What is a Real Estate Transaction Coordinator?February 7, 2024
A real estate deal has many moving parts from when a transaction begins to when it ends. For agents, that means a lot of paperwork and administrative processes involved. With the help of real estate transaction coordinators, the process runs smoother.
What is a Transaction Coordinator?
A transaction coordinator is typically a third party that oversees all the administrative tasks of a real estate transaction. These coordinators work for the real estate agent, taking over the paperwork from contract to closing.
Our coordinators are experienced agents or compliance managers who know the ins and outs of a real estate transaction. They focus on being there for the agent, so those agents can build relationships and negotiate contracts.
What do they do?
A transaction coordinator performs the following duties:
They are responsible for completing paperwork, deadlines, and documentation involved in a real estate transaction. This includes reviewing and ensuring the signing of all documents. Sometimes, coordinators check the relevance of the paperwork so it correctly reflects the changing negotiations between buyers and sellers.
Timelines and Deadlines
One way to smooth the transaction is to abide by the deadlines. The transaction coordinator will make sure every party in the deal stays on task. This prevents delays so the final closing is on time.
Coordinators handle communication regarding home inspections, property appraisals, and association resale packets. They also arrange the final walkthrough and closing process, checking that everything has been signed.
Transaction Coordinator vs. Real Estate Agent
While the real estate agent works for the buyer or seller, the transaction coordinator works for the agent. Coordinators don’t focus on marketing the property for the seller. Their sole focus is to cover administrative tasks to help out the agent with their process.
Simplifyr’s Transaction Services
Simplifyr offers our services to real estate agents in the Massachusetts and New Hampshire areas. Whether you’re an agent working for the buyer, seller, or both, our coordinators will begin at the accepted offer and help until close. Make note that some of our packages vary depending on location.
For agents working with buyers, we will check all documents and confirm the file is complete. We will pass on any necessary extensions or addendums and make sure everyone stays on track. Additionally, we’ll check that utilities are ready for closure and look over requests and invoices.
For agents working with sellers, we offer the same administrative tasks with additional work. We will help with real estate photos, create and mail “just listed” postcards and social media posts, feature sheets, and open house sign-in sheets. We’ll request reviews, and create and mail “just sold” postcards and social media posts.
We also offer a compliance package that includes due diligence through online searches, noting areas of documents not completed and sending them off to the agent, collecting signed documents to put into the compliance system, requesting co-broke checks, and closing the compliance file.
Find out which of our transaction service packages is best for you.