Being a transaction coordinator has many benefits, including independence, flexibility, and the reward of helping your clients. But if you’re new to this whole world of roles, you may not know there are actually three types of roles in the real estate transaction process.
Knowing the difference between the roles will help you decide which is right for you!
3 Types of Roles In The Real Estate Transaction Process
Transaction coordinators oversee every part of the real estate transaction process. But there are actually three types of roles you can choose from as a transaction coordinator.
Let’s talk about:
- What a transaction coordinator is
- What you’ll do throughout the real estate transaction process
- Three types of transaction coordinator roles
- Why you should consider becoming a TC
What Is A Transaction Coordinator?
A transaction coordinator works closely with real estate agents, assisting in the administrative process for closing contracts.
When you think of a transaction coordinator, think of the word smooth. Their role is to make sure that all of the paperwork and contracts meet deadlines without any problems. They also ensure that there is good communication throughout the real estate transaction process.
Every state follows different laws about closing contracts. There are some states that use escrow companies to close deals, while others use attorneys. Transaction coordinators are more common in escrow states because these states require more of a transaction coordinator role.
As a transaction coordinator, you’ll need to be detail-oriented, organized, and friendly. Part of the job is working with all different kinds of clients, so you need to be able to communicate well!
Expect your work environment to be fast-paced. You’ll be working toward hard deadlines and need to be able to manage multiple deadlines simultaneously.
What Do TCs Do Throughout The Real Estate Transaction Process?
So what does a transaction coordinator actually do on a daily basis?
If you’re working in an escrow state, the first thing that you would do in the real estate transaction process would be to open an escrow. An escrow is a legal document facilitated by a third party until the primary two parties have completed their obligations and payments.
From there (or in a non-escrow state) a transaction coordinator is responsible for:
- Coordinating titles
- Monitoring loan, mortgage loan approval, and appraisal processes
- Scheduling inspections
- Negotiating requests for repairs if needed
- Coordinating repairs if needed
As a transaction coordinator, you’ll be in charge of all communication during the real estate transaction process. This includes keeping track of contingency periods, managing deadlines, and organizing all documents.
A fundamental part of a transaction coordinator’s job is ensuring that all of the legal documents are sent to the broker so that the real estate agent is paid. This is referred to as broker compliance.
You’ll continuously update the transaction history, keep track of client information, and schedule follow-up meetings.
If you are interested in becoming a transaction coordinator, you need to be passionate about paperwork and organization. You’ll be handling multiple projects at once, so you need to be able to balance them all!
Related: 5 Incredible Reasons To Consider a Virtual Career As A Transaction Coordinator
3 Types of Transaction Coordinators
One great thing about becoming a transaction coordinator is the fact that you have three different options to choose from.
First, you could work as an independent transaction coordinator. You dictate who your clients are and work more on a per-transaction basis. You’ll have more freedom because you’ll fully work for yourself.
Second, you could be a transaction coordinator who works for a real estate office. Here, you’d be working with all of the different agents within that one company. The difference in working with a real estate office is you would most likely be doing many other admin tasks in addition to TC work. This can turn into more of a general admin vs only a true transaction coordinator.
Lastly, you could work on a specific real estate team, meaning you would be working on behalf of one specific agent called the team leader or head of the team but working as a Transaction Coordinator for all the agents on that team. This is very common in the real estate transaction process. Working on a team can be either an employee W-2 position or as a 1099 independent contractor.
Why You Should Consider Being A Transaction Coordinator
There is a lot of flexibility that comes with being a transaction coordinator in terms of opportunities and roles.
As a transaction coordinator, you have the ability to choose which direction you’d like to work in. You’ll have more independence and work with clients you choose and love. Having more flexibility over your work-life means having more flexibility in your personal life.
A transaction coordinator ensures that their clients are happy and satisfied with the service that they’ve provided. Their goal is to help their clients achieve their goals.
To be successful, the real estate transaction process needs to include:
- A signed contract
- Completed deadlines and organized documents
- Accurate numbers in terms of payments and commissions
- The full, closed deal
These four aspects of the real estate transaction process are super important. A transaction coordinator is customer-oriented while ensuring that all of the requirements are met.
As a transaction coordinator, you’ll play a key role in the real estate transaction process, no matter which role you choose. A transaction coordinator provides a friendly, customer-based service that creates a seamless real estate transaction process.
As a transaction coordinator, you’ll be able to work for yourself and build a business that truly serves your life. It’s the way to go, especially when you’re looking for more flexibility!