A real estate transaction coordinator has many functions. They: oversee all aspects of buyer and seller transactions from executed purchase agreement to closing, coordinate the title, coordinate inspections, mortgage loan, and appraisal processes, regularly maintain a line of connection with clients, submit the necessary documentation, and a plethora of other important tasks. What the buyer or seller may not know is that real estate agents often need help to do all the paperwork necessary for closing a deal. This is when a transaction coordinator comes in! But, if you’re planning on embarking on FSBO, you don’t even need an agent to hire a TC! For a one time flat fee, you can have all your paperwork taken care of for a fraction of the cost of a listing agent.
What exactly does a Transaction Coordinator do?
1. Verify that all required signatures and initials are on the contract and addenda.
2. Verify that all required addenda are included with the contract.
3. Fill out commission disbursement forms.
4. Open an escrow.
5. Open and update the title search.
6. Send copies of the contract to relevant parties.
7. Create a summary sheet containing all parties.
8. Create a Web-based transaction management file, that will help with IRS filings the following April.
9. Send deadline reminders as needed.
10. Follow up with the escrow company, lender, and all other relevant parties.
11. Send weekly communications summarizing the status of the closing and upcoming deadlines.
12. Ensure all paperwork is provided to all parties.
13. Follow up with the escrow or title company on closing day.
Where can you find your virtual Transaction Coordinator?
We’re in the day and age of some incredible technological advances. Though the real estate industry has always been one of the more slow-moving industries in terms of technological development, things have finally started to pick up in recent years with many time-saving and efficient advancements.
You may have pictured your potential Transaction Coordinator as a tangible human being, in which you had to meet in person with. However, what if you didn’t have to do this? What if your Transaction Coordinator could be entirely virtual? Fortunately, this is very much possible through several mediums. Here are a few:
- Real Estate Paper Pushers: Real Estate Paper Pushers will coordinate and manage your residential or commercial file start to finish. For an economical flat fee of $399.00, get connected with a TC!
- REVA Network: After submitting an application to become a member, you then have access to a full directory of virtual assistants and resources.
- The International Virtual Assistants Association: This association’s main aim is to educate the general public on the role and function of virtual assistants. Additionally, this website contains an online directory to search for online
The benefits of hiring a transaction coordinator are endless. They will generally protect you against any unforeseen circumstances that may have been overlooked in the rush to get a deal completed. For example, if you missed a stipulation in the contract, a transaction coordinator will go through everything with a fine-tooth comb and ensure that no errors are made. Additionally, transaction coordinators usually have their real estate license, making them privy to real estate jargon and contracts, and they’ll even be able to advise you on lock extensions and how to avoid these costs and when a client is getting good financing. As an FSBO, there are many necessary chores that will occupy your time; don’t let mountains of paperwork and semantics be another one. After all, work smart—not hard.