As a transaction coordinator, your role is to know (and handle) the real estate transaction process inside and out. Now more than ever, transaction coordinators are an essential part of every real estate transaction.
You’ll need to complete a variety of tasks—everything from scheduling appointments and keeping track of deadlines to marketing. In order to be successful as a TC, you’re going to need to fully understand the different tasks involved in the real estate transaction process. That way, you can handle every detail for your clients like a pro, making their lives easier and delivering stellar service that lands you repeat clients.
What’s A Transaction Coordinator’s Role In The Real Estate Transaction Process?
As a transaction coordinator, you’re going to work closely with realtors to handle every aspect of the real estate transaction process. Your ultimate goal is to seamlessly close a contract and help real estate agents experience smooth and successful transactions.
You’ll be in charge of making sure that all deadlines are met, there’s great communication, and that everything is organized at all times. Most likely, you’ll need to handle a variety of elements within the real estate transaction process, including things like escrow.
Real estate transaction coordinators should be incredibly organized, attentive to detail, and strong communicators.
Types Of Transaction Coordinators
There are actually a few different types of transaction coordinators. You could work as an independent transaction coordinator, work for a real estate office, or work for a particular real estate team within an office. Each option has benefits and drawbacks.
If you work as an independent transaction coordinator, you’ll be fully self-employed, decide who you work with, and work on individual transactions.
As a transaction coordinator working for a real estate office, you’ll be able to work with every agent at one specific company. The thing to note here is that you may need to focus on general administrative tasks for the office as they pop up, and not just tasks specific to the real estate transaction process.
Finally, if you’re working for a particular real estate team, you’ll work under one agent who’s the “Team Lead,” but work with all of the agents on the team.
7 Real Estate Transaction Process Tasks You’ll Need To Handle As A TC
Now that you know a little bit about what transaction coordinators do and what different types there are, let’s talk about what tasks you’ll do! As a TC, you’re going to need to handle various types of tasks throughout the real estate transaction process.
Here are seven types of tasks you’ll need to handle, no matter what type of transaction coordinator you work as.
Handle All Documents
You’re going to handle a LOT of documents throughout the real estate transaction process.
You’ll need to:
- Securely handle all closing documents
- Collect HOA documents according to deadlines and send them to the appropriate parties based on the side of the transaction you’re representing
It’s going to be essential that you stay organized. It’s up to you to make sure that no documents slip through the cracks and that nothing holds up the process!
Send Out Clear Communication To All Parties Throughout The Real Estate Transaction Process
You’re going to be in charge of keeping everyone informed throughout the real estate transaction process! You’ll need to send out an introduction email with an overview of the timeline and deadlines to keep in mind.
You need to be able to clearly communicate throughout the process, as well. People on either side may come to you with questions, so communication is key!
Later, you’ll need to send the executed contract to the listing agent, the buyer’s agent, the buyer or seller (depending on who you’re working with), the lender, and the title company.
Make Sure To Meet All Deadlines
A huge part of your role is to ensure that everyone meets all deadlines. You’ll need to execute everything on-time with complete, accurate information.
All documents will need signatures, complete broker information, and more….and it’s up to YOU to reach out for any necessary corrections.
You’ll also need to make sure that everything is in compliance with the contract. You will be responsible for submitting all required documents to compliance within 48 hours of execution.
Other deadline-sensitive responsibilities include:
- Sending or requesting disclosure packages and gathering signatures
- Ensuring that the lender, title company, and broker receive any/all amendments or changes to the contract
- Contacting the title company for a copy of the EM
- Checking for receipt of that EM and emailing to the co-op agent (and including in the compliance file)
- Staying in contact with the title company and lender throughout the transaction
- Providing agents with email updates on the status of the transaction
- Updating deadlines from amend-extends
Schedule & Order Things As Needed, Like Home Warranties, Buyers Loans, and Inspections
You’re going to be responsible for things like ordering the home warranty contract, monitoring the status of the buyer’s loan with the Loan Officer, and more.
You’ll also need to confirm that the home inspection has been set up according to the offer’s deadline!
Monitor The Appraisal Process
The appraisal process is in your hands as a transaction coordinator. You’ll need to monitor the timeline of the appraisal.
From there, you’ll need to check in with the lender regarding the appraisal and any work orders (or appraised value issues). Then, make sure that the client you’re representing is provided with a copy of all necessary documents.
Deliver Stellar Customer Service
Customer service is incredibly important as you manage the real estate transaction process!
You’ll need to provide access to your service with consistent communication and constant contact. It’s up to you to make sure everyone is updated on what’s happening. This helps ensure a smooth transaction!
Help Close Out The Real Estate Transaction Process
During the final stage of the real estate transaction process, you’re going to help close things out smoothly. You’ll coordinate and confirm the final walkthrough, schedule any needed closing appointments for the client and agent, and more.
It’s up to you to confirm that the closing date and time are set up properly with the seller, buyer, agent, and co-op agent in a timely manner. You’ll also need to conduct a final audit of the file seven days before closing to make sure everything’s uploaded and complete.
These are just a few of the tasks you’ll handle during the real estate transaction process! If you’re organized and love working with people, this could be the perfect role for you.