If you’re ready to work for yourself, set your own hours, and build an independent business, consider being a real estate transaction coordinator! Transaction coordinators play a vital role in making sure that real estate transactions go smoothly. You can work as an independent contractor with realtors who need a little extra help keeping everything organized.
This is a great career option for someone who is highly organized and wants the freedom of being their own boss. It can also be done remotely, making it a perfect option for people who want to work from home!
Sounds interesting, right?
You’re probably wondering what a real estate transaction coordinator actually does. Here’s everything you need to know about the daily tasks of a transaction coordinator!
Why Would a Realtor Hire a Real Estate Transaction Coordinator?
Between sorting out their paperwork and managing contract compliance, sometimes realtors need help.
Deadlines, organization, and communication are essential. But when they are balancing multiple properties and transactions, many realtors quickly become overwhelmed.
That’s where you come in!
Real estate transaction coordinators help manage everything, from the moment the contract is signed to the moment it closes. They work as the right hand of the realtor, making sure everything happens the way it should. It’s a transaction coordinator’s job to keep everything organized and on track!
As a transaction coordinator, you wear many hats. You’re a facilitator, professional organizer, paperwork guru, and mastermind, all in one!
Honestly, lots of realtors see transaction coordinators as the MVPs of successful sales. Let’s dive into what a real estate transaction coordinator actually does!
What Tasks Does a Real Estate Transaction Coordinator Do Each Day?
While the day-to-day activities of a real estate transaction coordinator may vary, there are definitely tasks you can expect to do frequently.
Here is an overview of the more common tasks you might find yourself in charge of each day.
Creating and Curating the Transaction Management File
There is a TON of information to monitor during each transaction. One of your jobs is to keep track of all of that info and keep it in one accessible place!
Physical files are an option if you’re a tactile person, but many prefer to use software programs. Certain software allows you to see everything happening with your sale in real-time, saving you a lot of trouble.
As a transaction coordinator, you would be responsible for creating, updating, and maintaining files with all of the information needed.
Serving as the Main Point of Contact
There are a ton of people involved in making sure a real estate sale goes through smoothly. As the mastermind behind the scenes, all of these people will come to you first!
During a typical transaction, you’ll likely reach out to different agents or contact buyers or sellers directly. You may have to communicate with any number of inspection companies, contractors, or even attorneys.
You’ll keep all relevant parties on your radar to keep things running smoothly! That’s why being a strong communicator (and super organized) is so important.
Providing Coordination Services
From the home inspection to the final walkthrough, you’ll organize and coordinate different events and activities.
This could include scheduling home inspections, ordering home warranties, and gathering signatures.
Completing Paperwork, Paperwork, and More Paperwork
Completing paperwork is one of the real estate transaction coordinator’s most sacred jobs. If you’re paperwork-averse, this may not be the perfect independent role for you.
You may help with drafting essential paperwork throughout the whole transaction depending on your state's rules and regulations. As a transaction coordinator, you’ll have lots of paperwork-related responsibilities.
For example, you’ll:
- Send documents to be signed
- Organize them into your transaction management file
- Review everything for compliance and completion.
Your role also includes tracking down people who need to provide signatures or corrections.
You’ll be dealing with essential documents including:
- Purchase agreements
- Escrow instructions
- Addenda
- Sellers disclosure
- Notice to perform
- General disclosures
Opening Escrow
The TC will set up escrow by sending in the completed purchase agreement. Once buyers send in their earnest You will also follow up to make sure the buyer's earnest money has been deposited to escrow by getting the deposit receipt.
This also involves figuring out who your assigned escrow agent is. You can learn more about escrow accounts here.
Managing Deadlines
There is no shortage of deadlines to manage in real estate, and you will know them all!
You will be responsible for sending out reminders about contingency periods, removal, and earnest money.
Missing any one of the many deadlines listed in the purchase agreement can have catastrophic consequences. Failing to meet key deadlines can result in the loss of the deal or, at worst, a lawsuit.
Task Checklist for a Typical Real Estate Transaction Coordinator
As a real estate transaction coordinator, you can expect to regularly do the following tasks:
- Oversee the entire transaction process
- Coordinate relevant processes, like titles, escrows, mortgage loans, and appraisals
- Set up inspections and support all parties through the repair process
- Consistently communicate with and update all parties
- Manage paperwork and documentation
- Assist with final walkthroughs and inspections
- Maintain a thorough client database with all relevant information
- Follow up at specific intervals to offer recommendations and referrals
If these tasks sound interesting to you, becoming a real estate transaction coordinator is an excellent opportunity!
Your tasks as a real estate transaction coordinator will vary each day, depending on where you are in the sales process.
You’ll help realtors manage their transactions, all while being self-employed and growing your business. Working as an independent contractor, you can set your own hours. Plus, you can work from wherever you want—as long as you’re meeting those key deadlines!
