So you decided to hire a real estate transaction coordinator for your sale. Congrats! It's a smart move that can save you a lot of money. The next step in working with your coordinator is putting together a checklist for them to do. To make things easier, we broke it down for you.
The transaction coordinator checklist is a checklist that gives your real estate transaction coordinator a run-through of what needs to be done, important contact information, as well as identifying details about the sellers, buyers, and the home.
This sounds pretty basic, but it's not. Each real estate transaction coordinator checklist will be slightly different, simply because the transaction itself is different.
This all depends on whether the transaction coordinator is working for the buyer or the seller, as well as the general paperwork that you'll need.
A buyer's checklist should include:
- Scheduling inspections
- Putting together offers and counteroffers
- Putting together title and surveying work
- Ordering the appraisal
- Scheduling meetings with the real estate agents
- Scheduling title agency meets or closings
- Turning on utilities, getting mailing information, consulting with banks
A seller's checklist should include:
- Scheduling open houses
- Completing disclosures
- Signing listing agreements
- Placing your home on MLS sites
- Everything necessary to maintain a listing
For the most part, typical home buyers and sellers can find an excellent prefabricated real estate transaction coordinator checklist to start off their work. However, there's still more you need to do in order to make sure that your checklist will serve you well. These tips below will make sure that you get the most out of your coordinator's time:
- Check your state laws for any additional paperwork. In many cases, your real estate transaction coordinator will notice if something state-specific is missing. However, it's always a good idea to check your state laws. If you are moving to a municipality known for tricky real estate laws, don't be afraid to ring up their local office for help!
- Sellers who have specific MLS site listings they want their house on should mention it in the checklist. If you are "hip to the jive" when it comes to the local MLS system, you should make sure to place your home on sites that are frequently perused by top buyers. You can mention adding your home to Zillow, Trulia, or anywhere else too.
- Buyers who need help arranging things with the title agency or appraiser can always ask for help. Many coordinators will go so far as to arrange the meetings themselves and negotiate the best possible date for their clients.
- If your transaction involves a lot of repairs or runs the risk of misunderstandings, make sure to emphasize double-checking. You may need to mention each individual repair in order to make sure you have all repairs and certifications underway. Having your coordinator confirm everything with both agents should be mentioned as well.
- If you're the forgetful type, don't be afraid to add reminders to your checklist. Need to be reminded of when that open house is? Have a reminder request on your checklist. Your real estate transaction coordinator will be happy to help you out.
- Ask for a transaction packet at the end of the closing. Transaction packets help show the transaction's full span and make tax time a cinch for years to come. If for no other reason, this makes hiring your coordinator worth it.
To ensure you haven't missed anything on your checklist, just ask your transaction coordinator. Transaction coordinators have been through the wringer when it comes to the transaction process. Their experienced, keen eyes will be able to spot missing tasks that you may have overlooked.
There are a lot of ways that your real estate transaction coordinator can help you smooth out your home sale or purchase. Of course, uncovering all the ways they can help you sometimes requires asking then about their services yourself.
It doesn't matter if you are a real estate agent, a buyer, or a seller. The value that comes with hiring a real estate transaction coordinator is truly priceless.