Getting Deals Done: Could a Transaction Coordinator Help?
Transaction coordinators can help sales people meet deadlines and free up time for business development.
A transaction coordinator’s job is to assist sales practitioners by closely monitoring each stage of the deal, from the signed contract to the closing table.
The long list of tasks they perform include everything from verifying that every document is signed and initialled in the right places to establishing escrow accounts for buyers and reminding agents of deadlines throughout the transaction.
Having a third party manage all communications related to a deal has other benefits, too. The TCs record-keeping can be crucial should a disagreement emerge or a lawsuit ever be filed.
What Does a Transaction Coordinator Do?
From the signed contract to the closing table., transaction coordinators do a lot more than you might think. Although the list of duties can vary, these are the core activities that Transaction Coordinators perform for sales practitioners.
Verify that all required signatures and initials are on the contract and addenda.
Verify that all required addenda are included with the contract.
Fill out commission disbursement forms.
Open file with the escrow or title company.
Open and update the title search.
Send copies of the contract to the other agent, buyer, seller, and lender (as directed by agent).
Create a summary sheet containing all parties’ contact information, the property address, and property photo.
Create a Web-based transaction management file with secure access for agents and their clients to monitor the transaction.
Upload documents for shared viewing.
Send deadline reminders as needed throughout the transaction.
Follow up with the escrow company, lender, and other agents as needed. Keep agent informed of those communications.
Send a weekly e-mail summarizing the status of the transaction and advising the agent of upcoming deadlines.
Ensure that all paperwork is provided to all parties.
Request an estimated HUD-1 statement for agent to review.
Follow up with the escrow or title company on the closing day.
If the agent represents a seller, send reminders to remove the lock box, obtain seller’s forwarding address, and change status in MLS to "sold" at closing.
Remind the agent to touch base with his or her former client.
Where to Find Help?
Technology makes it feasible for transaction coordinators to work from almost anywhere, regardless of where their clients are based.
Learn more about transaction coordination, contact us through:
Email: desiredrealestateservicesllc@yahoo.com Call us: 407-801-2634
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