Real Estate Transaction Coordinator Job Description
A real estate transaction coordinator functions as a liaison between real estate agents, clients, escrow companies and mortgage brokers during the process of a real estate sale. Many real estate brokerages hire transaction coordinators to effectively manage the administrative tasks involved in closing a sale, according to a 2003 study conducted by Clareity Consulting. Most real estate transaction coordinators oversee an average of 18 files at a time with an average of 12 1/2 hours spent on each transaction.
Other People Are Reading
-
Escrow Duties
-
A real estate transaction coordinator receives a ratified purchase contract from an agent and immediately opens escrow with an escrow or title company and supplies the escrow or title officer with the necessary information to begin the process of managing the file. The real estate transaction coordinator arranges for pickup of the initial deposit money. Additionally, the real estate transaction coordinator sends the cooperating agent any necessary disclosures required by law.
Time Frames and Deadlines
-
A real estate transaction coordinator's job includes creating a time line of important dates for the real estate agent to follow, such as deadlines for loan and inspection contingency removal. A few days before a deadline, the real estate transaction coordinator will call or e-mail a reminder to the real estate agent to ensure compliance with the time lines outlined in the real estate purchase agreement. Sometimes a real estate transaction coordinator will order a natural hazard disclosure statement on behalf of the seller or schedule a home inspection for a buyer.
-
Administrative Tasks
-
A real estate transaction coordinator maintains the file to ensure all the mandatory disclosures are completed and sent to the cooperating agent or broker for the client's review and approval. As each document returns by mail, fax or e-mail, the real estate transaction coordinator checks for all initials, signatures and dates before marking the disclosures as complete and filing them. Additionally, a real estate transaction coordinator calls the agents and other parties to remind them of missing documents.
Quality Control
-
The real estate transaction coordinator provides a consistent, quality-controlled system to ensure the smooth and efficient management of all relevant steps necessary to close a real estate sale. Often a real estate transaction coordinator will use software to assist with the creation of time lines, calendar reminder notes and scheduled phone calls to all parties. A client or agent often relies on a real estate transaction coordinator to monitor and assess the progress of the sale so that important deadlines are met and contingencies are released. Furthermore, a real estate transaction coordinator provides a preliminary audit of the file for the managing broker to review.
Additional Duties
-
Some real estate transaction coordinators produce marketing for agents, such as Just Sold postcards or monthly newsletters. Other real estate transaction coordinators are licensed agents who can assist the agent with renegotiating terms after a pest inspection reveals wood rot damage that needs to be fixed before a loan will fund. Check with individual real estate brokerages to determine which type of real estate transaction coordinator they prefer to employ as well as the list of duties.
Education and Job Prerequisites
-
Real estate transaction coordinators can be either licensed or unlicensed real estate agents. Benefits of having a real estate license include a potential for increased pay and the ability to communicate more effectively with agents and clients. Unlicensed real estate transaction coordinators cannot negotiate, or disclose pricing, terms and other salient information to clients.
Regardless of licensing, a real estate transaction coordinator needs a solid clerical or administrative background and some knowledge of real estate as a job prerequisite. Formal training is not necessarily required, nor is a college degree.
Salary, Hours and Work Environment
-
Salary is usually based on the number of transactions handled. The average price paid to a real estate transaction coordinator was $240 per transaction as of 2003, according to the Clareity Consulting study, with a range of $150 to $350 per transaction. The average number of transactions managed at one time is 18, with a range of 15 to 30. That translates into a salary range of $2,250 to $10,500, with the average salary at $4,320. According to indeed.com, the average salary of real estate assistants in 2010 is $49,000 a year.
Most transaction coordinators work Monday through Friday, from 9 a.m. to 5 p.m. in an office environment.
-
References
- Photo Credit red folder businesswoman 3 image by Brett Mulcahy from Fotolia.com
