Hiring a Transaction Coordinator? Here's a List of Duties
This role handles tasks such as opening escrow and scheduling inspections and appraisals so that the real estate professional they serve can focus on lead generation.
When it comes to a home under contract, agents have to act as the ultimate project manager. Opening escrow, coordinating inspections and appointments, and organizing a stack of paperwork a mile high are only a few of the things real estate professionals have to do.
On top of that, everything is on a deadline. You definitely don’t want it to be your fault if a detail is missed. Are you considering hiring a transaction coordinator to free up your time for lead generation? If so, here's a list of the duties they can take on.
Open Escrow. One of the first things a contract to close coordinator will do is collect and deliver the earnest money for the buyer. They also obtain the name and escrow number and make sure it’s given to everyone that needs to know.
Schedule & Coordinate. Whether it’s inspections and appraisals for the buyer or a handyman for the seller, the transaction coordinator (TC) facilitates appointments with all needed vendors to make sure the right people get to the right place.
eSign, Review, Submit, Repeat. The paperwork involved in a transaction doesn’t normally top an agent’s list of favorite things to handle. The good news? A transaction coordinator can handle sending the documents, reviewing them for accuracy, and making sure they get where they need to be. Your broker will be as happy as you are about it.
Track Deadlines. Most contracts are littered with contingencies and due dates. Your transaction coordinator is going to track all of them and make sure every "T" is crossed and nothing is missed until the closing is official. Forgot that gift for the closing? They can do that, too.
What are the fees?
You’re thinking this all sounds pretty good, but you’re wondering how much it’s going to cost you out of pocket, right? First, see if your brokerage provides on in-house—free or fee-based. If you have to go outside, on average, it costs anywhere from $300 to $500 per transaction.
It’s going to depend on the services for your market, and what services you are expecting the TC to perform. The good news is that most only get paid if you get paid. Their pay is dependent on a successful closing meaning you owe nothing up-front.
How do I find one?
Transaction coordination is becoming popular among agents because it gets them out from behind their computers and back in front of potential customers. To find one, start online.
The National Association of Transaction Coordinators has 203 members across the country, and a quick glance at a Facebook group for real estate professionals gives you the names of several others in your area. Your broker might also be a good resource for a recommendation on an independent coordinator, too.
Clayton Sanders is a real estate enthusiast and brand ambassador for Transactly living in St. Charles, Mo. Clayton spends his time researching real estate trends, and the implications of NAR data on the current U.S. housing market. Clayton credits the foundation of his real estate knowledge to Worth Clark Realty.