Every Realtor quickly realizes that they cannot do it all. Between marketing themselves to new listings and marketing the homes to potential buyers, there is a lot of busy work that needs to be completed. Realtors should spend their time doing what they are best at -- selling -- not making phone calls, setting appointments, and organizing documents. This is where a transaction coordinator can help a busy real estate agent.
What is a transaction coordinator?
A transaction coordinator is a person on the real estate team that handles every aspect of the closing from the point at which the contract is signed by all parties up until the day of closing. They work for the listing agent.
What does a transaction coordinator do?
Once a contract is signed, the file is given to the transaction coordinator. It is his or her job to coordinate with the buyer's real estate agent and the seller to arrange a time for the home inspection and the appraisal. The transaction coordinator also orders the title work from the title company, ensures that all documents move through the closing process and are signed as needed. She also schedules the closing.
Some transaction coordinators attend the actual closing and represent the listing agent. Most agents, however, prefer to attend the closing as it is the last time they will have physical contact with their client and the best time to ask for a referral.
How is a transaction coordinator different than a listing coordinator?
While a transaction coordinator handles all paperwork from the contract until the closing, a listing coordinator handles all the paperwork from the moment the listing contract is signed until the purchase agreement is signed. Some real estate agents have separate positions for transaction and listing coordinators. Some have one person handle both jobs.
Is a transaction coordinator an employee?
A transaction coordinator could be a full or part time employee on a real estate team or they could be a person that is hired on a contract basis through a company. An employee would be entitled to the same benefits -- healthcare, paid time off, sick days -- that any other member of the real estate team is entitled to. Hiring out transaction coordinator services, however, means that you only pay for the hours that are physically worked.
Transaction coordinators need to be highly efficient and detail-oriented. The position requires a lot of attention to detail to keep the closing process moving in a timely manner. A busy Realtor needs to put all that energy into getting the next client and selling the next house, not on the phone booking the pest inspection. Knowing when and who to hire for your team can take your real estate business to the next level.