Working in the real estate industry means that every day is different from the last. You might be working with clients who are buying their first home in a new community one day, and by the next day, you could be partnering with a real estate investment firm that is looking to expand its portfolio.
In a dynamic industry like real estate, the day-to-day work of managing your transactions can become overwhelming, which is why many real estate agents are intrigued by the idea of a transaction coordinator.
What is a Transaction Coordinator?
A transaction coordinator is a real estate professional who is responsible for coordinating the logistics between all parties involved in a real estate transaction. While an administrative assistant may help a professional real estate agent manage their daily tasks, such as responding to e-mails, scheduling showings and preparing marketing materials, a transaction coordinator will work to ensure that each transaction is moving forward smoothly.
The transaction coordinator often works directly with the other party involved in the transaction as well as the title company, mortgage lender and the municipalities that are involved in the transaction.
Tasks and Duties of a Transaction Coordinator
When you hire a transaction coordinator, you can specify the exact tasks, duties and roles that you want them to take on within your business. These are a few examples of the typical tasks and duties of a transaction coordinator:
- Prepare listing documents and list properties on the MLS.
- Coordinate logistics once a purchase agreement has been signed and a home is under contract. This includes opening escrow.
- Work to schedule all necessary inspections for the transaction, verifying that all parties are available for those scheduled times.
- Create addendums when necessary following the inspection, and work to ensure that all parties sign the addendums.
- Ensure that the transaction moves forward in a timely fashion in order to remain in compliance with all dates and deadlines outlined in the purchase agreement.
- Verify that all documents have been received by the involved parties and are completed according to the timeline.
- Schedule the closing and provide all closing documents to the parties involved in the transaction.
A transaction coordinator is charged with significant responsibilities, and the unique nature of this position requires an individual to be a skilled and efficient communicator. However, when you find the right transaction coordinator, you will find that your real estate business quickly begins to grow and thrive.
5 Reasons to Hire a Transaction Coordinator for Your Real Estate Business
By hiring a transaction coordinator, you are making an investment in your business that will deliver both short-term and long-term results. These are five reasons why you should consider hiring an experienced transaction coordinator:
A Transaction Coordinator Will Reduce the Amount of Time You Spend on Administrative Tasks
One of the most tedious parts of being a real estate agent is dealing with all of the paperwork that has to be completed between the time you have a signed purchase agreement and the moment that closing takes place.
If you are the type of agent who detests paperwork, then a transaction coordinator is the perfect investment for your business. This individual will virtually eliminate your administrative responsibilities, giving you an opportunity to focus on the parts of this job that you love.
A Transaction Coordinator Will Allow You To Work With a Higher Volume of Clients at Once
When you are responsible for all of the logistics of each transaction, you are limited by the number of clients you can work with at any given time and the number of deals that you can have open.
However, by hiring a transaction coordinator, you can increase the volume of your clients and begin taking your business to the next level. While you will be making an investment by hiring an additional staff member, you will usually see the reward pay off in dividends as you begin to increase your personal income.
A Transaction Coordinator Will Boost Your Customer Service Ratings
Most real estate agents who hire a transaction coordinator find that they are able to spend more time connecting with their clients and personalizing the real estate journey for them.
Your clients will appreciate the fact that you are able to invest your time and energy into their experience, and in addition, they will appreciate the expertise and efficiency of your transaction coordinator. This is one of the best ways to improve your reputation in the local community.
A Transaction Coordinator Will Set You Apart From the Competition
While the concept of having a transaction coordinator is increasing in popularity, the reality of the matter is that most real estate agents do not have a transaction coordinator on staff.
When you hire a transaction coordinator, you immediately set yourself apart from other local agents, and you can use this as part of your marketing efforts within the local community.
Home buyers and sellers will prefer working with a real estate agent who also has a transaction coordinator because they know that every aspect of their transaction will be monitored and cared for with precision.
A Transaction Coordinator Will Enhance Your Real Estate Expertise
You will quickly come to rely heavily on your transaction coordinator, and you will find that you learn a lot from this experienced individual.
A transaction coordinator will offer you advanced insight into the real estate industry at large, and together, you will be able to provide your clients with the most accurate and reliable information about the local real estate market.
It’s in an investment in your business as well as in your own professional development. A transaction coordinator could be the key to taking your real estate business to the next level.
With a transaction coordinator on staff, you will be able to focus your efforts on long-term growth while deepening your relationships with your clients. Learn more about the benefits of working with a transaction coordinator today.