Transaction Coordinator takes responsibility for managing all the tasks and deadlines of a real estate from contract to closing.
Some of the duties of a Transaction Coordinator include:
- Responsible for the processing of all the real estate contracts to closing.
- Coordinating appointments for appraisals, inspections, and closing.
- Communicating with customers, clients, cooperating agents, lenders, title/escrow agents, and other service providers throughout the complete process.
- They are responsible for proper documentation of the file to follow with policies brokerage.
- Assures that all post-closing, filing disbursements, and procedures take place.
- Frees the agent-client up to focus on business-building activities.
Across the country in many offices, there are transaction coordinators on staff who are shared among the office. While this approach seems beneficial or practical because the TC is in house and can be accessed by stopping by his/her desk. It’s not always the most effective or best approach when explored further.
There are many reasons for that, and a few are outlined and are the following:
The office pays the transaction coordinator and has a task, which is not exclusively coordinating transactions. Meaning, they could be pulled away from their responsibility to help the other departments such as listing coordinating, receptionist, or what have you. It means they aren’t working on your transactions.
- Interruptions! The facts are clear, and it can take more than 20 minutes to get back on task after a break. That said, imagine how inefficient it’ll be if agents are going in and out of the TCs office all day.
- Favoritism of agents can be a problem within the office. An onsite transaction coordinator might do more for those that are her favorites.
- Most of the offices have no contingency for coverage for sick days, or when the workload is higher than usual. When the onsite transaction coordinator is not in the office, the agents are expected to handle their transactions.
- Office politics, Traffic, and everything else that goes with having a job.
At Twin Cities TC, we take care of the boring stuff of real estate paperwork, so you don’t have to.
CONTACT US at https://twincitiestc.net/
While there is no perfect world, there are solutions, to help the agent provide the best service to their seller/buyer from contact to close. That too, without many of the common challenges affiliated with having an in-house transaction coordinator. A person would be hiring his own transaction coordinator to work exclusively for him. While it may be costly, it would provide you with the ultimate solution to help save your time. One more solution is to do an agreement with a company that provides qualified transaction coordinators to real estate agents on an as-needed basis. Allowing you to have access to a highly-skilled transaction coordinator when you need it based on your business volume.
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