Who is a Transaction Coordinator?
A TC handles all the paperwork in a real estate transaction, and they are trained to coordinate all the parties and the deadlines involved. They monitoring progress from the time a seller accepts an offer to the close of escrow.
A great TC will keep timelines and documents in check, so nothing falls through the cracks. By taking the administrative tasks off your plate, your TC will leave you more time to build new client relationships and move quickly to your next deal!
By working with a professional focused on the details, you can avoid many of the mistakes that can come with the volume of paperwork in a typical transaction. These mistakes could result in penalties and can even lead to costly lawsuits. A transaction coordinator:
- Helps you move smoothly from contract to close
- Manages the processes and all documents in the transaction
- Acts as a point of contact to all parties throughout the sale.
When you hire a transaction coordinator, you gain a trusted professional on your side.
The Roles of a Transaction Coordinator
The complete real estate transaction can be complicated. It involves many steps that are best be handled by an experienced professional. These include:
- Opening escrow and/or ordering title
- Delivering complete documents to all parties to the transaction
- Arranging scheduling details
- Coordinating dates for inspections, appraisals, repairs, etc.
- Communicating with all involved parties
- Reviewing all documents for accuracy
- Reviewing and obtaining all disclosures
- Drafting addenda per the agent’s direction
- Monitoring deadlines
- Ensuring loan contingency removal
- Auditing the file to ensure it is ready for broker review
These tasks, among others, take a large chunk of the transaction off of the agentís desk. For a buyer selling without an agent, the TC serves an additional role in avoiding mistakes and stress during the process.
Benefits of Hiring a Transaction Coordinator
Hiring a TC will benefit your real estate business in more than one way. A great TC will keep timelines and documents in check, so nothing falls through the cracks. By taking the administrative tasks off your plate, your TC will leave you more time to build new client relationships and move quickly to your next deal!
As a real estate agent, you’ll have more time to focus on
- Converting leads
- Building relationships
- Providing a high-quality customer experience
- Living your life
Your TC helps to avoid unforeseen issues and unexpected delays in the transaction. Since they have industry experience, they can also extend their services in coordinating showings and other tasks delegated to them.
In the real estate industry, completing a sale transaction is a complex and sometimes tedious and process. With all the details involved on the way to a successful closing, it is a wise decision to hire the services of a trained, experienced Transaction Coordinator.
A TC is a professional trained in ensuring all the paperwork is completed within the stipulated timelines. They handle all the intricate details that others might overlook. A TC also helps ensure a smooth process with less stress for you and your clients from contract to close.