In a Realtor Mag article called Getting Deals Done: Could a Transaction Coordinator Help? Wendy Cole argues that these professionals can aid salespeople in meeting deadlines, as well as make time for business development. The transaction coordinator profiled for the piece is Angela Renken and she shared that much of her duties has to do with administrative work that if done by salespeople would take away time from finding prospects and working with customers.
Although working with individual agents, Renken says that brokers also benefit from hiring a TC, which is shortened and common way to refer to transaction coordinators. Renken says, “Anything that frees up people to do more sales is in the interest of any brokerage.”
For Renken, hiring a TC can be crucial when it comes to disagreements or if a lawsuit is ever filed. Being in charge of record-keeping, a TC can offer up all the needed documents to prove or deny the charges brought against those they work for.
A TC can be hired in-house or like Renken, independently.
Duties & Responsibilities
Basically, a real estate transaction coordinator serves as an in-between – they are liaisons between real estate agents, clients, escrow companies and mortgage brokers during a real estate transaction. TCs are often hired by real estate brokerages so that administrative tasks are managed more effectively.
An article by Wendy Cole on Realtor Mag outlined the duties and responsibilities performed by Angela Renken, a transaction coordinator. These include:
- Make sure that all signatures and initials required are present on the contract and addenda.
- Ensure that all the needed addenda are included with the contract.
- Fill out commission disbursement forms.
- Open file with the escrow or title company.
- Open and update the title search.
- Send copies of the contract to the other agent, buyer, seller and lender (depending on the instructions of the agent).
- Create a summary sheet that has all the contact information of parties, as well as the property address and photo.
- Make a web-based transaction management file for clients and agents with secure access so that they can keep track of the transaction.
- Upload documents for shared viewing.
- Send e-mails on a weekly basis that summarize the transaction’s status, as well as informing the agent of upcoming deadlines.
- Make sure that everyone involved is provided with the necessary paperwork.
- Request an estimated HUD-1 statement for an agent to review.
- Follow up with the escrow or title company on closing day.
- Send reminders to remove lock box, get seller’s forwarding address and change status in MLS to “sold” at closing (if an agent represents a seller).
- Send 50 “Just Sold” postcards on behalf of an agent upon closing.
- Remind agent to get in touch with former client thirty days after closing.
Job Description Examples
Below is a list of duties that are required of a real estate transaction coordinator:
Once a TC receives a ratified purchase contract from an agent, they open the escrow, as well as supply the escrow or title officer with all the information needed to kickstart the process of managing the file. The TC then arranges for the pickup and delivery of the initial deposit money. Lastly, the TC also sends any important disclosures required by law to the cooperating agent.
Creating Timelines and Deadlines
A TC is responsible for creating timelines for important events such as the deadline for loan and inspection contingency removals. Part of a TCs job is to send an e-mail to the real estate agent a couple of days before a deadline (a call can also be made) to remind them – this ensures that all responsibilities are dealt with. Often times, the job of a TC includes ordering a natural hazard disclosure statement in the seller’s behalf. Also, they may schedule a home inspection for a potential buyer.
This forms the bulk of what a TC does. They are responsible for maintaining files as a way to ensure that mandatory disclosures are completed and sent to the agent or broker for review and approval by a client. For each document that is returned, a TC makes sure that all signatures and initials are present before a disclosure is marked as complete; after all of this is verified then they can file the document. Also, if any documents are missing, it is the duty of a TC to call the agent or other parties to inform them and make sure that they are sent.
Becoming a Real Estate Transaction Coordinator
There is no specific college degree needed to become a transaction coordinator. However, it does help to have a strong clerical or administrative background as most of your tasks revolve around the administrative side of things.
And of course, you need to have a complete understanding of how the real estate market works. These days, it’s not so hard to stay updated on what’s going on in the real estate industry. With the use of technology, you can keep up with both local and national trends. Also, learning how to use social media to promote your services and engage with others in the industry certainly helps. Be it through Twitter or LinkedIn, these networks can help you meet new clients and continue to learn more about the industry you’re working in.
Although you can still work as a TC even without a license, you can’t update the MLS to change the status of a listing. However, working as an in-house TC does give you this level of access. Other things you can’t do without a license include logging the escrow checks from buyers. The gist is this: if you want to offer full services, then it’s best to work on becoming a licensed assistant in the state where you intend to work. Since rules may vary between states, it’s best to check. This way, you’ll know how to proceed.
There is no formal training needed to become a transaction coordinator.
- Thorough knowledge of the buying and selling process.
- Keen organizational skills.
- People skills.
- Record-keeping skills.