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BloomFile - Conquering the Transaction Coordination Space
A local startup announced today that in its first year it has taken on 37 new clients as it seeks to revolutionize the real estate transaction coordination business.
"We're tremendously gratified by the way the Los Angeles real estate community has embraced our high quality services so quickly," said Monica Jimenez, spokesperson for BloomFile. "Our fast growth is a testament to our team's incredible work ethic, vast knowledge and experience and responsiveness to clients' needs. We are looking forward to continued growth in the real estate transaction coordination space."
BloomFile offers a range of services revolving around the management of real estate transactions, including managing contracts and handling all paperwork involved with a transaction. While opening escrow, they will review contracts, establish contingency deadlines, communicate with all parties and prepare all necessary disclosures. During escrow, they will issue reminders and follow ups to ensure all items are completed and properly executed per a client's office requirements. Following closing, they will audit the transaction and provide a PDF copy of the complete file to their clients.
Depending on the brokerage, outsourcing paperwork-related tasks can allow a real estate or broker to substantially leverage their valuable time and focus on income-generating activities.
"We introduced BloomFile due to real estate agents' growing hunger for a trustworthy, reliable on-demand transaction management service," Jimenez said. "The traditional brokerage model suggests to hire a full-time transaction coordinator once a certain level of growth has been archived. BloomFile did the math and was successfully able to demonstrate that a leaner model can often be appropriate."
The typical cost of hiring a full-time transaction coordinator at a prevailing wage of $20 per hourcosts around $4,000 per month, including worker's comp, insurance, training and taxes. This is a fixed cost that does not change whether the broker generates 20 or 0 transactions. Furthermore, a transaction coordinator may be able to handle a limited amount of 10 - 15 transactions at any given time. Hence, once this limit is exceeded, hiring an additional TC at the same fixed cost of $4,000 per month might be warranted.
BloomFile charges $350 per transaction while being able to handle a virtually unlimited number of transactions at any given time by through the use of proprietary software available to BloomFile Transaction Coordinators.
Additionally, in-house Transaction Coordinators typically only audit files with broker management software, rather than fully taking charge of gathering signatures, following up with escrow and keeping track of contingency removal dates. These are tasks are readily handled byBloomFile TCs.
"We have proudly watched our clients' businesses thrive after entrusting our staff with the task of transaction management using BloomFile's proven transaction management system." Jimenez said. "Our services free up the time of real estate agents, allowing them tofocus on lead generation rather than tedious paperwork. Brokers have found it equally valuable to be able to rely on our scrutinous review to ensure the full completion of their files"
BloomFile's skilled staff consists of experts in the industry who provide their clients with peace of mind knowing that their transactions will be organized, completed in a timely manner, safely stored and compliant with their broker's guidelines and DRE rules. The company is licensed in California and Errors & Omission insured
Learn more about BloomFile atwww.bloomfile.com.