Real estate transactions are complicated and need a more profound understanding. Especially so for any level of real estate agent that experiences difficulties completing a transaction. It is, therefore, common to ask yourself what went wrong and what you can do better. It is possible to wonder, “Do I need a transaction coordinator?”
There are many positive reasons to have a professional handle your transactions. These may range from more time with clients, faster disclosure turnaround, reduced workload, and having a transaction specialist on hand with vast experience of closings under their belt. This article will be a complete guide on everything that real estate agents need to know before hiring a transaction coordinator.
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What is the meaning of a transaction coordinator?
A transaction coordinator, also known as a “TC”, is a real estate professional that manages the transactions administrative tasks, paperwork, contract deadlines and other duties associated with guiding a transaction to a successful close.
What are the duties of a transaction coordinator?
Each real estate agent’s needs are different from one another. And because of this, agents are able to customize the service they wish to have provided by the transaction coordinator. Below is a typical list of tasks that TC’s are capable of handling.
- Opening & Managing Escrow: EMD Confirmation, Prelim Reviews, etc
- Document Creation & Distribution
- Document Signatures
- Document Auditing
- Ordering Reports: Home Inspection, Termite Inspection, NHDs, etc
- Maintaining Contract Deadlines: Contingency Removal Periods
- Communicating updates to all parties associated with the transaction
There are brokerages that provide in house transaction coordinators, but many will allow for the usage of independent TCs. They will usually provide more services for the same price. If you want a higher level of service for the same price please contact us immediately or visit our submit a transaction page to get started.
How do agents benefit from hiring a transaction coordinator?
Agents benefit in a number of ways when hiring a TC. A TC takes every minor piece of information seriously, so the agent is always at the top of their game. When all the complex duties are being taken care of, the agent is left with time to foster relationships with clients and as well as client prospecting for future business.
Having a trustworthy third-party means having an expert who is ready to answer any questions and explain any irregularities that might occur. Real estate transactions can tend to get hectic as the process advances. And it is in a transaction coordinators aim to address any issues quickly and complete the tasks as soon as possible. Any minor delay in the real estate industry results in a delayed transaction, unnecessary stress and the possibility of losing the transaction all together.
Transaction Coordinators are also an advantage as they maintain transparency and honesty. In turn, disclosures and documents are filled out and signed on time, money is deposited on time, repair requests are submitted in a timely fashion and questions are answered.
How much will it cost to hire a transaction coordinator?
A transaction coordinator can sound too good to be true. Many agents can wonder if hiring one will be too expensive. The exact services an agent requires can change the final price of their services. Fortunately, a high percentage of TCs only get their cut when the deal is closed.
To get into finer details, most independent transaction coordinators charge $300 to $500 for every individual real estate transaction. The price may increase if the agent is representing both the buyer and the seller. However, there are transaction coordinators, such as TransactionGal, that offer a flat fee service with zero cancellation fees.
How to find a transaction coordinator?
Look no further! TransactionGal is a full service transaction coordinator serving agents and brokers in the State of California. We are fully licensed with the California Department of Real Estate and we have helped with the completion of over 500 real estate transactions.
We take pride in our work and our dedication to our clients. We believe we provide the best service an agent or broker could need during a transaction. Submit a transaction with us today and see for yourself!
Have any questions? Feel free to reach out to us, we are happy to answer them!