Table of Contents
What Is a Real Estate Transaction Coordinator?
What Does a Transaction Coordinator Do?
Who Needs a Transaction Coordinator?
How Much Do Real Estate Transaction Coordinators Charge?
Real Estate Transaction Coordinators Bottom Line
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, a homeowner 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 Does a Transaction Coordinator Do?
A real estate transaction coordinator helps facilitate smooth real estate transactions by ensuring that all necessary documentation and processes are completed accurately and on time. In many ways their job is similar to an agent’s, but it 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 will be the one to do it.
Who Needs a Transaction Coordinator?
Technically, you’re never legally obligated to hire a real estate transaction coordinator. However, hiring a real estate transaction coordinator can be worth it if you need help managing transactions. Both real estate agents and individual sellers have reasons to hire one. Let's look at some of the best reasons to hire a transaction coordinator.
Reasons to Hire a Transaction Coordinator
- Transaction Coordinators Help Free Up Time
- Transaction Coordinators Can Help You Get Organized
- Transaction Coordinators Can Help With Deadlines
- Transaction Coordinators Ensure Mistake Free Paperwork
1. Transaction Coordinators Help Free Up Time
If you need to free up time, hiring a transaction coordinator is a great idea. 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.
2. Transaction Coordinators Can Help You Get Organized
Heavily disorganized people will have a hard time with 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.
3. Transaction Coordinators Can Help 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. This also goes for anyone that is having trouble with a move-out schedule or other scheduling related to a real estate transaction. Scheduling a move-out can be hard to do, even if you are used to dealing with other people’s moves. If you are struggling, having someone schedule things for you is a must.
4. Transaction Coordinators Ensure Mistake Free Paperwork
If you don’t want to handle paperwork out of concern for mistakes, hiring a transaction coordinator is a great idea. 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.
How Much Do Real Estate Transaction Coordinators Charge?
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. Instead of collecting a commission, most transaction coordinators charge between $300 to $500 for a typical real estate transaction. With that said, rates can vary between geographic areas.
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.
Real Estate Transaction Coordinators Bottom Line
A real estate transaction coordinator can be an essential asset, ensuring that transactions are handled efficiently, accurately, and professionally. By managing a myriad of administrative tasks, they allow real estate agents to focus on sales and client relationships, ultimately enhancing the overall transaction experience for buyers and sellers. With a keen eye for detail, strong organizational skills, and thorough knowledge of real estate processes, transaction coordinators play a pivotal role in the successful closing of real estate deals.