What Does a Transaction Coordinator Do?
When your buyer or seller goes under contract, it takes a whole team to get them to closing! You (as their agent), mortgage lenders, escrow agents, inspectors, appraisers and last but not least– transaction coordinators! One of the biggest game changers to your business as an agent is hiring a transaction coordinator to help you!
In this blog post, we’ll go into more detail about what a transaction coordinator truly does!
How a Transaction Coordinator Can Help You:
Transaction coordinators are there to oversee every part of the contract-to-close process of a real estate transaction. They track and help with:
- Lender Updates
- Escrow Information
- Important Dates in the Contract (inspection period, appraisal dates, contingencies, closing)
- Communication With All Parties of the Contract
- Auditing All Paperwork for Accuracy and Signatures
- Schedules/Coordinates Closing
- Other Additional Admin Services Agreed Upon
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The transaction coordinator’s job is to help make the agent and home buyer/seller’s life easier during the real estate transaction. They also reduce 15-20 hours of administrative duties that a real estate agent without a TC would have to do themselves. Which in return, saves them time to go out and do money-making activities to help enhance their monetary gain. By spending a little money, you as the agent end up making more! In most cases, if the contract falls through, you also don’t have to worry about paying your transaction coordinator. If you don’t get paid, they usually don’t get paid. So there is less risk to try out using a TC. Think you might be ready to get some help? Click below to get started with Empower Transactions. We can’t wait to help you make your business flourish!