What does a transaction coordinator do?
A remote real estate transaction coordinator assists the real estate agent and broker in the processing of the real estate file. The remote transaction coordinator gathers all information, paperwork, and follows up on the contractual items. Then, the remote transation coordinator puts together the final Broker file of the real estate transaction. Transaction coordinators are on the rise in real estate. Real estate teams are reporting that up to 34% percent of their team claims transaction coordination as their primary function. As transaction management companies, like DotLoop by Zillow, create software and workflows for transaction coordinators are becoming more remote too.
What does a remote real estate transaction coordinator do?
On average, real estate agents spend 13 hours managing the administrative details of each transaction to get the deal done and to stay compliant. That’s 13 hours that could be spent meeting buyers, meeting sellers, and showing properties.
A remote transaction coordinator is there when the agent is not. Basically, it means less to-dos and more tadas for the agent.
Let’s look at the steps that a remote transaction coordinator handles.
- Open Escrow. As soon as a real estate agent completes the purchase agreement, the remote transaction coordinator will open escrow. It’s the official start of the transaction coordinator service.
- Schedule & Coordinate. From inspections and appraisals to a no surprises closing, the transaction coordinator schedules appointments with all parties to make sure the right people get to the right place at the right time. This gets the agent off the phone and back showing properties.
- eSign, Review, Submit, [Repeat]. The paperwork involved in a transaction doesn’t normally top an agent’s list of favorite things to handle. The good news? A remote transaction coordinator handles sending the documents, reviewing the documents for accuracy, and making sure the documents get where they need to be.
- Track Deadlines. Deadlines make and break deals. A remote transaction coordinator tracks every single deadline to make sure every “t” is crossed and every “i” dotted from escrow until the closing is official. That means, compliance workflows are built right into the process.
Sales are in the details.
Sure but it’s the truth.
Remote transaction coordinators handle the details of the deal.
This is a full list of remote transaction coordinator services.
Why should a real estate agent use a remote transaction coordinator?
A remote transaction coordinator will dramatically reduce the stress in a real estate transaction because they free up time for the agent and they manage compliance along the way.
- Transaction Coordinators keep details and deadlines organized and on track:
Transaction coordinators supervise every stage of a home sale, from a signed contract to closing. Remote transaction coordinators use transaction management software, like DotLoop, to create compliance-ready workflows or Loops. Those Loops can be created as a template and have audit trails. Essentially, the agent gets the task completed and compliance managed simultaneously.
- Transaction Coordinators handle all the time-consuming work:
There is no shortage of paperwork and administrative tasks involved in executing a real estate sale. Managing the process is time consuming. Having a remote transaction coordinator will free up an agent’s time on growing the business.
- Transaction Coordinators build detailed transaction files:
During a real estate transaction, paperwork and data is exchanged between several parties. A remote transaction coordinator will safely and securely manage all confidential information. Transaction Coordinators are responsible for accurate record-keeping and compliance.
How does a remote transaction coordinator keep agents compliant?
Transaction coordinators maintain compliance through workflows, or loops. Loops are created based on individual state requirements. Templates are made from the loop so the transaction coordinator know exactly what to do from contract to close. Within every loop is the compliance review notes center. This allows an agent to open lines of dialogue between people in the loop, allowing the agent or TC to send a note to either a single person, or groups of people. Agents and TCs can access loop notes either from the loop, or within documents. This feature is a powerful tool to keep on track of your notes within a loop and it creates an audit trail for compliance purposes.
Getting Started with a remote real estate transaction coordinator:
Happy Agent is a cloud-based end to end solution.
Upload purchase agreement and agree to work with Happy Agent.
Meet your team.
Approve the workflow and nuances for your state and purchase agreement.
Real Estate Transaction Coordinator Near Me:
Each remote real estate transaction coordinator knows the area that they are assigned to. Our remote transaction coordinators currently serve Arizona, Colorado, Nevada, New Mexico, and Utah.
Not seeing your state? No worries. Request to add your state here.
Sales are in the details. Cliche? Sure, but it’s the truth. Transaction coordinators handle the details of the deal. We only get paid if the deal closes.