There are a ton of details involved in every real estate transaction. Many real estate agents try to handle everything themselves, and most of the time it works. At one point or another, however, every agent will forget to do something or feel too bogged down by redundant administrative tasks.
Consider hiring a transaction coordinator to organize and manage the various administrative duties throughout each stage of a real estate transaction. A solid transaction coordinator will leave you with more time to spend face-to-face with current clients, prospect new clients, and grow your business.
- A real estate transaction coordinator performs administrative duties throughout transaction, from contract to closing
- A TC will help with tasks like opening escrow, coordinating inspections, submitting all documentation, and more
- Transaction coordinators take care of the most time-consuming tasks, leaving their agent with more time to grow their business
What is a Transaction Coordinator?
A transaction coordinator, or TC, is someone who assists a real estate agent by performing the administrative duties required during each stage of a transaction from contract to closing. Duties include:
- Opening escrow
- Coordinating inspections, repair negotiations, and completion of repairs
- Communicating updates to clients, agents, lenders, and other people involved in the transaction
- Monitoring the contingency period
- Ensuring that all documentation is submitted
- Coordinating the closing process
- Scheduling client follow-up calls (after close) to check in and ask for referrals.
Some brokerages offer in-house TCs, but you can also hire an independent TC (which might provide you with a higher quality of service, according to this article for REALTOR® Magazine).
The Benefits of Hiring a Transaction Coordinator
Here’s how a TC will benefit your real estate business (and just plain make your life better!):
- Your TC will keep every little detail in check so nothing falls through the cracks. It will be insane how on top of everything you are—the purchase agreement will ALWAYS be filled out 100% correctly, the earnest money will ALWAYS be deposited on time, repair requests will ALWAYS be sent prior to the deadline…you get the picture.
- Your TC will take care of the time-consuming administrative tasks required for each transaction, giving you more time to focus on:
- building relationships
- providing an exceptional client experience
- converting leads
- spending quality time with family and friends
- enjoying hobbies
- living your life