Transaction Coordinator For Real Estate: Do You Need One?

Let’s face it! Closing a real estate deal is a long, tedious, process that involves a lot of paperwork and agent’s time.

Ask a broker or real estate agent to name the favorite part of their job and you’ll hear something along the lines of “handling a buyer the keys” or “signing the closing papers.” Rarely will you hear them say, “Coordinating every detail from origination to closure.”

Sure, it’s what they do most of the time, but not exactly the glamorous part of the job.

If you’re ready to get your business in front of potential customers, you don’t want to be stuck behind your desk organizing paperwork and getting rid of clutter. Rather, you should consider hiring a transaction coordinator.

What is a Transaction Coordinator?

A transaction coordinator or TC is a real estate professional who oversees all aspects of buyer & seller transactions, from execution to closure. They are conversant with each stage of the selling process and help to ease the burden off the broker’s shoulder. The duties of a transaction coordinator include:

•          Opening escrow
•          Liaising between the buyer, seller, agents, and various third parties
•          Overseeing inspections, repair negotiations, completion of repairs
•          Monitoring deadlines during the contingency period
•          Drafting addendums
•          Ensuring tax obligations are met
•          Ensuring loan underwriters have all the clearances and certificates needed
•          Reviewing the purchase agreement for completeness
•          Documenting communications among the parties

At times, even real estate agents hire transaction coordinators to help manage these processes.

Benefits of Hiring a Transaction Coordinator (TC)

When you hire a TC, you instantly get a trusted ally and a trained professional on your side. A transaction coordinator will oversee the nitty-gritty of every transaction and ensure nothing falls through the cracks—earnest money is deposited on time, repair requests handled meticulously, purchase agreements always filled correctly and everything in between.

To achieve this, transaction coordinators use coordination software that are designed to streamline workflow and manage all the transactions from a central place. The best software for transaction coordinators features automated checklists, dates, and reminders so transaction coordinators are able to send reminders and do more with just a click of a button.

Another benefit of hiring a transaction coordinator is in time savings. Hiring a TC frees your time so you’re able to focus more on building relationships and devising impactful marketing strategies. Moreover, hiring a TC is cost-effective; they are paid a low one-time fee as opposed to agents who are paid on commission.

Do You Need a Transaction Coordinator?

Well, that depends on personal circumstances.

If you know the drill—have successfully closed many deals without a hitch, then you may not need to hire a TC—unless you need an assistant to handle the office stuff so you can have enough time for prospecting and building rapport with your customers.

However, if you’re not very familiar with real estate processes, you may want to hire a transaction coordinator. Keep in mind that if you miss important details or fill out the paperwork incorrectly, your deal could fall apart, resulting in penalties and possible lawsuits.

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