An escrow manager acts as the neutral third-party between buyers and sellers during the exchange of expensive commodities, specifically real estate. When you take out a mortgage to purchase a home, escrow ensures that all required fees and taxes are paid, and contractual conditions are met before closing the sale.
In addition to managing funds and processing real estate transactions, an escrow manager may have the added responsibility of hiring, supervising and training escrow officers. Other duties include generating positive public relations for their office and developing new business with brokers, bankers and real estate agents.
Escrow managers usually have at least five years of experience working as an escrow officer, as well as strong leadership, customer service, computer and problem-solving skills.
Escrow manager jobs do not require a college degree. Some escrow professionals take law, business or real estate courses, but most obtain their training under experienced escrow professionals.
According to Simply Hired, the average annual salary for escrow managers in November 2009 was $52,000. However, salaries range depending on work location and years of experience.
The Bureau of Labor Statistics predicts that the number of jobs for escrow professionals will decrease in the coming years due to the industry's dependence on real estate performance and growth.
- Photo Credit Image by Flickr.com, courtesy of woodley wonderworks
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