Being a real estate agent involves much more than submitting offers and handing over keys. To complete a typical transaction from start to finish, you need coordination, expertise, and dedication.
Solo REALTORS themselves often handle the transaction process at the beginning. There are two great reasons to do this. As a result, the agent can have greater control over the process. Additionally, completing transactions will help them better understand the processes and potential pitfalls, which will be helpful if they decide to hire more agents.
Real estate transaction coordinator
A real estate transaction coordinator manages contracts throughout the selling and buying process. They are responsible for completing escrow paperwork, scheduling repairs and inspections, and making sure offers and counteroffers are approved. They also make sure all documents are filed on time, arrange for closing procedures, enter client information into the database, follow-up with customers after the sale, and perform other administrative tasks as needed.
The Real Estate Transaction Coordinator is responsible for supervising transactions from start to finish. This includes tasks such as scheduling service appointments to meet deadlines, filing documents for clients as needed, maintaining relationships with clients throughout their entire experience in the transaction process, creating a calm environment for both parties involved in a transaction by being available at any time during a transaction day or night or holiday whenever the need arises.
The Transaction Coordinator will also have to coordinate with the real estate agent, the lender(s), and any parties involved in order to ensure, that all parties are informed about current status of a transaction, deadlines that need to be met, etc.
The transaction coordinator is responsible for handling all paperwork that is needed throughout the process. This includes making copies of documents as needed (i.e., initialing service appointments on calendar), filing/storing copies of documents (i.e., storing file cabinets containing documents after they are signed by buyers & sellers), preparing appraisals, loan docs, surveys, title reports for customers or agents as needed (i.e., reaching out to third-party vendors regarding delays if necessary).
The Transaction Coordinator assists with the purchase closing process by reaching out to third-party vendors such as appraisers, inspectors or mortgage brokers/lenders and following up on any issues that may delay a closing (i.e., rescheduling open houses).
The Transaction Coordinator is responsible for maintaining relationships with clients throughout their entire experience in the transaction process. This includes reaching out to clients prior to service appointments to check on availability and ensure paperwork has been received, calling agents when necessary regarding updates, sending holiday cards once transactions are completed or timelines have expired.
The coordinator must maintain records of these contacts. Also required is the ability to work nights & weekends if needed during a time where there are delays in transactions due to holidays or other events outside of normal business hours.
Creating calm environment
The transaction coordinator is responsible for creating a calm environment for both parties involved in a transaction. If necessary, the coordinator must be available at any time during a transaction day or night or holiday whenever the need arises.
This may include coordinating services outside of normal business hours to accommodate schedules of buyers & sellers (i.e., calling inspectors after 4 pm if inspection needs to be completed prior to open house). The Transaction Coordinator must also maintain records of these contacts. Also required is the ability to work nights & weekends if needed during a time where there are delays in transactions due to holidays or other events outside of normal business hours.
Inspection of client
This profession entails managing important tasks that range from scheduling inspections and obtaining documents for clients, keeping accurate files, producing and distributing mailings and newsletters to stakeholders, or coordinating calendars with other real estate professionals or Realtors to ensure safe transactions. Transaction Coordinators are responsible for working with several groups of people at once.
The transaction coordinator is involved in the following departments/roles within their organization:
- Real Estate
- Customer Service
- Membership Communications
- Government Affairs
1-2 years experience in a comparable role.
Bachelor’s degree in business administration or related field preferred; prior work experience may be substituted for education requirement. The ability to assist with licensing courses is also desired for some positions within the career area of real estate and related fields such as property management or residential appraisal.
According to the Bureau of Labor Statistics, a Bachelor’s degree is required for 44% of jobs in this field. Most employers require some work experience in addition to a degree. On average, 10 years of work related experience is usually necessary for most positions within this career area. Licenses or Certifications Are Usually Required In Some Positions Within The Career Area Of Real Estate And Related Fields Such As Property Management Or Residential Appraisal.
These Are Commonly Referred To As Continuing Education Credits And Are Often Requisite For Employment Opportunities In This Field, With Requirements Varying From Job To Job Based Upon The Work Environment.
The Average Annual Salary of those employed in this profession was $34,070 in 2013, according to the Bureau of Labor Statistics. The Median Salary Was $32,300 in 2014. The Median Annual Salary Of All Workers in this field was $33,400 in 2014. The Average Hourly Wage Was $16.13 In 2014.
According to the BLS, employment of administrative managers is projected to grow 6 percent from 2012 to 2022, about as fast as the average for all occupations. There will be more opportunities because many administrative manager positions are not likely to become automated because most involve personal contact with people who purchase goods and services or make business decisions.