Many people are involved in real estate transactions. Some of these roles may be more familiar to you than others - such as the agent, the broker, and the loan officers. But what about the transaction coordinator? What do they do, and why is their role so important in a real estate transaction? In this blog post, we'll explain what a transaction coordinator does and why their services are essential in a smooth real estate transaction. Keep reading to find out!
The Role of a Transaction Coordinator in a Real Estate Deal
As the name suggests, a transaction coordinator is responsible for coordinating all the details surrounding a real estate transaction. This includes everything from overseeing all aspects of the seller's transaction, from initial contact to the executed purchase agreement. Transaction coordinators are responsible for communicating with all parties involved in the deal. In other words, they are the glue that holds a real estate transaction together.
While an agent is typically responsible for representing either the buyer or the seller in a deal, a transaction coordinator works behind the scenes to make sure that everything runs smoothly. This means that they are often working with both the buyer's and seller's agents to ensure that everyone is on the same page and that all deadlines are met.
A transaction coordinator's duties can vary depending on the brokerage they're employed by. In the most frequent cases, they engage in the following:
Seller Side
- Preparation of pre-listing presentation, Listing Agreement, sellers' disclosures, CMA, online property profile, old MLS listings, etc;
- Coordinate pictures, staging, repairs, cleaning, signage, lockbox, access requirements, and marketing with sellers;
- Collect all signatures on the listing agreement, disclosures, and other required paperwork;
- Coordinate house showings and open houses, and get feedback;
- Supply sellers with weekly updates on showings and other promotional efforts;
- Enter and update all listing information in the Multiple Listing Service (MLS) and other marketing websites;
- Submit any paperwork the office broker may require to ensure file compliance is maintained;
- Gather relevant data and enter it into the appropriate client database and transaction management systems.
Buyer Side
- Ensure the smooth progression of the sale/purchase process from the signed contract to closing;
- Organize the processes of the title/escrow, mortgage loan, and appraisal;
- Help arrange inspections and repairs if need be;
- Maintain communication with clients, agents, title officers, lenders etc;
- Coordinate moving/possession schedules;
- Arrange the closing process;
- Organize and enter all client data into the organization's customer database;
- Contact previous clients again in 30, 90, and 120 days after sales to see if they have any questions or if they need any help finding a home renovation service provider and to ask for referrals.
What to Look for in a Real Estate Transaction Coordinator
When looking for a transaction coordinator, it is important to find someone who is organized, detail-oriented, and has experience in the real estate industry. Good transaction coordinators will also have strong communication skills and be able to work well under pressure. With so much riding on the success of a real estate transaction, it is essential to have a transaction coordinator that you can trust.
Final Thoughts
While a transaction coordinator is not required in every real estate transaction, their services can be incredibly valuable. Brokerages also tend to work with them to keep track of everything going on in the business.
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