Real estate associates-
Whether you are helping your client buy or sell a home, you have to remember that your TIME equals MONEY. The upside is that you have help standing by, but here is what you need to know before you hire a real estate transaction coordinator.
What is a Transaction Coordinator?
A real estate Transaction Coordinator is a neutral third party that helps you, the agent, through the entire real estate transfer process. They focus on customer service, administrative tasks, and knowledge support to make sure that everything smoothly moves towards settlement.
Transaction Coordinators usually manage all the paperwork and deadlines involved with selling a home. They understand how the flow of forms and money should work. They monitor the entire process for conflict resolution from the time the seller accepts the offer until both parties have signed the closing paperwork and the buyer walks away with the keys.
What does a transaction coordinator actually do?
A transaction coordinator is there to provide support to you, the agent, throughout the whole property transfer process. They push you along, helping you breeze through the escrow, contingency removal, and closing processes without any hiccups. If any issues come up with the buyer, incorrect paperwork, or concerned third parties, your transaction coordinator can help you through it. If you have any questions throughout the sale, they are also your go-to point of contact.
Here’s a more detailed list of all the services they provide:
Escrow Management
They can help you open the escrow accounts that keep the money from your buyer safe until you can access it at the end of the closing process. Opening up escrow accounts can be tricky and you want to make sure that you do it correctly, so it’s best to have some professional support during this part of the process.
Act as a Point of Communication
Real estate transaction coordinators can coordinate all communication between the buyer, seller, escrow company, involved real estate agents, and other involved third parties.
Purchase Agreement Review
Your transaction coordinator can review the purchase agreement and ensure that every “I” is dotted and every “T” is crossed. As this is a binding legal document, you should make sure that everything is as it should be before you sign it and turn it in.
Earnest Money Confirmations
Your transaction coordinator can also make sure that the buyer puts the money into the escrow account on time. Not only that, but they can double-check that it is also the correct amount.
Monitor Deadlines
Your transaction coordinator will keep a close on the deadlines during the contingency period and will follow up if the buyer misses a deadline. They do this by issuing the buyer with a notice to perform. This form means, “do what your contract says ASAP.”
Monitor Underwriting
The transaction coordinator will partner with the loan underwriter to ensure that they have all of the certificates and clearances needed to perform their job quickly and efficiently. This way, any and all loans can be disbursed in a timely manner.
Coordinate the Final Walk-Through
The final walk-through is a very important part of selling and buying a home. It’s when the buyers make sure that all of their questions are answered, all of the pending contingencies removed, and all of the owner’s belongings are gone from the home.
How much does a typical transaction coordinator cost?
You can pay anywhere from $250 to $450 for an average coordinator.
Did you know?
If you want more comprehensive support, you can trust the experienced real estate coordinators at VOOV.io for ONLY $195 per transaction. Our VOOV.io team knows the ins and outs of the real estate transaction process and will help ensure your success and ability to take on MORE clients.