As a real estate agency, one of the most critical things for the success of your
business is having the right team. A good team will help you generate leads,
convert prospects into clients, and close deals. One of the key members of your
team is a real estate transaction coordinator.
What Does a Transaction Coordinator Do?
A real estate transaction coordinator manages all the paperwork and
communication involved in a real estate transaction. They ensure that all the
deadlines are met, paperwork is in order, and communication between all parties
is clear. In short, they ensure everyone is on the same page and that the deal
goes smoothly. Here are some specific roles of a transaction coordinator:
• Create and maintain transaction files
• Open an escrow account
• Plan inspections and coordinate with the sellers
• Coordinate home repairs
• Prepare and distribute paperwork related to the transaction
• Track deadlines and follow up with all parties involved in the deal
• Ensure that all parties have signed all the necessary paperwork
• Maintain communication with clients, agents, and other service providers
throughout the transaction
• Coordinate the closing of the deal
What to Look for in a Transaction Coordinator?
To hire the perfect real estate transaction coordinator, you need to know what to
look for. Here are some qualities to look to check for:
Extreme Attention to Detail
The first quality that is essential for a transaction coordinator is attention to
detail. This job requires a lot of paperwork, and deadlines often need to be met
within short periods.
A transaction coordinator needs to pay attention to the details to ensure that
everything is in order and ensure they don’t miss any critical deadlines. Since
there is a lot of paperwork in real estate transactions, certain details could easily
be missed in the fine print if the transaction coordinator is not keen.
Of course, when they obsess over the small details, they might waste a lot of
time on them and forget about bigger things, so there needs to be a balance.
Ability to Meet Deadlines
As mentioned before, one of the most important aspects of a transaction
coordinator’s job is meeting deadlines. This is because most of the work in real
estate is time-sensitive.
There are often deadlines for paperwork, inspections, and other aspects of the
deal. Therefore, you need to get someone who can meet deadlines, even under
pressure. Sometimes the job can be demanding, and there may be times when
multiple deadlines need to be met simultaneously.
A transaction coordinator needs to be able to handle that pressure and still meet
all the deadlines. If they don’t, it could cost the deal and cause a lot of stress for
Relevant Experience in Real Estate
Relevant experience in the real estate industry is another quality you should look
for in a real estate transaction coordinator. This can help them understand the
process and know what to expect. It also helps if they have a network of
contacts they can rely on to help with the transaction.
Knowledge of the real estate market can also help them understand the needs of
buyers and sellers and make sure that they are getting the best deal possible. A
transaction coordinator with experience and knowledge of the real estate market
can also help to negotiate deals and close transactions.
If they have real estate experience, they possess certain skills that are crucial in
the industry, like decision-making skills and the ability to talk to people.
Ability to Communicate
In a real estate agency, communication is key. A transaction coordinator needs
to be able to communicate effectively with buyers, sellers, agents, and other
service providers. This includes being able to explain the process clearly, answer
questions patiently, and keep everyone updated on the deal’s status.
It is also important that they can stay calm under pressure and handle difficult
conversations tactfully. There will be times when things do not go as planned,
and a transaction coordinator needs to be able to communicate calmly and
efficiently to solve any problems that arise.
How to Compensate a Transaction Coordinator?
To understand how to compensate a transaction coordinator, you need to
understand the different types of coordinators you could hire. There are full-
time, part-time, and virtual transaction coordinators.
The most common type of transaction coordinator is the full-time coordinator.
This coordinator works in your office and is paid a salary. They are usually
responsible for all of the transactions in the office and are a great option if you
have plenty of transactions to complete per month.
Like any other employee, a full-time transaction coordinator is also often given
benefits such as health insurance and paid vacation days.
A part-time coordinator is someone who works on a contract basis and is only
paid for the work they do. This can be a good option if you do not have enough
transactions to justify hiring a full-time coordinator. Part-time coordinators can
also be a good option if you only need someone for a short period, such as
during a busy season.
A virtual transaction coordinator works remotely and is not employed by your
company. Virtual transaction coordinators are becoming more and more popular
as technology advances.
In some cases, hiring a virtual coordinator is a good option if you want to save
on overhead costs or do not have enough work to justify hiring a full-time
coordinator. Virtual coordinators are often independent contractors and are paid
on a per-transaction basis or have a monthly retainer fee.
No matter which type of transaction coordinator you hire, it is important to
compensate them fairly for their work. This includes paying them for their time,
providing them with the resources they need to do their job, and offering them a
Doing this will ensure that you get the best possible service from your
transaction coordinator and that they are motivated to do their best work for
Hiring a real estate transaction coordinator can be a great way to save time and
money on your real estate transactions. When hiring a transaction coordinator,
consider their experience, knowledge of the real estate market, and
communication skills. A bad transaction coordinator can cost you time, money,
and deals. Choose wisely.