What is a Transaction Coordinator?
Are you overwhelmed with paperwork during real estate transactions, struggling to to get time-sensitive matters addressed? This is a common problem among full-time realtors and this failure to meet important deadlines can cause you to lose a deal, create legal ramifications or give you a bad reputation in the industry. Fortunately, there's a solution to this problem: a transaction coordinator, or TC.
Transaction coordinators perform a wide variety of tasks to make sure all of your listings stay up to date. They'll also work as a point of contact between your clients and the agents, escrow company and lender. Most work on a per-file basis so you only pay for services when the file closes. With the help of a TC, you'll stay in compliance on every contract and all transaction deadlines will be met to preserve your reputation and avoid the costly consequences of missing deadlines.
How a Transaction Coordinator Saves You Time and Money
A TC will free up your time tremendously, which allows you to focus on making more sales and increasing your profitability as an agent. Many agents also find paying on a per-file basis is an affordable alternative to a full-time coordinator. A transaction coordinator will also handle all details of the transaction and contracts to cover you against any potential lawsuit that could result if you or someone in your office overlooks a small detail. This protection is simply invaluable for a busy agent! The benefits of hiring a transaction coordinator include:
- Allowing you to focus on creating new relationships and driving new business
- Increasing your non-commission profit from the sale of ancillary services as TCs increase the capture rate of broker-controlled ancillary services like title insurance
- Get more quality control in every transaction as many realtors lack experience in oversight
- Risk management and reduced liability for any errors and omissions
- Improve your reputation and retention rate
- Increase client satisfaction and get more repeat business
- Narrow the funnel of information in every transaction
- Save time on every transaction. TCs spend an average of 12.5 hours on each transaction, versus 19 hours for the average agent.
What Does a TC Do Exactly?
Are you wondering exactly what services a transaction coordinator offers? TCs actually do more than you think, with duties ranging from initiating title searches to sending out those "Just Sold" cards after the listing closes. Hire a transaction coordinator and they'll take care of:
- Verifying that all necessary signatures and initials are present on contracts
- Verifying that all necessary addenda are included on every contract
- Filling out the commission disbursement forms
- Opening a file with the title/escrow company
- Opening and updating title searches
- Sending out copies of the contract to the lender, seller, the buyer and the other agent
- Creating summary sheets with contact information, property pictures and address
- Setting up an online transaction management file to give agents and clients secure access to the transaction files
- Uploading any documents that need to be shared
- Following up with the lender, escrow company and other agent whenever necessary
- Sending summarized status reports of the transaction to keep you updated on any upcoming deadlines
- Making sure all paperwork is provided to every party in the transaction
- Requesting an estimated HUD-1 statement for your review
- Following up with the title/escrow company on the date of closing
- Sending reminders to the seller's agent to change the MLS status, get a forwarding address and remove the lock box on the property
- Sending out "Just Sold" postcards on your behalf
- Reminding you to touch base with your former client one month after the transaction closes
Contact Real Estate Paper Pushers Today!
As you can see, a transaction coordinator can become an invaluable member of your team, allowing you to free up time to focus on more important things, like making more sales. Now you now what a short sale is, TCs don't just save you time, they also save you money, increase customer retention and help you improve your reputation in the industry. Contact the experienced transaction coordinators at Real Estate Paper Pushers today to learn more about the benefits of adding a TC to your team!