Table of Content
- What Is a Real Estate Transaction Coordinator?
- The Roles of a Real Estate Transaction Coordinator
- What Does a Transaction Coordinator Do?
- How Much Does a Transaction Coordinator Cost?
- Top 5 Real Estate Transaction Coordination Services
In the fast-paced world of real estate, managing multiple transactions simultaneously can be overwhelming. This is where a transaction coordinator (TC) comes into play.
For many real estate agents, Realtors, and brokers, a TC is an invaluable asset, ensuring smooth and efficient transactions. But what exactly does a transaction coordinator do?
In this post, we’ll share what a transaction coordinator does, its many roles and benefits, and the top 5 real estate transaction coordinator services to help you streamline your business and close more deals.
Let’s dive in!
What Is a Real Estate Transaction Coordinator?
A transaction coordinator is a real estate professional who manages the administrative tasks involved in a real estate transaction.
From the initial contract to closing, the TC ensures that every step of the process is completed accurately and on time.
They are the behind-the-scenes heroes who keep transactions running smoothly, allowing agents to focus more on building relationships and closing deals.
Additionally, many transaction coordinators are licensed real estate professionals. However, they do not have a contractual relationship with either the buyer or the seller and therefore are impartial in their work.
Since they have no agency standing with either side of the transaction — their role is simply to shepherd the sales process through to closing.
The Roles of a Real Estate Transaction Coordinator
The roles of a transaction coordinator can vary depending on the specific needs of the real estate office or agent they support.
However, some common responsibilities include:
- Document Management: Ensuring all contracts, disclosures, and other necessary documents are complete, signed, and stored correctly
- Coordination of Inspections and Appraisals: Scheduling and following up on property inspections, appraisals, and other required evaluations
- Communication Liaison: Acting as the primary point of contact between buyers, sellers, agents, lenders, and other parties involved in the transaction
- Compliance Oversight: Making sure all activities comply with local, state, and federal real estate laws and regulations
- Timeline Management: Keeping track of deadlines and ensuring all parties meet critical milestones to prevent delays
By leveraging the expertise of a TC, real estate professionals can focus more on their clients and less on paperwork, ultimately leading to more successful closings and satisfied clients.
With this general overview in mind, let’s take a closer look at what a TC does.
What Does a Transaction Coordinator Do?
To better understand the role, let’s delve into some of the specific duties a transaction coordinator performs in a typical real estate transaction:
1. Initial Contract Review
Much of the work involved in any real estate transaction occurs after the purchase agreement is signed.
A transaction coordinator takes over the process once a purchase contract is signed, making sure every sale closes on time and without problems.
Once a contract is signed, the TC reviews it to ensure all necessary information is included and accurate. They also verify that the contract complies with all relevant real estate laws and regulations.
2. Opening Escrow
The TC opens an escrow account with a title company, providing them with the necessary documents and instructions to proceed with the transaction.
They also perform a title search and obtain a title insurance policy to ensure a safe and compliant closing.
3. Scheduling Inspections and Appraisals
The TC coordinates with inspectors and appraisers to schedule these critical evaluations. They ensure that all parties are notified and that reports are received and reviewed promptly.
If, for example, the inspection uncovers any issues, negotiations for repairs may be required.
And in most mortgage transactions, an independent appraisal is necessary. This step assures the lender that the property’s value aligns with the proposed funding level. All which the TC can handle.
4. Managing Contingencies
Contingencies, such as financing or inspection contingencies, need careful monitoring.
The TC tracks these contingencies and ensures they are resolved within the agreed-upon timelines.
5. Regular Updates
Constant communication is vital in real estate transactions.
Phone calls, emails, and regular follow-ups with mortgage lenders, home inspectors, title company staff, surveyors, and appraisers — these tasks take up more time than agents tend to realize.
The TC provides regular updates to all parties involved, keeping everyone informed of the transaction’s status and any upcoming deadlines.
6. Document Tracking
Throughout the transaction, numerous documents are generated and need to be signed and submitted.
Though specific requirements may differ depending on the state, the following documents are typically needed to guide the transaction process and proceed to closing:
- Agency disclosure forms
- Pre-approval letter
- Agency contracts, such as a listing agreement or buyer’s agency agreement
- Seller disclosure form
- Lead-based paint disclosure
The TC ensures that these documents are correctly completed, signed, and stored.
7. Closing Coordination
As the transaction nears closing, the TC coordinates with the title company, lender, and other parties to ensure a smooth closing process.
They confirm that all documents are in order and that all parties are prepared for the final steps.
Now that you know what a transaction coordinator does and probably realize their value in streamlining real estate transactions, let’s look at how much a TC costs.
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How Much Does a Transaction Coordinator Cost?
The cost of hiring a transaction coordinator can vary based on several factors, including their experience, the complexity of the transactions, and the region in which they operate.
Generally, TCs charge a flat fee per transaction, which can range from $250 to $500 or more.
Some TCs may also work on an hourly or monthly basis, with rates typically ranging from $25 to $50 per hour or $1,500 to $2,000 per month.
The leading transaction coordination service, AgentUp, charges $299 per file, and they even offer a promotion of $50 off your first transaction.
Some factors influencing the cost are:
- Experience Level: More experienced TCs with a proven track record may charge higher fees
- Transaction Complexity: More complex transactions involving multiple contingencies or unique circumstances may incur higher costs
- Geographic Location: TC fees can vary significantly depending on the local real estate market and cost of living. A virtual TC can therefore be one of your best and most affordable options
A Virtual TC Will Be Your Most Affordable Option
AgentUp has carefully created highly skilled virtual teams in the Philippines for over a decade.
Relying on virtual TAs has become popular in real estate and beyond. More than two-thirds of businesses have hired some form of virtual workers since 2021. Here’s why:
- Typically, a virtual worker’s productivity is 4.4% higher than employees working in an office
- 70% of businesses report that cost savings is the main reason for using remote workers
- Companies often save as much as 78% of their operating costs by hiring virtual workers compared to in-house workers
Overall, working with a virtual real estate transaction coordinator saves many agents time and money.
Top 5 Real Estate Transaction Coordination Services
To help you get started, here are the top 5 real estate transaction coordination services in the industry reviewed and rated based on years in business, services offered, and pricing.
1. AgentUp
AgentUp stands as the foremost company in real estate transaction coordination services, specializing in providing tailored transaction coordinators designed explicitly for the real estate industry, accessible on an as-needed basis.
Their real estate transaction coordination team is renowned for being among the best in the industry, possessing a profound understanding of the intricacies of the US real estate market.
Pros:
- AgentUp boasts extremely well-trained TCs equipped with in-depth knowledge of the real estate industry, ensuring clients receive top-notch support
- The pricing structure offered by AgentUp is one of the most affordable in the industry
- Further, AgentUp provides scalable services, accommodating the needs of a single agent or a large brokerage with equal efficiency
Cons:
- Due to the high demand for their real estate transaction coordinators clients are advised to reach out early to secure a TC in their needed time frame
Pricing: AgentUp’s pricing is very reasonable, starting at $299 per transaction, making high-quality support accessible at an affordable rate. They also offer a promotion of $50 off your first order.
2. MyOutDesk
Hiring real estate transaction coordinators from MyOutDesk can be a smart choice if you are looking to scale your real estate business.
When you sign up with MyOutDesk, you’ll be paired with a dedicated account manager who will assist you in pinpointing the transaction coordination services that align with your specific needs.
Additionally, clients benefit from exclusive access to proprietary software tailored for managing and monitoring their virtual transaction coordinator.
Pros:
- MyOutDesk prides itself on delivering good customer support, ensuring clients receive assistance when needed
- Furthermore, the company provides well-trained real estate transaction coordinators, bringing focused expertise to the table
Cons:
- MyOutDesk may have limitations in terms of customization and availability of part-time options, which is not ideal for those seeking tailored or flexible services
- However, in comparison to similar services, MyOutDesk tends to be more expensive, which could impact budget-conscious clients
Pricing: Prices start from $1,988 per month.
3. Summit VA Solutions
Summit VA Solutions is another popular choice for those seeking real estate transaction coordinators proficient in a range of transaction management tasks.
Their TC services cover areas such as property management, communications, scheduling, and document management.
Moreover, Summit VA Solutions prioritizes continuous improvement, providing ongoing training and support to their transaction coordinators. This commitment guarantees that their team maintains the skills and knowledge essential for delivering high-quality support.
Pros:
- Summit prides itself on having highly experienced transaction coordinators, bringing a wealth of expertise to client projects
- Their web platform is user-friendly and streamlined, enhancing the overall customer experience
Cons:
- While many of Summit’s transaction coordinators receive quality training, it’s worth noting that some may have limited experience with real estate matters
- Also, Summit VA Solutions is on the pricier side, a consideration for clients working within budget constraints
Pricing: Prices start from $1,500 per month.
Market Leading
Real Estate Virtual Assistants
Hand off your transactions, media, and marketing to a real estate VA.
4. Virtudesk
Virtudesk is a virtual assistant and transaction coordinator service provider based in the United States, catering to busy real estate businesses by offering both full-time and part-time virtual employees.
The company prioritizes quality in its service. For this reason, a stringent screening process ensures that their transaction coordinators are highly qualified, complemented by ongoing training to keep their skills current.
This means that sales agents and brokerages benefit from high-quality support delivered by experienced professionals who are well-equipped to navigate the unique challenges of the real estate industry.
Pros:
- Virtudesk offers budget-friendly transaction coordination services, ensuring cost-effectiveness for clients
- The service is highly scalable, providing clients with options for part-time, full-time, and project-based TCs
Cons:
- Virtudesk’s TCs often have limited availability, potentially affecting accessibility for clients
- Lastly, finding a suitable virtual assistant may take some time, a challenge for agents in need of swift support
Pricing: Starting at $254/mo for 20 hours/week.
5. Transactly
Transactly, a prominent provider of transaction coordinators for real estate professionals, stands out by offering a diverse array of services aimed at streamlining and optimizing their clients’ workflows.
Their transaction coordinators, based in the United States, undergo rigorous training to address the unique needs of real estate businesses.
Further, Transactly’s services include various tools, including transaction management, communication coordination, and document management software designed to enhance the efficiency of its clients’ operations.
Pros:
- Transactly provides a cost-effective solution for real estate professionals
- Additionally, the service is highly scalable, catering to the varying needs of clients with part-time, full-time, and project-based transaction coordinators
- Lastly, clients can choose from a variety of experienced transaction coordinators adaptable to their specific business needs
Cons:
- Their TCs have limited availability, which may not appeal to busy agents and brokerages
- Also, finding a suitable transaction coordinator may take some time, which may not be ideal for some clients
Pricing: Starting at $49/mo for 1-3 transactions per year.
And there you have the 5 best real estate transaction coordination services available.
Don’t Wait! Get Started With AgentUp Today!
Whether you’re new to the real estate industry or a seasoned professional looking to streamline your operations, understanding the role and benefits of a transaction coordinator can significantly enhance your business’s efficiency and success.
Choose the #1 TC service in the industry, AgentUp, and take the first step towards a more efficient, less stressful, and ultimately more profitable real estate career.
Invest in your real estate success today!
Talk to a TC and learn what our transaction coordinator services can do for your real estate business.
We hope this blog post showed you what a transaction coordinator does and its many benefits for your business. Before you go, you may also want to check out the following resources:
- 4 Benefits of Real Estate Transaction Coordinators for Agents
- 5 Ways a Transaction Coordinator Can Save You Time
- Real Estate Coordinator Checklist (Ultimate Guide)
- How to Use a Real Estate Virtual Assistant to Grow Your Business
- How to Sell More Homes With a Virtual Real Estate Transaction Coordinator
