If you're a real estate agent, you already know how important it is to have a transaction coordinator on your team. However, what if you have no idea what they do or how they may assist you?
Don't worry; this tutorial will teach you everything you need to know about real estate transaction coordinators. Continue reading to find out more. What are the advantages of utilizing the services of a real estate transaction coordinator?
In today's post, you'll find out! There's always something new to learn in the company, whether you're just getting started or have been around for a while.
So keep reading to find out how transaction coordination might benefit you and your company!
What Is The Role Of A Transaction Coordinator?
A transaction coordinator manages the details of your real estate transactions. They ensure that all of the paperwork and processes linked to the transaction run smoothly and on time, allowing you to focus on locating outstanding properties and assisting customers with their home purchases and sales.
A good real estate transaction coordinator will be able to do the following:
- To keep your job organized, make checklists and schedules.
- Contact all parties involved in the transaction, such as title firms, mortgage lenders, and other real estate agents.
- Handle the earnest money from the buyer in a coordinated manner.
- Take care of the papers and anything else that has to be signed or mailed out.
- Keep you informed about the status of your transaction so you may concentrate on other parts of your real estate business.
What Is The Importance Of A Transaction Coordinator?
Hiring a closing coordinator, also known as a real estate transaction coordinator, will make your life easier! They free you up to focus on what you do best: finding exceptional properties and assisting your clients with property purchases and sales.
A transaction coordinator can also help you save money by handling all of the paperwork and administrative responsibilities, which means you'll spend less time printing forms or setting up printers, scanners, and fax machines.
What Qualities Should A Transaction Coordinator Possess?
You'll have to do some searching to discover the greatest real estate transaction coordinator for your team! Here are a few of the most significant characteristics to think about:
- Real-estate transaction and procedural knowledge
- Outstanding organizational skills
- Professional and friendly demeanor
- Customer service is something I'm passionate about.
- Affordability and clear communication
These outstanding traits will set your transaction coordinator apart from the competition.
What Does It Cost To Hire A Transaction Coordinator?
The price of a transaction coordinator is determined by two things. Are you recruiting someone to work for you full-time or on a transaction-by-transaction basis? Are you seeking for someone who can work both in-house and remotely?
Part-Time Vs. Full-Time (Contractor)
If you complete more than 50 transactions each year, you should consider hiring a full-time, in-house transaction coordinator. A full-time transaction coordinator's income typically ranges from $30,000 to $45,000 per year.
Hiring a per-transaction coordinator may have been more cost-effective in the past. Transaction coordinators often charge between $250 and $450 each transaction.
Remote Transaction Coordinator Vs. In-House Transaction Coordinator
The pay for in-house transaction coordinators will be fixed. When you hire them on a transaction-by-transaction basis, their rates may be variable and range from $300 to $500, depending on the size and intricacy of the transaction.
Because virtual real estate transaction coordinators do not provide in-person services, they can be less expensive.
Transaction Coordinators: Licensed Vs. Unlicensed
You might be asking whether or not your transaction coordinator need a real estate license. Technically, no, but without one, they'll be able to accomplish significantly less.
Every state is a little different, so check with your commission, but in general, an unlicensed real estate agent is not allowed to conduct the following things:
- For whatever reason, show any property or attend an open house.
- Prepare or talk to the home's owner about a listing or property management agreement.
- Provide valuable advice, pricing, or opinions to a customer.
- Charge a fee to a buyer or a vendor.
- Driving or accompanying a prospect to a property is a good idea.
- Identify or help in the identification of prospects for the sale, exchange, lease, or rental of real estate.
- Make a vendor an offer or a buyer a counter-offer.
- Discuss or negotiate the conditions of a sale or lease.
- Prepare or have a prospect sign a purchase or lease agreement.
- Explaining or interpreting a buy and sale agreement, a listing agreement, a property management agreement, or any other type of service arrangement
- Documents from the beginning
How To Hire A Fantastic Transaction Coordinator
Now that you know what a real estate transaction coordinator performs and where to look for one, here are some pointers to help you narrow down your options.
Concentrate on their previous experience - what have they accomplished in the past? Is your area familiar to them, or do they focus on a different market?
Ask other real estate agents for recommendations — If you know another real estate agent, see if they can recommend someone.
Request references — See if you can contact a previous client or a real estate agent with whom they've worked.
How will they be paid – While in-house coordinators may not charge a retainer fee, virtual transaction coordinators frequently do. Inquire about what happens if the transaction fails.
Are there any other costs - for example, would you be charged for mileage or postage? Are there any other charges that I should be aware of?
Assess their ability to communicate - During the pre-interview phase, give the coordinator a small task to see how well they interact with you.
Criteria For Transaction Coordinators
A real estate transaction coordinator can be hired in the same way as any other professional. You want someone who not only has the necessary experience and knowledge, but also matches your corporate culture and is easy to work with.
Doing considerable study before making a final decision is the ideal approach to ensure that you're choosing an amazing real estate transaction coordinator.
Hiring A Transaction Coordinator: Frequently Asked Questions
Is A Real Estate License Required For A Transaction Coordinator?
A real estate transaction coordinator is technically not required to have a real estate license. If they do have a valid license, though, they will be able to perform considerably more jobs.
When Should I Employ The Services Of A Transaction Coordinator?
It's best to hire a transaction coordinator early in your career so you can concentrate on higher-paying jobs like lead generation and prospecting. Providing a transaction coordinator to your real estate team or brokerage can also be a value add for the agents that work with you.
Is It Necessary For My Transaction Coordinator To Update Escrow On A Regular Basis?
Every 2-3 days, your transaction coordinator should contact you with updates on the deals you have in escrow.
What Qualities Do You Look For In A Transaction Coordinator?
A successful real estate transaction coordinator should be organized, dependable, and communicate well. It's critical to locate someone you can completely trust.
What Is A Certified Transaction Coordinator, And How Does One Become One?
A certified transaction coordinator has passed a written exam and completed training in order to become certified. Real estate law, escrow transactions, and closing procedures are usually covered in the curriculum.
We've talked about real estate transaction coordinators and what they do nowadays.
We also discussed why you should engage a coordinator to assist you with your sale, from paperwork and showing scheduling to managing negotiations and meeting deadlines.
Finally, we discussed some pointers on how to identify the perfect person for the job, as well as what to look for while interviewing prospects.