If you’ve been keeping abreast of the real estate industry, chances are that you’ve noticed that there seems to be a new way to be employed in the industry every day. You’ve heard of real estate agents, investors, and maybe even management property groups. But, what about real estate transaction coordinators? What exactly do they do, and should you consider hiring a transaction coordinator?
What Is A Real Estate Transaction Coordinator?
A real estate transaction coordinator is a person who is hired to handle all the paperwork that happens during a real estate sale. While transaction coordinators are typically hired by other real estate agents to do some of the more tedious work for them, you can also hire one. If you want to save on real estate commissions when selling a home, hiring a transaction coordinator might be a great idea.
What Exactly Does A Real Estate Transaction Coordinator Do?
Their job is similar to an agent’s, but has one major difference—they don’t make sales happen. Rather, they’re the ones who make sure that all your paperwork is done properly and that everything is filled out. If it’s not, they’re the ones who will approach the seller or buyer for help.
Real estate transaction coordinators are the ones who open escrow, fill out offers, look for inconsistencies, draft paperwork, and keep an eye on all the loan paperwork. If you need your paperwork to be on time, edited, or otherwise handled, your coordinator is going to be the one to do it.
Who Needs A Real Estate Transaction Coordinator?
Technically, you’re never legally obligated to hire a real estate transaction coordinator. That doesn’t mean you should skip it, though! Both real estate agents and individual sellers have reasons to hire one.
You should hire a real estate transaction coordinator if you (or your agent):
- Need to free up time- All the paperwork that comes with real estate is headache-inducing and time-consuming. Even full-time real estate agents don’t always have enough time to sort through the paperwork. If you need to free up time or just get convenience, hiring one is a smart move.
- Need more organization- Heavily disorganized people will have a hard time on any real estate transaction. A coordinator will be able to organize everything, schedule meetings, keep clients on track for a successful closing, and even work on your behalf with banks.
- Struggle with deadlines- Most people who struggle with deadlines would be wise to have a team member to send them reminders and do the work for them.
- Are struggling with your move-out schedule- Scheduling a move-out can be hard to do, even if you are used to dealing with other peoples’ moves. If you are struggling, having someone schedule things for you is a must.
- Don’t want to handle paperwork out of concern of mistakes- Let’s face it, real estate transactions are pretty brutal. Even the smallest mistake can cause a transaction to fall through or a title to fall into “cloudy” territory. Most people who hire coordinators do so out of worry of losing a sale due to a mistake.
What Are Real Estate Transaction Coordinators’ Fees?
There’s going to be a price for this work, but it might not be as much as you’d expect it to be. Unlike a regular real estate agent, a real estate transaction coordinator’s price is not based on the price of the house you’re selling.
The first thing to look into is if you’ve got a real estate agent. If you are working on a real estate transaction through a brokerage, it might be free of charge for you to use the one they offer in-house. Not all do, but if you’re with one that does, you’re in luck.
With that said, even an out of house coordinator will be able to offer great results. Most will charge between $300 to $500 for a typical real estate transaction. With that said, it’s best to see the rates in your area.
Is Hiring A Transaction Coordinator Worth It?
No matter who you are or what stage you’re at in your real estate journey, it makes sense to hire a real estate transaction coordinator in most cases. They are one of the most valuable allies you can have in your home sale journey, and yet, they cost so little compared to a standard agent.