Transaction coordinators play a valuable and sought-after role in the real estate industry.
Transaction coordinators are skilled professionals who help real estate sales agents close sales. They handle the detailed, time-consuming tasks, allowing an agent time for marketing, networking, and prospecting.
Although transaction coordinators are common in the real estate business, much confusion remains about what they can and cannot do – particularly if they can post real estate listings to the MLS and whether they need a real estate license.
So, this article will examine those and related questions about the role of transaction coordinators.
Transaction Coordinator FAQs
The following frequently asked questions and answers will help you better understand the role of a transaction coordinator in real estate.
1. What Is a Transaction Coordinator?
Some people confuse a transaction coordinator (TC) with an administrative assistant. However, even the most talented administrative assistant usually lacks the expertise to close real estate transactions.
A transaction coordinator’s job is to keep the closing process organized and (most of all) on schedule.
The duties of a transaction coordinator will differ but often include the following (do note some terminology will vary by state):
- Plan and coordinate all inspections of the property
- Communicate regular updates to the clients involved in the transaction
- Track the contingency periods to ensure contractual compliance
- Ensure that all the needed paperwork is complete and submitted by the necessary dates
- Schedule the closing for all parties
- Obtain client testimonials and online reviews
Successful real estate agents understand that closing tasks are essential. But they also know that such tasks are better left to a transaction coordinator and that their own time should be focused on business growth activities.
2. Does a Transaction Coordinator Need to Have a Real Estate License?
Some states require that a transaction coordinator have a real estate license or at least be certified. The National Association of Realtors (NAR) maintains a list of State requirements for transaction coordinators.
Most states have licensing requirements for real estate activities such as negotiating, handling contracts, and formally pricing properties. Therefore, in some ways, it makes sense that a TC be licensed.
However, most agents understand that the licensing issue isn’t as crucial as it might seem.
Although having a licensed transaction coordinator is a significant benefit, the likelihood of a TC performing such duties is rare, and most agents prefer to handle those tasks themselves.
The agent is always the lead in their transaction. They represent their clients and remain the first point of contact throughout the transaction.
It’s unlikely that a TC would need to step in for tasks requiring a license, such as repair negotiations or showings, as this is where much of the personal interaction occurs between the agent and the client.
Further, TCs generally do everything under the supervision of a licensed real estate agent anyway.
Due to this fact, the licensing factor becomes almost moot.
3. Can a Transaction Coordinator Post a Real Estate Listing?
A common question is whether a transaction coordinator can post a real estate listing to the Multiple Listing Service (MLS.)
The initial answer is much like the above – MLS rules vary from region to region. Therefore, you must check with the local professional association that manages your MLS.
Any experienced agent knows that entering a listing on the MLS can be time-consuming. However, what takes the most time is not the actual posting of a listing. What takes more time is the collection of all the listing information that must happen first.
Now, before we can more fully answer this particular question, we need first to ask another one – what exactly is the MLS?
4. What Is the MLS?
MLSs are private online databases created, maintained, and paid for by real estate professional associations and brokerages to help clients buy and sell property.
A significant part of the function of the MLS is cooperative brokering. This means that participation by a brokerage on the MLS implies an offer of cooperative brokering and sharing compensation by listing brokers to other real estate brokers.
NAR also has oversight responsibilities for the national network of MLSs. NAR’s general policy is to limit direct access to the MLS to licensed professionals only. However, rules vary from state to state and region to region.
5. Can the Public Access the MLS?
Typically, for a buyer or seller to access all listing information for a property on your local multiple listing service (MLS), they must work with a real estate agent. In most cases, to post properties on the MLS, you need to have a real estate license.
Granted, much of the information from the MLS is available to the public via Zillow and other aggregate websites. However, this information is only partial and does not include agent-to-agent comments, access to all documents, commission information, and so on.
Additionally, data that is not publicly available includes confidential information that would endanger sellers’ privacy or safety, such as seller contact information and times the home is vacant for showings.
Returning to our previous question, can a transaction coordinator post listings to the MLS? The answer will vary according to local rules.
However, it’s fine for transaction coordinators to help prepare listings. For example, they can do all of the following:
- Collect all the listing information
- Verify square footage and other data
- Research tax rates, utility costs, and other financial issues
- Write the listing description and additional marketing copy
- Send and collect all disclosures necessary
- And more
So, as you can see, an unlicensed transaction coordinator can still save an agent hours of valuable time, even if they can’t post to the MLS.
6. Can a TC Be a Remote or Virtual Worker?
Absolutely. The prohibitive cost of hiring an in-office transaction coordinator causes many solo agents and small agencies to seek a TC externally using freelance services. A virtual real estate transaction coordinator is usually more affordable.
Additionally, today’s technology makes it easy for virtual workers to be efficient, effective, and simple to manage. The lack of a commute and fewer distractions make virtual workers ideal and affordable.
7. What’s the Advantage of an Agent Working With a TC?
Most new agents handle the transaction process themselves, which makes sense for two reasons.
First, it allows the agent to understand the closing process and potential pitfalls. This experience is valuable if the agent hires a TC later in their career.
Additionally, most new real estate agents don’t have enough transactions or a sufficient budget to hire a TC at the beginning of their career.
As an agent’s career develops, they tend to do more transactions. Once an agent is working with several buyer and seller clients simultaneously, a transaction coordinator makes sense and is even essential.
Additionally, the time saved can be utilized to market yourself as a real estate agent. There are many ways a transaction coordinator can save you time and money.
By this stage, you might be wondering how to find and hire a transaction coordinator. We know exactly the right place.
Find the Perfect Transaction Coordinator With AgentUp
You know that working with a transaction coordinator is an intelligent thing to do. You also understand that hiring a virtual TC will save you money without compromising quality.
This is precisely how AgentUp can help you. We can partner you with the right transaction coordinator for you and your business.
Hiring a TC is easy and seamless. You won’t have to set up elaborate systems or download special software; your TC will be ready to help you on the first day.
AgentUp has carefully built and trained a top-tier team of virtual transaction coordinators in the Philippines for the past decade, preparing them to work in the US real estate industry.
Our transaction coordinators are much more than administrative assistants. Each team member has real-world work experience and understands how a real estate business functions.
Even more importantly, our TCs are fluent in English and adept at working across time zones.
AgentUp takes the time to understand your needs and workflow, then handpicks the ideal virtual real estate transaction coordinator for you to work with on a trial basis.
Hiring a transaction coordinator is about more than just eliminating busy work. It’s a strategic investment in your sanity, efficiency, and real estate success.
Therefore, let AgentUp connect you with the ideal transaction coordinator who is right for you and your business needs.
Take the first step now!
Schedule a free consultation to explore AgentUp’s virtual transaction coordinator services today. There’s no commitment, and we’ll fully explain how it works.
We’re glad you took the time to read our post today. We hope this article answered the question – can a transaction coordinator post real estate listings?
