Real Estate Transaction Coordinators were virtually unknown a decade ago, and they were a novel concept in real estate. If you’re a real estate agent right now, you’re well aware that having a transaction coordinator on your team is essential.
Being a real estate agent entails a lot more than the normal duties of offers and presenting keys to new home owners. From start to end, a typical transaction entails a slew of tasks that necessitate coordination, competence, and attention.
Many solo REALTORS choose to manage the transaction process themselves at first. On the other hand, a Transaction Coordinator is required when an agent deals with multiple seller and buyer’s clients at similar transaction.
Employing the assistance of a transaction coordinator guarantees that everything runs smoothly and that the agent does not become worn out from juggling too many jobs at once.
This article will look at why transaction coordinators are so important during the contract to the closing phase of a real estate deal.
The Work of a Transaction Coordinator
A transaction coordinator takes care of the details of your real estate transactions. A real estate agent in need of assistance will initially post an ad for an assistant to assist with some day-to-day responsibilities.
They’ll create a job description that outlines all of the administrative duties that the agent will be responsible for. Even if an administrator is fantastic, they are frequently unable to assist with the paperwork required to complete a real estate deal.
The function of a transaction coordinator is to coordinate with all parties involved in waiting real estate transactions and to set up new listings if need be. Above all, they attempt to keep the process efficient, coordinated, and on track to fulfill the Closing of Escrow deadline.
Most real estate brokers are aware of the steps necessary to complete a successful transaction. The transaction coordinator will be responsible for a variety of tasks. These include:
- When a house is under contract, open escrow.
- Make checklists and schedules to keep track of your tasks.
- Organize, plan, and manage all of the property’s inspections.
- Contact all transaction participants, including title agencies, mortgage lenders, and other agents.
- Handling any paperwork that requires mailing or needs to be signed.
- To ensure contractual adherence, keep an eye on the contingency periods.
- To ensure contract compliance, keep an eye on the contingency periods. Keep the agent informed about the transaction so you can concentrate on other elements of your real estate business.
- Collect testimonials from clients and online evaluations.
Having a transaction coordinator manage all of these responsibilities and many more allows the rest of the group to concentrate on lead generation and handling clients.
Qualities of a Good Transaction Coordinator
You’ll need to search to get the most acceptable real estate transaction coordinator for your team. In the real estate sector, transaction coordinators are a unique breed. Technical skills may be taught, but consistency, enthusiasm, and organization cannot.
Several brokerages use their transaction coordinator. Nevertheless, an agent with the resources should try employing their own TC to join forces and give even quality service. A good transaction coordinator should be:
1. Pay Extreme Attention to Detail
A professional transaction coordinator has an uncanny ability to pay attention to the smallest of details. While dealing with a real estate transaction, it’s easy to overlook little facts if the TC isn’t doing their due research, reading the fine print, and taking the time to evaluate all parts of the deal thoroughly.
Delays might result from missing critical spots. Each transaction requires a natural balance, which a competent transaction coordinator understands. They are well-organized individuals who succeed at multitasking, meeting deadlines, dealing with minor or major concerns, and resolving issues to everyone’s satisfaction.
2. Ability to Meet Deadlines
There is no margin for error when dealing with deadlines and staying on schedule in the real estate industry. Everybody’s program requires coordination, and missed deadlines have ramifications throughout the chain of command.
It also appears unprofessional and can tarnish the reputation of the real estate agent. Constant delays can result in expired listings in the worst-case situation, putting an agent’s trust and credibility to secure future listings in jeopardy.
3. Relevant Experience in Real Estate
The transaction coordinator is crucial in keeping your agents on schedule. Finding the perfect transaction coordinator with substantial real estate expertise or a REALTOR who likes to work behind the scenes rather than on sales is a plus.
Because a professional employee matches the value for their salary, an agent ought to be ready to pay competitive compensation to hire someone with a high level of proficiency and appropriate expertise. It will be well worth the additional money to avoid teaching an unskilled Transaction Coordinator.
4. Ability to Communicate
Transaction coordinators spend hours on calls and engaging via email with their clients. They’ll speak with basically the whole real estate community and other professionals. A TC should be at ease communicating with various people via phone, email, in-person meetings, and telecommunications technologies.
The very nature of a transaction coordinator’s job makes it impossible to ignore or push forward phone contacts.
How to Compensate a Transaction Coordinator?
Two things determine a transaction coordinator’s price. Do you hire someone full-time to work for you, or do you hire them on a transaction-by-transaction basis? Also, do you want someone who can work on-site or remotely?
If a TC has experience with real estate transactions, they’ll be in high demand. Any agent dealing with ten and more properties annually typically is need of a transaction coordinator and will be ready to pay the TC for their services.
1. Permanent, In-House Transaction Coordinator
A full-time, in-house transaction coordinator devotes their full attention to their employer. If you’re executing more than 50 transactions each year, you might consider hiring a full-time transaction coordinator in-house. In this type of environment, it’s not uncommon for a TC to be asked to conduct things like marketing during downtime or quiet periods.
A TC’s average annual pay is $43,323. If the TC is a full-time worker, the company is obligated to provide employment taxes and benefits in addition to the compensation.
Hiring a full-time professional to work alongside a single agent is expensive and time-consuming. A team leader or real estate agent has to create time to analyze resumes, and organize interviews.
2. External Transaction Coordinator
Due to the high cost of employing a transaction coordinator, many single agents and small agencies hire a TC from outside sources. When you hire them on a transaction-by-transaction basis, their rates may be variable and varying between $300 to $500, depending on the size and intricacy of the transaction.
If an agent closes 12 or more sales per year, hiring a virtual transaction coordinator and paying per transaction might become prohibitively expensive. The perfect TC can be a game-changer for your company, allowing you to tap into an avalanche of long-term referral business and even new revenue sources.
Working with a transaction coordination service is the most excellent option for agents wishing to save time and develop their business when considering all of the earlier options.