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What is a transaction coordinator? That question is on many realtors’ and agents’ minds, and we’ll answer it for you.
There are people in the backend running every successful real estate business. And one of the most important jobs in the real estate industry is one you’ve probably never heard about.
In this post, we’ll explain what a transaction coordinator is. We’ll also cover how the digital era has transformed the real estate industry and the two phases of a transaction coordinator.
The Digital Era of Real Estate Work
It’s plain to see that the digital age has come crashing into the world of real estate and transformed it. The ways we all used to work seem quaint and outdated.
Now social media campaigns, interactive 3D tours, virtual assistants, single property websites and virtual staging are the essential tools for selling property in 2022.
Two of the most important roles in the digital workplace are the virtual assistant and the transaction coordinator.
These are highly-skilled individuals, working domestically or overseas, who are able to coordinate the digital work of US-based real estate operations. And also help them to manage and complete a real estate transaction.
Virtual Assistant vs. Transaction Coordinator
There is a lot of attention given to who your first hire will be when you’re ready to expand your real estate business.
The first person you hire will determine, to a large extent, whether you will carry on using this new model of work. Or whether you will revert to a more traditional, office-bound style of working.
So, do you hire a virtual assistant or transaction coordinator first?
We’ll try to explain this in a simple way.
A virtual assistant tends to pick up the slack across a lot of departments; from scheduling to social media marketing, data entry and paperwork.
But after a few short weeks or months, if they are successful, then you will start to see an uptick in the amount of work being generated.
This is usually when the day to day management of each transaction becomes too much for one person to handle, and that’s when the next hire becomes even more important.
So, that’s the moment to contract a transaction coordinator who can make sure nothing slips through the cracks during each and every new transaction.
Transaction coordinators will oversee all aspects of the transaction, from both the buyer and seller perspective.
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The Two Phases of a Transaction Coordinator
Think of the work of a transaction coordinator as being separated into two halves.
The first half runs up until the point that a sale has been agreed upon; the second half handles everything that needs to happen to close the deal.
There are a lot of different tasks and responsibilities associated with each phase for a transaction coordinator to deal with.
1. Listing to Contract
For example, when you’re working from the Listing to Contract phase, you might be asked to prepare all listing materials such as the pre-listing presentation, listing agreement, sellers’ disclosures, comparative market analysis and more.
After that, you will likely have to obtain all necessary signatures on listing agreement, disclosures and other necessary documentation, then input the listing information into MLS and marketing websites before publishing the listing.
Finally, the job requires you to submit all necessary documentation to the office broker for file compliance and input all necessary information into a client database and transaction management systems.
2. Contract to Closing
It’s hard work and that’s only the beginning. The second phase deals with Contract to Closing tasks, such as:
- Coordinate title and escrow
- Mortgage loan origination
- Appraisal processes
- Assisting in negotiations regarding repairs
- Coordinate moving and possession schedule
- Scheduling, coordinating & attending the closing process
These are much more consumer-facing tasks and require a well organized individual with good people skills.
The entire process, start to finish, requires a capable and skilled digital professional to make it a real success.
In addition, it’s also a role that can happen asynchronously from the rest of the team.
Transaction coordinators don’t need as much daily interaction from the client, which is another reason that it’s the ideal digital role to outsource to a qualified person in another country.
Virtual assistants and transaction coordinators from the Philippines tend to be some of the best in the industry.
A transaction coordinator is an incredibly important role for a growing agency.
A person who is focused on the details of a transaction and can coordinate between all the parties is an extremely powerful asset.
Let PhotoUp use our experience in staffing to help you find a transaction coordinator or virtual assistant that is sure to have a positive impact on your business.
We hope this post answered your question: what is a transaction coordinator? Before you go, you may also check out the following resources: