The role of a real estate transaction coordinator is unfamiliar to many people. As the name implies, these professionals are responsible for coordinating all aspects of a home sale or purchase. They’re involved in everything from negotiating contracts to preparing closing documents.
In this blog post, we will be discussing the role of a real estate transaction coordinator and how they can help you scale your real estate business this 2022.
Overall, having a RE Transaction Coordinator can help take the load off of your shoulders so you can focus on your business and what you’re good at!
And because they work closely with agents, it’s an excellent opportunity to network and learn more about the industry as a whole.
Let’s dig into the gritty details and see what a Transaction Coordinator does for their clients in-depth.
Why is a transaction coordinator critical?
Legal Aspects
A RE Transaction Coordinator is someone who assists with the legal aspects of buying, selling, or investing in residential real estate property for their clientele. They are not agents like we see on TV or online, but instead, they work alongside an agent to make sure that everything goes smoothly from start to finish in a real estate transaction.
So when it comes time for your clientele to find new homes, condos, land, etc., having a transaction coordinator would be beneficial. They ensure that all paperwork is done correctly and taken care of throughout the entire process, and the closing process goes off without a hitch.
Small Errors
Think of all the things that could go wrong in a real estate transaction: missed deadlines, incorrect paperwork, errors in performing administrative tasks, and mishandling the client database system.
The real estate transaction coordinator handles the face-to-face product support for the purchasers and other vendors who need assistance.
Paperwork
Transaction coordinators manage the paperwork electronically and in written form while coordinating phone calls and other lengthy tasks. One of the key things that determine success is how many transactions are on one page.
In most situations, a licensed real estate agent will hire a full-time assistant with a thorough job description that covers all of the required duties and responsibilities for the transaction coordinator to be successful.
Most transactions take place in coordination with an account executive. The agents can tour the properties to the buyers in the background as the seller handles the behind-the-scenes activities. Typically, coordination of transactions includes call scheduling for the customer. A sales representative must collaborate in any transaction with a client.
A seasoned transaction coordinator will never stop learning and take courses to stay relevant in the ever-changing real estate market.
How much does a transaction coordinator cost?
Typical Real Estate Agent:
Typical managers usually pay $250-$4350 depending on the situation or location. However, the charge is typically stating the coordinator can take a thorough look at the transactions and approve this information. The fee can be based anywhere at $76.50 per hour.
An alternative route for hiring a transaction coordinator:
Is there any alternative route? Keep a strict eye on the total cost of your purchase. Clever is an example that only charges 1% to complete help despite any delay in the project.
We all know that costs are rising, which means you should always take the time to compare your options before deciding on who you will hire.
A transaction coordinator will generally expect to be paid by the hour or at a daily rate.
How should transaction coordinators be compensated?
Transaction coordinators can often take a pay cut and earn a weekly or monthly rate for a transaction. Working for an office TC usually saves an additional 15 hours. Most agents will get rid of 15-hour fees every time they need TC accommodation in their business transactions.
Other estate agents may pay for the transaction coordinator, which is especially beneficial if they already work with them.
The Lack of Time
The primary purpose of paying them is to preserve your client’s time and attention because you cannot afford to be distracted while closing a deal or finding an office.
Administrative tasks in real estate these days can be a nightmare for anyone who has little to no experience with the nature of the real estate industry.
The transaction coordinator manages all aspects of communication between agents and their clients, so both parties feel that the contingency periods and the selling process are handled professionally without gaps.
The transaction coordinator should be able to work with the clients, real estate agents, and other brokers in order to get the best outcome for all parties involved.
The Big Picture
The one crucial thing that coordinators do is keep an eye on the big picture. They should never lose focus on the goal of closing the transaction without any hitches.
We tend to forget how many moving pieces there are in a real estate transaction, specifically because outside professionals do most of the work.
Management Skills
In order to excel as a transaction coordinator, your management skills need to be reliable, as you have to motivate your team so that they remain focused on the bigger picture. In other words, you’ll be responsible for maintaining open communication and managing expectations by keeping everyone on the same page.
Communication
Communication is a vital aspect of every transaction regardless of how much the deal is worth.
Another role of a coordinator in real estate transactions is to stay on top of all communications between buyers, sellers, real estate agents involved with the sales process, and other brokers.
Customer Service
Transaction coordinators are expected to deliver excellent customer service skills to respond immediately to any inquiries from clients or other real estate agents.
In addition, they also have a responsibility to keep their customers up-to-date with any changes in the contingency schedule and deadlines and any information that may be relevant for the seller.
Transaction coordinators are best described as administrative staff that manages all aspects of communication between buyers, real estate agents, and other brokers. Transaction coordinators ensure that all the deadlines, schedules, and tasks are kept organized between everyone involved in the transaction process.
Property Access
It’s important that you have everything in place so that the deal can close timely. Property access at the time of transaction is critical to the process. The transaction coordinator assists with arranging property access and coordinating inspections with other agents. This person must be flexible and able to change course quickly if needed.
With simple deductions, customers can conclude much they want their transaction management company to charge. All realtors who close around 12 properties a year are likely to have their own agent, and there are others in the real estate industry as well.
What Real Estate Agents should you look for in a Transaction Coordinator?
Some real estate brokerages have their own account officer, but an agent that lacks financial resources can use their own TC to help and support them to improve customer satisfaction.
Pays Attention to Detail
All successful transaction coordinators know they have a good sense of balance between transactions. They are people who enjoy multifunctional work, meet deadlines, deal with small or complex issues and work together to regain satisfaction from all parties involved.
Delays
Even minor errors sometimes cause delays. Successful real estate professionals are people in their own right who excel at collaborating, following deadlines, and dealing with important matters with the benefit of the interests of each company.
Organizational skills
It may be argued that the organizational skill sets are classified mainly in detail, and the organizational skills can have a separate capability which many people may not necessarily possess.
Transaction managers must manage multiple projects while keeping an efficient and effective system and utilizing a CRM solution. For gaining success, their organizational abilities must be flawless. In order to avoid becoming too frustrated and lacking confidence in how things work, you might need to consider some new path choices.
In real estate, transaction coordination is one of the most important but least understood positions in the industry.
Many people think that a transaction coordinator is the same as a real estate agent, but this is not the case. A transaction coordinator is an administrative assistant who helps to keep the transaction organized and on track.
A brokerage firm with a real estate agent can hire a transaction coordinator who can handle all aspects of communication between agents, clients, and the brokerage firm.
This person may also work directly with real estate brokers to help them organize their real estate deals.
Ability to learn quickly
A good transaction coordinator shows interest in learning new programs and technologies related to their position. They also have the ability to manage different software applications to keep track of their transactions and customers.
The best transaction coordinators can wear many hats, have a keen attention to detail, and are very capable of managing different aspects of the transaction process without any gaps.
Relevant Experience in Real Estate
As a transaction coordinator, you’ll need to conduct financial analysis, finish market research, obtain an online property profile, investigate past MLS listings, and do more.
The best thing about looking with an experienced broker for any property investment is to see a person who works closely with you without any focus on sales.
Those who are able to acquire specialized skills can pay up the price on a competitively low wage to hire a qualified professional. If this applies, your experience should also match. Of course, it may pay off in pay if someone doesn’t learn how to train an inexperienced trade coordinator.
Continued commitment
Naturally, someone can work on their work needs on an annual basis. People must enjoy work. It can get complicated with job-oriented transaction coordinators.
It’s a tough job with many details, and it may quickly become monotonous. The choice of interviewees can affect applicant qualifications or personality. Many sales executives require a person they feel comfortable interacting with.
Hiring an external transaction coordinator
Virtual agent coordinators are incredibly cheap and can make things very difficult.
Usually, a transaction will cost as much as $300. The vast majority of brokers hire transaction coordinators to handle fewer transactions each year.
Hiring a full-time deal coordinator for an owner that has diversified into more than 200 transactions each year could save them the necessary amount for their growth. It’s difficult for a TD to complete 12 sales in one year without meeting a minimum threshold.
Conclusion
So we saw how not only do the administrative tasks go according to the plan with the help of a transaction coordinator, but also they compensate for those who work on the deal. Of course, transaction coordinators cannot acquire all these qualities without relevant experience and advanced training.
In short, the best transaction coordinators:
- Oversees all administrative duties in a real estate deal
- Monitors and oversees agent communication with clients
- Keeps an eye on the big picture to ensure a successful transaction
- Compensates brokers, real estate agents, and their clients for their time and effort into a successful transaction.
- Is knowledgeable of the real estate industry and current trends.
The closing process is the best example when it comes to experience, but many say that when an experienced manager takes care of everything for you, there are no hidden costs in a real estate deal.
As long as this is the case, don’t be afraid to take on small deals with the potential to grow.
