Do you know how many steps it takes to close a real estate deal? There are at least a dozen different vendors involved in a real estate deal. There can be more than 100 steps depending on whether you’re buying or selling a home.
If there’s one thing that the real estate industry learned in 2020, it’s that you need to have open communication, especially between loan officers and agents.
You need to have someone on your site that can shepherd a real estate transaction through to the close. Real estate transaction coordinators can help get a real estate deal done.
What does a real estate transaction coordinator really do? Read on to learn more about this important work of this job and how they fit into a real estate deal.
What Is a Real Estate Transaction Coordinator?
They primarily manage things for sellers because there is much more paperwork that happens when selling a home than buying it.
They draw up seller disclosure forms, coordinate walk-throughs, appraisals, manage escrow accounts, and manage all deadlines. They also communicate progress to agents and sellers.
Real Estate Transaction Coordinators vs. Real Estate Agents
Does it seem like real estate coordinators do the same things as real estate agents? They do perform similar duties, but there are big differences between real estate agents and real estate transaction coordinators.
A real estate agent is licensed by the local real estate board to handle the sale. They are also the ones who price a home and negotiate a sales price to get the maximum value.
Real estate transaction coordinators are hired by real estate agents to help them manage admin tasks while the agents manage the client relationships.
Real estate agents handle multiple clients at once. Each client is at a different stage of the sales process, so a coordinator keeps track of each deal.
The coordinators are also hired by individual buyers and sellers who want to cut costs and not pay agent commissions. For some deals, an individual can save thousands of dollars. However, if the deal is complex, you probably need the expertise of a real estate agent.
Benefits of Hiring a Real Estate Transaction Coordinators
The biggest benefit that agents and sellers gain from hiring a real estate transaction coordinator is time. As an agent, your time is freed up to handle more clients and grow your business.
For sellers who decide to sell FSBO, you save money on the transaction while having someone experienced to handle the details of the sale.
They also manage your paperwork in a way that gets you ready for tax season. They help you manage any tax withholdings so you’re fully aware of your obligations.
How to Find a Good Real Estate Transaction Coordinator
Did you decide to hire a real estate transaction coordinator? You need to make sure that you hire one that’s well organized and detail-oriented.
You don’t want to hire someone who’s only going to drop the ball during an important step in the real estate transaction. That misstep could cause your dream home to fall through.
Whether you’re an agent or an individual looking to hire a real estate transaction coordinator, these are the qualities you should look for.
Local or Remote Coordinators
Do you want to hire someone locally or can they work remotely? There are real estate transaction coordinators that do both.
This is where you take a look at your list of priorities and see what the most important things are to you. For instance, if you’re an agent and you need help with paperwork, then a person with administrative experience is a priority. You’d be more willing to hire remotely.
One advantage to hiring a remote real estate transaction coordinator is when you’re dealing with international properties. American-based buyers discover hidden laws that can force a deal to come to a halt. The right coordinator can make a huge difference.
Real Estate Experience
You want to hire a real estate transaction coordinator that has some experience in the real estate industry. That gives you peace of mind that they can guide a real estate deal from beginning to end and you know they’re familiar with the steps and the paperwork.
You might emphasize different types of experience, such as customer service. That makes sure they put the client first and foremost throughout the transaction.
Do They Have a Broad Network?
This is particularly important if you’re an individual hiring a real estate transaction coordinator. It could be a factor if you’re an agent and you want to expand your network.
A real estate transaction coordinator works with inspectors, escrow officers, agents, and loan officers in a single transaction. If you’re hiring them as an individual, they can recommend people that they trust and work well with to make the process run smoothly.
Get Help from Real Estate Transaction Coordinators
Do you want to make sure that your real estate sale or purchase goes without a hitch? A real estate transaction coordinator is an invaluable asset to your team of real estate professionals.
They aren’t real estate agents, but they can do a lot of the administrative work that agents handle. Real estate agents often hire them to help them manage the administrative tasks while they work to get more clients. The best real estate transaction coordinators make everyone else look good.
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