

(14:51):
Thank you for being here so much. Really means a
lot to us, and I'm looking forward to seeing you
in the organization. Awesome.

Speaker 2 (15:00):
Thank you so much for having me.

Speaker 1 (15:01):
Thank you much. I appreciate it. You have a great day.
Thank you, Goodbye.
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