Communicate frequent updates to all parties involved in the transaction.Work on concession addendums for all repairs and the completion of the repairs on time.Coordinate with the seller to ensure that inspectors have access to the property when needed.Plan, schedule, and coordinate all inspections of the property.Open escrow once a home is under contract.The duties of a transaction coordinator will differ but often include the following (some terminology will differ by state): There are a multitude of tasks the transaction coordinator will tackle.
Most real estate agents know what is involved in closing a successful deal. They strive to keep the process streamlined, organized, and (most of all) on-schedule to meet the Close of Escrow date. The agent will have to make a second hire, typically an experienced transaction coordinator who will focus on processing all the necessary paperwork for listings and transactions under contract.Ī transaction coordinator’s job is to focus on coordinating with all of the parties associated with their pending real estate transactions and, in some cases, setting up new listings. These duties include scheduling, sending real estate postcards, social media management, staging homes, running errands, coordinating with handy men and contractors, and answering calls.Īs great as an Admin can be, they usually cannot help with the paperwork associated with completing a real estate transaction. They will outline a job description that encompasses all the agent’s needed administrative duties. Initially, a real estate agent looking for help will advertise for an assistant to help with some of the day-to-day tasks (Jack or Jill of all trades). Many people confuse a transaction coordinator with an administrative assistant.
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Together, the agent and the coordinator can function like a well-oiled machine to ensure all-around satisfaction and success.Ĭreate a Free Account to See all Postcard Templates What does a Transaction Coordinator Do? The transaction coordinator will lighten the agent’s load so they can spend more time with clients, sending real estate marketing mailers, and focus on getting additional transactions under contract. Undoubtedly, hiring a transaction coordinator is one of the best hires any real estate agent can make. Many REALTORs work 6-7 days a week and often express that there are simply not enough hours in the day to complete everything, especially when the market is hot. The above list is just the tip of the iceberg and doesn’t cover all of the paperwork, computer hours logged-in, telephone calls, miles on the road driving from listing to listing, open houses, and more. All the stuff that comes up during a transaction that you wish didn’t!.Think about the work and time that goes into a single real estate transaction: Additionally, the extra time can be utilized on marketing yourself as a real estate agent. Having the aid of a transaction coordinator ensures everything runs smoother, so the agent doesn’t get burned out working excessive hours trying to juggle too many tasks at once. However, once an agent is working with several buyer and seller clients at the same time, a Transaction Coordinator is essential. Additionally, most new real estate agents don’t have enough transactions or an operating budget big enough to hire a Transaction Coordinator at the beginning of their career Completing transactions will also help them understand the processes and potential pitfalls, which is useful if they decide to add more agents to their real estate team. First, it allows the agent to have more control over the process. Initially, many solo REALTORs opt to handle the transaction process themselves. A typical transaction involves a multitude of tasks from start to finish that require coordination, expertise, and dedication. When it comes to being a real estate agent, there is a lot more to the process than submitting offers and handing over the keys.
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