When you are entering into a real estate transaction you need a team surrounding you and your agent. A transaction coordinator works very closely with your agent as well as the brokerage. Every transaction is different and that is why a transaction coordinator helps to streamline all of the tasks that need to happen in order to close escrow.
What Does A Transaction Coordinator Do
Some of these tasks are:
- Filing and reviewing documents
- Organizing all inspections
- Communicating with both buyers and sellers
- Watching the timeline of all contingencies
- Assisting with the closing of escrow
As a buyer or seller, you will most likely have little to no contact with the transaction coordinator. You can have even more confidence in your agent when you know they have an excellent transaction coordinator behind them.
An efficient transaction coordinator lessens the likelihood that there will be problems in the contract. Larger brokerages have a few transaction coordinators to assist with their agents and they are on-site or remote. One of the most important roles of the transaction coordinator is streamlining all of the communication and keeping everything on track. This can be difficult as they have to track down people when forms are not complete. Transaction coordinators can open doors for realtors who may be struggling with inventory as they are aware of what properties are in and out of their offices. A transaction coordinator is the primary contact for all parties involved, so they are communicating between the following:
- escrow company
- title companu
- home inspectors
The transaction coordinator is the backbone of the real estate agent. They review all contractural matters and ensure they are completed. This ensures that everyone is complient and no one is liable for something they are unaware of. This means nothing should fall through the cracks and everything is properly recorded.
Transaction coordinators look over any contingencies and deadlines as well as additional work that is being done on the house and communicate with contractors to have it done on time. Filing all paperwork is the responsibility of the transaction coordinator.
It is not a requirement for real estate agents to have a transaction coordinator on their staff. Some still do all of this work on their own because a TC will cost a percentage of the sale. Transaction Coordinators work on a freelance basis and if you are participating in an FSBO, you can hire a transaction coordinator for that contract.
For more information on residential and commercial real estate in Snohomish County please contact us anytime.
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