Real estate closing coordinators ensure that local, state and federal requirements are met and that all paperwork is in order to close a transaction. They coordinate legal forms involving title, escrow and mortgage loan, as well as collect information on the purchases and sales for all the agents working under the realty office broker. In large offices with more than one broker, each broker may have at least one closing coordinator or the closer may work exclusively in one area, such as mortgage or escrow. High-powered agents sometimes employ their own closing coordinators who work exclusively with them.
Closing coordinators are responsible for opening, maintaining and filing all documents related to the sale or purchase of a home or business. They may also work with residential and commercial leases and apartment rentals. Some closers work as file clerks, making duplicates of forms and keeping track of documents. Other closers work with one or more real estate agents or brokers to set listing and showing appointments and collect required data and signatures. These closers are usually licensed agents who have completed agent coursework and training.
Some realty offices and local real estate boards require closing coordinators to obtain a real estate license to work with specific documents. This means they must take real estate courses and pass a licensing exam. The more work requirements, the greater the chance that the realty office will pay for the courses and exams.
Closing coordinators who work in the filing clerk capacity are usually trained without any formal education. Some high-volume realtors prefer to train their closers in their own methods of obtaining and organizing paperwork.
Salary and Benefits
Pay for closing coordination services varies widely. Closers in high sales price and commission real estate markets make higher salaries than those in low sales price markets.
Some closers work on a part-time basis, coming into the realty office only once or twice a week to complete the work. They may be hired at an hourly rate, sometimes minimum wage, to do the filing duties.
Closers who are the sole office coordinator for busy firms are usually hired as full-time employees, with full benefits or the ability to purchase office-sponsored coverage. Their salaries range from $20,000 to $50,000 for medium-sized offices, according the U.S. Bureau of Labor Statistics.
Closers working with one agent may work for an hourly rate with bonuses based on a percentage of the agent’s commissions. Closing coordinator firms, which offer closing services for hire with hourly, monthly or yearly fees, are available in boom times.
Closing coordinators usually require the same equipment as realtors: A computer, cell phone (or PDA) and Internet service are minimum requirements. Closers may also be required to pay for a real estate board membership and subscriptions to professional online realty services. If the closer is required to make independent judgments, he or she may be required to have errors and omissions insurance to protect against lawsuits.