When you ask a Realtor to name their favorite part of their job, it’s usually something along the lines of “I can make my own schedule”, “I really love helping people”, or “handing a buyer their new keys”. What you rarely hear is, “coordinating every detail from contract to close”. It’s not exactly the glamorous side of the job. Sure, it’s important, but it’s also time consuming. If you’re ready to get back in front of potential clients and not stuck behind your desk furiously emailing about an inspection gone awry, it might be time to get a transaction coordinator.
What is a transaction coordinator?
A transaction coordinator (TC) is a real estate professional specializing in the administrative tasks that get transactions successfully to the closing table. They can be hired on a per transaction basis and handle many of the day to day activities needed on a transaction in escrow, including some of the following:
And that’s just scratching the surface. Some Transaction Coordinators go as far as to coordinate photography and listing tasks before the home even hits the market.
What does it cost?
Most transaction coordination services cost a few hundred bucks per transaction. As motivation to make sure every detail is taken care of, most don’t get paid until the transaction closes. That means you’re not out up front costs and your coordinator doesn’t get paid unless you are getting paid.
It’s easier to keep costs down when you can do the job from virtually anywhere. Most transaction coordinators can reliably work from anywhere with an internet connection, keeping the burden off the agent to make space for them in a physical office.
Why do you need it?
An agent is most valuable prospecting, getting in front of leads, and gaining clients. When you spend a good chunk of your day organizing the tasks of each buyer and seller you have under contract, you lose that face time.
In addition, missing a small detail in a transaction has high stakes. If you can’t commit yourself 100% to following through on each of your transactions, it’s time to find someone who can.
Where do you get one?
First, check with your brokerage to see if they have a recommended transaction coordinator service. If not, other agents in your area may be able to refer you to someone they have personally worked with. However, resorting to Google isn’t so bad. The National Association of Transaction Coordinators can give you a list of Transaction Coordinators in your area. Be sure to check for experience, reviews, licensing, and pricing before hiring them on the spot.
A transaction coordinator is a great way to get some of your precious time back and use it where you really belong. Paying a coordinator a few hundred dollars at close could be worth it when you realize you were able to secure two more listings in the time you would have spent behind the desk. Get back out there and secure more deals!
Author Bio: Emily Fisher: Emily is a licensed real estate agent and Brand Ambassador for Worth Clark Realty and Transactly. She has helped grow the brokerage into a top 50 fastest growing company, repeat INC 5000 winner and contributed to their multiple rankings on the SBJ Best Places to Work lineup. You can usually find Emily playing outside with her family, making homemade toddler trail mix or dancing with her daughter in the kitchen.
I agree, I think that having someone to help clients get through the red tape and the finer details takes a lot of load off of both the client AND the realtor. Especially considering the price as compared to closing costs, inspection costs, etc.. It's a proverbial drop in the bucket for piece of mind, which is something that you can't put a price on 🙂