Transaction coordinators are now playing important role in the real estate industry. But a debate is going on whether hiring a transaction coordinator is a smart move. Doesn’t it only add to the costs? Is the real estate agent not enough? 

It’s easy to get bombarded by doubts and negative thoughts if we encounter something new. Better to understand a new thing before judging it. So, here’s an article for you to learn more about the role of a real estate transaction coordinator and the benefits of hiring one. 

What’s the Work of a Real Estate Transaction Coordinator?

Hiring a coordinator for your real estate transactions can be beneficial. The role of a coordinator is primarily working with the agent, loan officer, property inspector, and appraiser. While getting the services of a real estate coordinator is optional, it can help save time and make the transaction process faster. 

The role of a real estate coordinator is mainly administrative. For example, the coordinator will prepare and submit documents related to the property purchase. Collecting information and paperwork from the seller or buyer, coordinating with real estate agents, and scheduling and confirming appointments are also included in the coordinator’s responsibilities. 

What are the Tasks That Transaction Coordinators Don’t Do?

There are tasks that some people mistakenly think real estate coordinators do. Be familiar with these things and stop the wrong assumptions now. 

• Negotiating. The work of a real estate coordinator includes consulting with both parties to gather signatures and submitting paperwork. However, it’s not part of his job to negotiate terms with clients and real estate agents. 

• Writing Contracts. Explaining disclosures can be part of the job of a transaction coordinator, but it’s not his duty to write disclosures. 

• Scheduling Inspections. Scheduling general inspections is not a responsibility of a transaction coordinator. However, a coordinator can schedule Natural Hazard Disclosure (NHD) and home warranty reports. 

Advantages of Hiring a Coordinator for Your Real Estate Transactions

While a transaction coordinator is only optional in a real estate team, they can still help key members of the real estate team. Here are the advantages of hiring a real estate transaction coordinator. 

Keep the Transaction Process Organized

A real estate coordinator keeps the overall transaction process organized. The success of a real estate transaction is more attainable with the help coordinator by preparing and keeping track of all essential documents. 

If you need to access any information, the transaction coordinator can help you with what you need. His role can make the transaction process less stressful. 

Save Time

Real estate coordinators can manage a great deal of administrative work related to real estate transactions. Without a coordinator, other members of the real estate team like the agent have to handle administrative tasks, which consume a lot of time and may prolong the transaction process. 

Keep Communication Within the Team Moving

Communication is crucial in a real estate transaction. Every team member should maintain correspondence with one another, and a real estate coordinator can be a big help in this area. Hiring a coordinator ensures that nothing important is neglected by keeping communication within the team ongoing.  

If a team member is unresponsive or slow to send important documents, the coordinator can help communicate with that team member and keep the transaction smooth. 

Reduce Potential Liability

Real estate coordinators ensure that every stage of the transaction process goes well. Documents must meet all the rules and be filled out without error. Your transaction coordinator will review each document to reduce your liability if the other party files a complaint. 

That’s why hiring a transaction coordinator is beneficial to you because you can ensure that files are compliant.

What are the Qualities of a Good Transaction Coordinator?

If you’re considering hiring a transaction coordinator, you should be familiar with the qualities of a good coordinator who can handle your real estate transactions. 

• Good Communication Skills. A transaction coordinator should know how to get every team member to stay in touch with each other. He should be able to communicate with clarity. 

• Attention to Detail. Another quality of a good coordinator is being able to spot minor errors and prevent them from messing up the transaction. No transaction document should be left out, and files should be organized for easy access. 

• Years of Experience. It doesn’t mean that newbie coordinators will be out of your consideration. However, if you want to ensure that every stage of the transaction goes well, it’s better to hire a seasoned coordinator. 

Final Thoughts

Now you know the role of a real estate transaction coordinator. For the success of your real estate transaction, the coordinator will prepare and submit the necessary documents and ensure they comply with the requirements. The coordinator will streamline the entire transaction process by staying in touch with each team member and client.