All transaction coordinators have a list of services they offer, some may look longer than others leading you to believe that a certain real estate transaction coordinator will do more work than another. You can see the services we offer to real estate agents here. To most real estate agents, at first glance it may not seem like there is much work to offload to a transaction coordinator. I am giving you a behind the scenes look, by the numbers, at how much a transaction coordinator actually does for you during a real estate transaction.
- 78+ emails sent (the transaction example I am using doesn't close until 1 day from now... yes there are more emails to be sent and tasks to complete for this transaction, even though we are so close to closing)
- 94+ documents completed (signed, reviewed, sent and/or uploaded... yes every document has to be reviewed, with more to come before closing)
- 51 transaction details input (commissions, dates, times, contacts, and property details)
- 15 text messages sent (urgent communication with the client, real estate agent)
That is 238 emails, texts, documents and tasks completed before the transaction is even closed. Every transaction and every transaction coordinator is different but this is a look into what we do for you!
1. Not Following Up During The Transaction
Following up with other parties (lender, listing agent, buyers agent, title company, seller, buyer, appraiser, home inspector) during a real estate transaction is a very important and often overlooked part of closing a real estate transaction that many agents fail to do. Most real estate agents would prefer not to "babysit" their transactions or simply aren't aware of the importance of it. Without every party in the transaction being on the same page, deadlines and details could be missed or overlooked, numbers could not add up and the transaction could fall apart.
2. Failing To Meet Critical Deadlines During The Transaction
Dates and deadlines are put into place during a transaction for a reason. Most parties in the transaction have a deadline to complete their tasks by, that is just the way real estate transactions work. Getting properly completed documents to the correct parties in a timely manner is a crucial part of a transaction and is something that can be easily forgotten when a real estate agent is handling multiple transactions on their own.
3. Not Hiring A Transaction Coordinator
Transaction Coordinators are an overlooked benefit to real estate agents during a real estate transaction. Transaction coordinators help prevent mistakes such as not following up during the transaction and failing to meet critical deadlines during a transaction. Other ways a transaction coordinator can benefit real estate agents is by looking over documents to ensure all information is completed and correct, reminding agents of the critical deadlines, following up with other parties in the transaction, keeping and delivering copies of all documents in the transaction to the real estate agent.
If you've made any of these mistakes during a real estate transaction and want to prevent them from happening again, contact us today!
One of the key duties of being a Real Estate agent - even greater than helping your client buy or sell their home - is making sure that once they are under contract, the transaction closes. The many moving parts of a Real Estate transaction can quickly become overwhelming considering the million other things Real Estate agents have to juggle on top of making sure their contracts close. A transaction coordinator can take one of the most stressful and time consuming tasks of a real estate transaction off your shoulders. Here's what contract closing experts does for you:
If you're a Real Estate agent looking to free up more time in your busy schedule or just want a second set of eyes on your contracts to ensure nothing is missed, contact us here or call us directly.
Ask yourself these questions to determine whether or not your brokerage and its agents could benefit from the services of a Transaction Coordinator.