A Transaction Coordinator is a person who takes responsibility for managing the deadlines and tasks of a real estate contract to closing. Some of the duties include:
1. Responsible for processing of all contracts through closing.
2. Coordinating appointments for inspections, appraisals, and closing.
3. Effectively communicates with clients, customers, other agents, lenders, title agents and other service providers throughout the process.
4. Responsible for proper documentation of the file to comply with brokerage policies.
5. Assures that all post-closing disbursements, filing, and procedures take place.
6. Frees the agent client up to focus on business building activities.
In many offices across the country, there are transaction coordinators on staff who are shared among the office. While this approach seems practical or beneficial on the surface because the coordinator is in house and can be accessed by stopping by her/his desk. It’s not always the best or most effective approach when explored further. There are many reasons for that, a few are outlined here:
a. The transaction coordinator is paid by the office and has a job, which is not always exclusively coordinating transactions. Meaning, they could get pulled away from their job to help the other departments such as receptionist, listing coordinating or what have you. This means they aren’t working on your transactions.
b. Interruptions! The facts are clear, it can take more than 20 minutes to get back on task after an interruption. That said, imagine how inefficient it can be if agents are walking in and out of the transaction coordinators office all day long.
c. Favoritism of agents within the office. An onsite transaction coordinator may do more for those that are her favorites.
d. Most offices have no contingency for coverage for sick days, vacations, or when the work load is higher than normal. When the onsite transaction coordinator is out of the office, the agent is expected to handle their own transactions.
e. Traffic, office politics and everything else that goes with having a JOB!
While no perfect world exists, there are solutions designed to help the agent provide the best service to their buyer/seller from contact to close without many of the most common challenges associated with having an in-house transaction coordinator.
One would be hiring your own transaction coordinator to work exclusively for you. While this may be costly, it would provide you with the ultimate solution to help leverage your time.
Another solution is to contract with a company that provides qualified transaction coordinators to real estate agents on an as needed basis. Allowing you to access a highly skilled transaction coordinator when you need one based on your business volume.
Here at Transaction Management Consultants we have solved the most common challenges that an onsite transaction coordinator faces by providing an agent focused cost-effective solution.