Selling your home isn’t as simple as selling stocks. It can take several months to find the right buyer and even more time to close on a property. In addition, most people can’t do the marketing, product showings, and other tasks by themselves. Some people hire a real estate agent to help with marketing, but even if you promote your property alone, you will still need help.
A real estate transaction coordinator is essential for real estate transactions. These coordinators perform various tasks behind the scenes that result in a smooth property transfer. Unfortunately, most home buyers and sellers do not hire a coordinator or hear much about them because real estate agents have coordinators on their teams. However, understanding what a coordinator does can still be helpful, especially if you want to sell your home without an agent.
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What is a Real Estate Transaction Coordinator?
A real estate transaction coordinator handles the complexities of a real estate transaction. They assist with the entire process, from listing your property data on MLS to coordinating the closing. The real estate transaction coordinator handles legal paperwork that an assistant can’t cover. Having a coordinator on your team can reduce stress and make a real estate transaction easier.
What Do Real Estate Transaction Coordinators Do?
A real estate transaction coordinator is an integral part of real estate transactions, regardless of whether you want to sell or buy a home. The coordinator performs the following tasks within the real estate industry.
- Open escrow accounts: These accounts allow buyers and sellers to exchange money for the property safely. The seller does not receive the proceeds until the deal gets finalized. The buyer does not get ownership until everything is settled.
- Plan the home inspections: Most buyers will do a home inspection before purchasing your home. Inspections can make the buyer feel more confident purchasing your home or reveal significant problems.
- Correspond with sellers for access to their property: The seller has to provide temporary access to their property for inspections, showings, and other reasons pertaining to getting a deal.
- Lead negotiations for repairs and ensure completion thereof: If the inspector discovers issues that require repairs, the coordinator will lead those efforts. The coordinator will check in with the seller’s progress and make sure repairs get done.
- Communicate transactional updates to everyone involved: The coordinator keeps everyone in the loop, leading to better communication between the buyer and seller.
- Monitor contingency periods for contractural compliance: Buyers and sellers may have contingencies put into the contract. These contingencies are conditions that allow either party to back out of the deal under specific circumstances. The coordinator facilitates contingencies if necessary or watches them expire without getting used.
- Ensure timely submission of all required documents: The coordinator will submit necessary documents and gather resources from the buyer and seller. Real estate transaction coordinators know how to navigate the legalities.
- Coordinate closing: The coordinator gets the buyer and seller together to make final negotiations and close the deal.
- Schedule after-close follow-up for referrals: The real estate transaction coordinator reaches out to both parties after the deal gets finalized. Coordinators ask how everyone is doing and if they know anyone going through the transaction process.
Should You Hire a Transaction Coordinator?
A transaction coordinator does far more than administrative tasks. Coordinators have legal knowledge that helps them write documents and facilitate a smooth transaction. Without a transaction coordinator, you will have to go on a steep learning curve and put more time into selling your property. Real estate can turn into a full-time job if you sell your home without any help.
Submit an online application form to inquire about Angel Oak Mortgage Solutions financing options.
Buy a home or refinance your existing mortgage with Zero Mortgage.
Older homeowners can get peace of mind and added financial security with a reverse mortgage from AAG.
What You Should Look for in a Transaction Coordinator
The best transaction coordinator can make a real estate transaction feel seamless. They can minimize issues and address any that come up. You should look for the following qualities in a real estate transaction coordinator before hiring them to get help with selling your home.
Experience
Experienced coordinators can quickly adjust to challenges and make you feel confident in your home sale. However, real estate transaction coordinators with limited experience may not know how to deal with every issue that comes their way. Therefore, you should ask a real estate transaction coordinator how long they have been a coordinator and how many sellers they have helped.
Decisiveness
A real estate transaction coordinator will have to make several decisions. Delayed decision-making can stall the deal and possibly cause the potential buyer to look at other properties. A decisive coordinator moves quickly instead of standing still.
Flexibility
How quickly can a coordinator get back to your request and have documents completed? New developments can emerge and require flexibility. If the coordinator already has a rigid schedule and many clients, that coordinator may not be the best person for your home.
Organized and Detail-Oriented
Real estate transaction coordinators handle many documents from buyers and sellers. An organized coordinator remembers document file locations and can assemble the necessary resources before a closing. They keep up with deadlines and don’t fall behind on work. If the coordinator doesn’t seem organized and detail-oriented during initial correspondences, they may not keep essential documents organized.
Social and Communication Skills
You will have to interact with your coordinator often. The coordinator will also communicate with prospective buyers on your behalf. You don’t want to turn off a buyer because the coordinator said the wrong thing or did not adequately communicate with both parties.
Commitment
Any real estate transaction is a long-term process that takes several months or even years. The coordinator you choose must be willing to stick with you for as long as it takes. Coordinators who have been with a client for over a year before finalizing the transaction have demonstrated commitment in the past. If the coordinator has a history of bailing on clients, you shouldn’t start that relationship.
How Much Would It Cost to Hire a Transaction Coordinator?
The average transactions coordinator makes over $43,000 per year before job benefits. This average salary will vary based on your location, but you can save money with a part-time TC. The part-time coordinator may be juggling more clients, but you will save money with this route.
