If you’re a real estate agent then you know that having a transaction coordinator on your team is a must. But what if you’re not sure what they do or how they can help you?
Never fear, because this guide is here to tell you everything you need to know about real estate transaction coordinators! Read on to learn more. What are the benefits of using a real estate transaction coordinator?
Find out in today’s post! Whether you’re just starting out in the business or have been around for a while, there’s always something new to learn.
So read on and see what transaction coordination can do for you and your business!
If you would rather watch or listen to this content, check out the video or podcast below!
What Does A Transaction Coordinator Do?
A transaction coordinator is a person who handles the details of your real estate transactions. They make sure that all the paperwork and processes related to the sale go smoothly and stay on track, so you can focus on finding great properties and helping clients buy and sell their homes.
A good real estate transaction coordinator will:
- Create checklists and schedules to keep your work organized
- Reach out to all parties of the transaction, including title companies, mortgage lenders, and other agents
- Coordinate handling of the earnest money from the buyer
- Take care of the paperwork and anything that needs to be mailed out or signed
- Keep you up-to-date on what’s going on with the transaction process, so you can focus on other aspects of your real estate business
Why Is A Transaction Coordinator Important?
Hiring a real estate transaction coordinator, also known as a closing coordinator, will make your life easier! They free you up to do what you do best – find amazing properties and help your clients buy and sell their homes.
A transaction coordinator can also help you save money- they’ll handle all the paperwork and administrative tasks so that means less time spent printing out forms or lining up printers, scanners, fax machines, etc.
What Should You Look For In A Transaction Coordinator?
To find the best real estate transaction coordinator for your team, you’ll need to do some searching! Here are some of the most important qualities to consider:
- Knowledge of real estate transactions and procedures
- Excellent organizational skills
- Friendly and professional demeanor
- Passionate about customer service
- Clear communication
Top qualities like these will make your transaction coordinator stand out from the rest of the crowd. How Much Do Transaction Coordinators Cost?
How Much Do Transaction Coordinators Cost?
The cost of a transaction coordinator depends on two main factors. Are you hiring someone to work exclusively for you full-time or are you contracting them per transaction? Also, are you looking for someone that can work in-house or virtually?
Full-Time vs. Part-Time (Contractor)
If you’re doing over 50 transactions per year, you may want to look into hiring a full-time, in-house transaction coordinator. Typically the salary for a full-time transaction coordinator can range from around $30,000 to $45,000 annually.
Prior to this, hiring a per-transaction coordinator may be more cost-effective. On average, transaction coordinators cost between $250 and $450 per transaction.
In-House vs. Remote Transaction Coordinator
In-house transaction coordinators will have a set salary. When you’re contracting them per transaction, their fees might be negotiable and could range from around $300 to $500 depending on the size and complexity of the transaction.
Virtual real estate transaction coordinators can cost less because they aren’t providing in-person services.
Licensed vs. Unlicensed Transaction Coordinator
You might be wondering if your transaction coordinator needs to have a real estate license or not. Technically, no, however, they’ll be able to accomplish far less without one.
Every state is a little different so check with your commission, however, in general, some of the things an unlicensed real estate agent is not able to do include:
- Show any property or be at an open house for any purpose
- Prepare or discuss a listing or property management agreement with the owner of the home
- Provide advice, pricing, or opinions of value to a consumer
- Collect fees from a buyer or seller
- Drive or accompany a prospect to a property
- Procure or assist in procuring prospects for the purpose of the sale, exchange, lease, or rental of real estate
- Present an offer to a seller or counter to a buyer
- Negotiate or discuss the terms of a sale or lease
- Prepare or have a prospect sign an offer to purchase or lease
- Explaining or interpreting a contract of purchase and sale a listing contract or property management contract, or any other form of service agreement
- Originate documents
Tips To Find An Awesome Transaction Coordinator
Now that you know what a real estate transaction coordinator does and how to find them, here are some tips on making your search easier!
Focus on their experience – What have they done in the past? Are they familiar with your area or do they specialize in a different market?
Ask fellow agents – Ask another real estate agent you know to see if they can recommend someone.
Ask for references – Ask if you can contact a past client and/or a real estate agent they’ve worked with.
How will they be compensated – In-house coordinators may not require a retainer fee, but virtual transaction coordinators typically do. Ask what happens if the transaction doesn’t go through.
Are there any extra fees – Will you have to pay for mileage or postage? Are there any other hidden costs?
Test their communication skills – Assign a small task during the pre-interview process to the coordinator to see how well they communicate with you.
Transaction Coordinator Criteria
Hiring a real estate transaction coordinator is similar to hiring any other professional. You want someone that not only has the experience and knowledge needed for the job but also fits your company culture and will be easy to work with.
The best way you can ensure that you’re hiring an awesome real estate transaction coordinator is by doing extensive research before making a final decision.
Frequently Asked Questions About Hiring a Transaction Coordinator
Does a real estate transaction coordinator need a real estate license?
Technically, a real estate transaction coordinator doesn’t need a real estate license. However, they will be able to do far more tasks if they do have an active license.
When should I hire a transaction coordinator?
Typically, hiring a transaction coordinator at the beginning of your career is best so you can focus on higher dollar-producing tasks like lead generation and prospecting. Also, if you run a real estate team or brokerage, providing a transaction coordinator can be a value add for the agents who work with you.
How often should I have my transaction coordinator update escrow?
You should expect your transaction coordinator to contact you every 2-3 days with updates about the deals you have in escrow.
What makes a good transaction coordinator?
A good real estate transaction coordinator should be detail-oriented, dependable, and have excellent communication skills. It’s important to find someone you can trust implicitly.
What is a certified transaction coordinator?
A certified transaction coordinator is someone who has passed a written exam and attended courses to become certified. The course curriculum typically involves real estate law, escrow transactions, and closing procedures.
Today, we’ve discussed the role of real estate transaction coordinators and what they do.
We also talked about why you should hire a coordinator to help with your sale-from handling paperwork and scheduling showings to managing negotiations and keeping track of deadlines.
Finally, we shared some tips for how to find the right person for the job as well as things that you should look out for when interviewing potential candidates.
If you have any questions or would like more information on hiring an RE Transaction Coordinator, please leave them in the comments below!
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