Hiring a transaction coordinator will help you grow your business because they manage each transaction for you from start to finish.
What is a transaction coordinator and how can they help you grow your business?
A transaction coordinator is a real estate professional who manages a transaction from start to finish. Transaction coordinators are trained in every aspect of a transaction—they handle paperwork, communication, and any deadlines involved in the process.
There are several benefits to hiring a coordinator for your team, but I will point out two in particular. The first is that you will have more time to work with your clients, whether that means showing homes or attending listing appointments. Second, you will have more time to outline a marketing strategy to gain more business.
When it comes to handling the paperwork, transaction coordinators review the mutual contract between the buyer and seller and make sure that everything is signed so it can be executed correctly. Afterward, they submit the contract to the office’s compliance department. If you have any additional forms that need to be drafted, they would handle that as well and send those forms to your client to sign, then deliver it to escrow—whether that means to the lender, the office compliance department, or the other party of the transaction.
As far as communication goes, transaction coordinators communicate with all parties of the transaction, whether you are serving the buyer or the seller. Throughout the whole process, they provide weekly updates to assure you that they are on top of everything and nothing falls through the cracks.
In regards to handling deadlines, they make sure each deadline is met and that you are not missing out on opportunities if your client decides to back out. If you are representing the seller and you decide to do a 10-day inspection, for example, they will remind you when your buyer’s inspection response is due. If you are representing the buyer and you have already done the inspection but you do not have time to fill out the inspection response form, you can let your transaction coordinator know and they will complete it, send it to the seller, and track their response due date. They comply with whatever’s agreed in the contract so that all deadlines are met.
When a mutual contract with the other party is written up, you would send that contract to your transaction coordinator. They will then review the contract, write a summary of it for you, and then send an introduction email of themselves to everyone involved in the transaction. This way all parties know who they are and that they are added to any email correspondence.
If you have any more questions about what a transaction coordinator does or how hiring one for your team would benefit you, please feel free to reach out to us. We would be glad to help you.