A real estate transaction coordinator functions as a liaison between real estate agents, clients, escrow companies and mortgage brokers during the process of a real estate sale. Many real estate brokerages hire transaction coordinators to effectively manage the administrative tasks involved in closing a sale, according to Clareity Consulting.
Education and Job Prerequisites
Real estate transaction coordinators can be either licensed or unlicensed real estate agents. Benefits of having a real estate license include a potential for increased pay and the ability to communicate more effectively with agents and clients. Unlicensed real estate transaction coordinators cannot negotiate or disclose pricing terms to clients. Regardless of licensing, a real estate transaction coordinator needs a solid clerical or administrative background and some knowledge of real estate as a job prerequisite. Formal training is not necessarily required, nor is any specific college degree.
A real estate transaction coordinator receives a ratified purchase contract from an agent, opens the escrow and supplies the escrow or title officer with the necessary information to begin the process of managing the file. The real estate transaction coordinator arranges for pickup of the initial deposit money. Additionally, the real estate transaction coordinator sends the cooperating agent any necessary disclosures required by law.
Time Frames and Deadlines
Transaction coordinators are in charge of creating timelines for important dates such as deadlines for loan and inspection contingency removals. A few days before a deadline, the real estate transaction coordinator calls or emails a reminder to the real estate agent, so that all responsibilities are met. Sometimes a real estate transaction coordinator orders a natural hazard disclosure statement on behalf of the seller or schedules a home inspection for a buyer.
Administrative work is a big part of the real estate transaction coordinator's work. Duties include maintaining the file to ensure all the mandatory disclosures are completed and sent to the cooperating agent or broker for the client’s review and approval. As each document returns by mail, fax or email, the real estate transaction coordinator checks for all initials, signatures and dates before marking the disclosures as complete and filing them. Additionally, a real estate transaction coordinator calls the agents and other parties to remind them of missing documents.
Transaction coordinators ensure the smooth and efficient management of the steps necessary to close a sale. A client or agent often relies on a real estate transaction coordinator to monitor and assess the progress of the sale so that important deadlines are met and contingencies are released. Furthermore, a real estate transaction coordinator provides a preliminary audit of the file for the managing broker to review.
Some real estate transaction coordinators produce marketing for agents, such as ''Just Sold'' postcards or monthly newsletters. Other real estate transaction coordinators are licensed agents who can assist the agent with renegotiating terms after a pest inspection reveals wood rot damage that needs to be fixed before a loan funds.