How to Become an Escrow Agent
Escrow agents, who are also known as escrow officers, are responsible for holding deposits during real estate transactions. These professionals also serve as an intermediary between a purchaser and seller during real estate transactions. Escrow agents ensure that each party understands the terms of the transaction and ensure all documents are in order during the closing process. However, before launching this career, you'll need to have at least a high school diploma and get the necessary experience.
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Instructions
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Get the required education. Employers usually require that escrow agents have at least a high school degree (or equivalent, such as the GED). Completing a real estate course at the local community college may also be attractive to potential employers, according to Education Portal.
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Consider applying for escrow assistant positions. Most escrow agents get their start working as an escrow assistant, according to the Education Portal. After working as an assistant for a couple years, apply to be promoted to an escrow agent.
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Find an escrow agent job. When looking for escrow agent jobs, check out title companies. Also, look for job postings through professional associations, such as the American Escrow Association (see Resources). Temporary agencies also advertise these job postings. Job search resources such as Monster and CareerBuilder (see Resources) can help you find open positions.
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Negotiate your salary. According to Salary.com, an escrow agent can expect to earn $31,612 to over $51,238 annually. If you have experience in the escrow industry, such as working in an assistant position, you may be able to demand a higher salary. Also, salary will depend on your geographic location. Tools like Salary.com can help you adjust salaries based on your zip code.
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Tips & Warnings
When interviewing for jobs, emphasis your communication skills. As an escrow agent, you'll be required to communicate with all parties involved in the transaction. These skills will ensure communication is effective and everyone understands the transaction terms.
This career is tied heavily to the real estate market. This means, when the housing market declines, jobs for escrow agents may be sparse.
References
Resources
- Photo Credit agent showing a flat image by forca from Fotolia.com
