What does a Real Estate Transaction Coordinator do?
Contract To Close
There are many names for a transaction coordinator: professional organizer, paper pusher, fairy godmother,ninja and unicorn just to name a few. Whatever you want to call it, our job is the same: to make your life easier. Your transaction coordinator will be your right hand, from the time you go under contract, all the way to the closing. We keep you organized, and make sure you have your T’s dotted and your I’s crossed. Have a contract question? Ask your Transaction Coordinator!
Feeling overwhelmed by all of the paperwork?
Don’t fret, we handle 90% of transaction closing tasks.
Who can hire a transaction coordinator?
A newly licensed agent, a top agent, or a whole team. If you have a transaction to coordinate, we have a job to do!
Is a transaction coordinator worth it?
Undoubtedly, hiring a transaction coordinator is one of the best hires any real estate agent can make. The transaction coordinator will lighten the agent's load so they can spend more time with clients, send real estate marketing mailers, and focus on getting additional transactions under contract.
The Run Down
Why should you hire a transaction coordinator? What exactly does a transaction coordinator do?
Build a Transaction Management File
This is where everything to do with the sale will be kept. We use software that you can login to also and see everything that is going on with your transaction, in real time.
Assist the buyers in delivering earnest money to the title company, obtain your escrow number and find out the name of your assigned escrow agent. Upload all of your docs into your compliance system.
We Are The Main Contact
For pretty much anyone associated to your transaction, which is a pretty exhaustive list including some of the following: listing agent, seller, buyers agents, buyers, lenders, title companies, inspection companies, surveyors, home warranty companies, attorneys and appraisers.
A BIG one for sure. We will send documents for eSignature, organize them into the management file, review for compliance and completion, and seek out the people who need to correct any of these items. We are the master of documents such as the purchase agreement, addenda, sellers disclosure, title work, ect.
Send out reminders to parties concerning option period and closing. Missing any of the deadlines stated in your monstrous purchase agreement, could spell catastrophe, resulting in loss of the deal or even a lawsuit.
Order home warranties, schedule inspections, requests for repair invoices after inspection, and schedule the final walk-through and closing. Get ahead of your competition!
How much is a transaction coordinator going to cost?
I know what you’re thinking. I’m selling this house to MAKE money, not give it all away. Lucky you, our average transaction fee is on average a flat fee of $350, pretty incredible for a unicorn virtual assistant.
If after reading this article, you have some doubts about how you’ll get all of these things done on your own – or you had to Google what some of these items even were – just do yourself a favor and hire a fairy godmother AKA a transaction coordinator. A transaction coordinator may not babysit your kids or clean your house, but it’s such a small price to pay for your sanity.