Real Estate Transaction Coordination is the process of taking a real estate deal from the point of a ratified contract through to closing.
Real estate transaction coordination is part of the services that a real estate agent/broker performs on behalf of their clients, but it doesn’t necessarily have to be a licensed agent who conducts the work. In some cases, the tasks are given to an assistant or outsourced to a company specializing in this type of work. These outsourced companies are known as Real Estate Transaction Management companies or Real Estate Transaction Coordination companies.
Duties of a real estate transaction coordinator can vary greatly depending on whether the individual coordinator has a real estate license or not, and the requirements for who can perform this type of work differ from state to state.
- drawing up listing and sales agreements
- reviewing documents for quality assurance
- filing and organizing paperwork
- obtaining contract signatures
- coordinating the appraisal appointment
- assisting with home insurance quotes
- scheduling inspections
- scheduling water and perc test
- collecting repair and maintenance receipts
- following up with mortgage lenders
- forwarding contracts and paperwork to the real estate settlement company
- insuring utilities are turned on/off before closing
- coordinating the closing date, time, and location
- sending out closing documents to brokers, buyers, and sellers.
- returning emails, calls, and texts about transaction details
- ordering and delivering homeowners association, property owners association, or condominium association documents for review.
- entering information into transaction management software platforms
- following up with home buyers and sellers after their real estate transaction closes
According to Glassdoor.com, If you’re thinking about hiring a transaction coordinator as an employee, the national average for base salary is around $44,800/year. By comparison, fees charged by an outsourced individual/company range from $450-$1000/transaction. Fees vary greatly depending on factors such as the monthly transaction volume, location, expertise, and the depth of work to be completed.
Most transaction coordinators employ a range of software to help manage their processes. In some cases, they will use platforms that their clients are already using, e.g., dotloop, skyslope, paperless pipeline. If they do not use a client’s existing platform, they typically use a transaction centric SAAS solution of their own choosing.