Well hello! Thanks for stopping by today. So you came here today wondering what the heck a virtual transaction coordinator is and exactly what do they do?
Hi, my name is Joni and I am the founder of The Transaction Coordinator Bootcamp and a Real Estate Broker and have been selling houses since 1987. A loooong time! I live in the state of Washington. Every state in the US has different regulations for a transaction coordinator but the process and purpose of a transaction coordinator is generally the same in every state across the US. Maybe you're wondering if a transaction coordinator is the same as a real estate assistant? Or you’re thinking that you have to work in an office to be a transaction coordinator?
Well, let me share a few secrets with you..
A transaction coordinator is NOT the same thing as a real estate assistant and above all NO you don’t have to work in an office to be a TC. The type of transaction coordinator I am talking about is an independent contractor and works virtually from anywhere they want. You can be sitting at home in your PJ’s or yoga pants drinking a cup of coffee and still be connected to the real estate community doing your job virtually working from home each and every day.
So what exactly is a Transaction Coordinator?
A transaction coordinator’s job is to manage the sale from mutual acceptance to closing. This means that once a buyer and seller have completed all the negotiations from the sale of a property and have reached mutual agreement or mutual acceptance. That is the time the transaction coordinator’s job begins. They are not any part of the process before that time happens.
Here are a few of the items a Transaction Coordinator is in charge of:
- Broker compliance for the purchase and sale agreement and all required disclosures and documents.
- Responsible for making sure all the documents are filled out correctly and completely
- Make sure the earnest money deposited into escrow on time
- Tracking contingency deadlines such as inspections and financing
- Coordinating inspections and appraisals
- Managing the lending process and keeping all parties informed and up to date
- Coordinate the signing of the closing papers and any walkthroughs that need to be scheduled beforehand.
What are the benefits of working from home as a transaction coordinator?
- Maybe you’re stuck in your 9-5 grind and looking for something more rewarding?
- Do you want to stay at home with your kids and earn some extra money?
- Or maybe you want to be your own boss and call the shots but you're not sure how?
You can do all those things if you are considering learning how to be a transaction coordinator!
Why would a real estate agent use a transaction coordinator?
Real Estate agents usually excel at interacting with buyers and sellers. They are a people person and enjoy getting out of the office and meeting with clients. Showing houses and going on listing appointments is what makes them money. Not doing administrative tasks such as paperwork.
That is where you as a TC can be most valuable to a Real Estate Agent. Transaction coordinators play an integral part in the closing process for an agent. You free up their time to go out and sell houses. A typical transaction can take an agent anywhere from 12-20 hours of paperwork during the lifecycle of a transaction. That is a lot of time a real estate agent can use to meet new clients and sell more houses! That can also free them up to spend time with their families and enjoy their hobbies.
It doesn’t take much to convince an agent that you can help them make more money if they use your services.
Once they come to trust you and know that their business is well taken care of by you when they are out selling houses they will spread the word. That will be your best marketing strategy to earn more clients. Busy transaction coordinators can work on 20- 40 files a month. Some even much more than that!
Imagine having your own independent transaction coordinator business and working from home.
Setting your own hours, and being in charge of your own business. Calling your own shots. This is not something to dream about, this can actually happen when you learn how to be a TC. Once you gain clients and they learn they can trust and rely on you, you can and should offer other add-on services to scale your income. There are many other things that real estate agents hire out to help them with.
Other admin tasks such as:
- Social media
- Marketing material
- Direct mail
- Organizing their business
- Database management
- Client care
The list is endless! If you're interested in learning more about The Transaction Coordinator Bootcamp you can check it out here.
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Please leave a comment below and tell me if you have ever thought about being a real estate transaction coordinator? I would love to hear from you directly! You can email me anytime at firstname.lastname@example.org