Transaction Coordinator 101
Fact: The average listing agent commission is 3% of the total sale price of your home. That can mean thousands of dollars in fees for the average home seller. Missing a step, being late on filing one inspection or another, can easily happen to a busy Real Estate Entrepreneur who does everything themselves. Also, let’s face it; administrative busy-work is not a strong suit for most Real Estate Agents.
With each transaction that you have taking a total of 45 hours (according to NAR) and 30 of those solely for paperwork, you can say that hiring a Transaction Coordinator can save you loads of time and offer you tons of opportunities to focus on other things that you do best that will grow your business!
A MyOutDesk Virtual assistant can give you the leverage you need to focus on the revenue-producing activities to grow your business!
A Real Estate Transaction Coordinator is a real estate professional who manages all the paperwork and deadlines involved in a real estate transaction. They are trained in every step of the selling process and are tasked with monitoring progress from when the seller accepts an offer through the steps involved in the close of escrow. One great thing about this role is that your Transaction Coordinator does not even have to be in the office with you! Instead, you can have a Virtual Assistant take over this responsibility quite easily.
A basic list of what a Real Estate Transaction Coordinator can accomplish for you:
- Open escrow.
- Liaise between the seller, buyer, escrow, agents, and various third parties.
- Review the purchase agreement for completeness.
- Ensure the buyer’s earnest money deposit is in escrow on time.
- Make sure the buyer’s earnest money deposit is subject to forfeiture if the buyer fails to perform.
- Review the escrow instructions for errors.
- Draft the Seller’s Disclosure Packet (typically a half-inch thick due to various state, local, and federal laws).
- Draft addendums.
- Monitor deadlines during the contingency period and provide a demand notice to the buyer if the timing isn’t met.
- Ensure the loan contingency removal is tracking on time.
- Ensure the loan underwriter has the various certificates and clearances needed.
- Obtain the contingency removal form by the contingency removal date, or serve the buyer a notice to perform.
- Deal with the request for repair process or waivers.
- Obtain other waivers where applicable.
- Coordinate the final walk-through.
- Document communications among the parties.
- Audit the file before the close of escrow to ensure all paperwork is complete.
- Ensure tax withholding exemptions, such as Foreign Investment in Real Property Tax Act (FIRPTA), are complete.
- Create a complete file for the client, typically in electronic format, which will help IRS filings the following April.
The primary role of the Transaction Coordinator is to ensure a smooth transaction of all client deals from contract to closing. Working closely with all parties in each transaction, they assist in providing useful & detailed information and action plans, process contractual documents and disclosures, watch deadlines, order and coordinate inspections.
A Transaction Coordinator will also assist in processing the real estate file, gathering information and following up on the contractual items, and assembling the final broker file for each real estate transaction.
Do you want to delegate your transactions to a professional who is not only good at this kind of work but who will give you the leverage you need to focus on revenue-producing activities that you are GREAT at? MyOutDesk Transaction Coordinators are an asset that helps your team become more effective by gathering necessary signatures, and paperwork & following up on contract terms to make sure every transaction closes on time.