What Is a Transaction Coordinator and What Do They Do?

A transaction coordinator helps with the paperwork and details when buying or selling a home.

Real estate agents do many things to help people buy or sell homes. But when they’re working with a lot of clients, the paperwork and small tasks can be too much. That’s where a transaction coordinator comes in they handle the details so the agent can focus on the people.

Here’s everything you need to know about transaction coordinators, including what they do and how much it costs to hire one.

• What is a transaction coordinator?
  
  
• What’s their job?
  
  
• How is a transaction coordinator different from a real estate agent?
  
  
• What’s the cost of hiring one?

What Is a Transaction Coordinator?

In a real estate deal, a transaction coordinator takes care of the paperwork, making it easier for agents or brokers to focus on helping clients.

New agents often handle all the tasks themselves to avoid extra costs. But getting a transaction coordinator can save you time and frustration, making sure everything runs smoothly from start to finish.

What Does a Transaction Coordinator Do?

A transaction coordinator (TC) handles several important tasks to keep a real estate deal on track:

1. Manage Administrative Tasks

A TC takes care of all the paperwork, documents, and deadlines related to the deal. This helps agents and brokers focus on their clients and sales.

2. Track Timelines and Deadlines

The TC ensures that everyone involved stays on schedule, keeping track of key dates like inspections, loan deadlines, and closing dates. This helps avoid delays and ensures the deal closes on time. They also monitor contingency dates, so agents don’t miss any important deadlines that could risk the contract.

3. Handle Communication and Coordination

The TC arranges appointments like home inspections or appraisals, talks with the title company, and schedules the final walkthrough and closing. They also ensure all paperwork is signed and completed, making sure everything is in order for the deal to go smoothly.

4. Ensure Accuracy and Compliance

While a TC can’t review contracts with clients, they can check the contract after it’s signed to ensure no signatures or initials are missing. If something’s wrong, they’ll let the agent know.

5. Supervise Underwriting

The TC helps make sure that everything needed for the underwriting process is in place, speeding up loan approval so the deal can move forward.

6. Solve Problems and Provide Support

If any issues arise, like problems with financing or inspections, the TC works with everyone involved to find a solution and keep the deal moving forward.

7. Confirm Funding

The TC checks that the buyer deposits earnest money and other payments, like the down payment, inspection fees, and insurance. If these payments aren’t made on time, the seller could cancel the contract.

What Does a Transaction Coordinator Cost?

Transaction coordinators usually charge a fixed fee per deal. “This lets agents spend more time helping clients buy or sell homes, instead of dealing with paperwork and admin tasks.

Real estate transaction coordination, says the fee for a transaction coordinator (TC) is usually between $350 and $500. There’s also an onboarding fee, typically under $125. The agent may pay the fee after each deal is done, or regularly along with other transaction fees. However, the onboarding fee is usually paid upfront.