What does a transaction coordinator do in real estate?

A transaction coordinator’s role is focused on handling the administrative tasks that accompany a real estate deal, thereby helping to keep agents organized and ensure the process goes smoothly for buyers and sellers.

How do I start a real estate transaction coordinator?

How to Start a Real Estate Transaction Coordinator Business

  1. Choose a Business Name. …
  2. Set Up Your Legal Business Entity. …
  3. Acquire the Right License. …
  4. Learn the Basics of Real Estate Transaction Coordination. …
  5. Choose the Right Transaction Coordinator Software. …
  6. Set Your Rates. …
  7. Start Marketing Your New Company.

Do transaction coordinators make good money?

Salary Ranges for Transaction Coordinators

The salaries of Transaction Coordinators in the US range from $45,320 to $129,700 , with a median salary of $85,240 . The middle 60% of Transaction Coordinators makes $85,240, with the top 80% making $129,700.

Is it hard to be a transaction coordinator?

A licensed transaction coordinator can be tough to find, but the experience and knowledge that comes along with their certification is sure to prove worth it. After all, a lack of experience is sure to lead to delays and hurdles in the event that administrative tasks are overlooked or forgotten.

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How many files can a transaction coordinator handle?

The typical transaction coordinator can handle between 20-30 files per month.

How much should you pay a transaction coordinator?

The direct cost for a freelancer transaction coordinator is relatively simple. Most coordinators charge $350-$500 per transaction and upwards of $800 if they serve in a dual agency capacity. $400 per file is a fairly consistent benchmark for real estate agents using a transaction coordinator.

What is a licensed transaction coordinator?

A transaction coordinator (TC) handles many of the administrative duties related to buying and selling a home. They typically work closely with real estate agents to ensure that your transaction proceeds smoothly. Home sellers and buyers do not need to hire a transaction coordinator directly.

What is the salary for real estate agents?

The median annual pay for real estate agents was $48,930 in 2019, according to the most recent data available from the U.S Bureau of Labor Statistics.

Why You Need a transaction coordinator?

Benefits of Hiring a Transaction Coordinator (TC)

A transaction coordinator will oversee the nitty-gritty of every transaction and ensure nothing falls through the cracks—earnest money is deposited on time, repair requests handled meticulously, purchase agreements always filled correctly and everything in between.

What is it like to be a transaction coordinator?

Coordinating appraisals and inspections, negotiating, and managing any needed repairs. Handling all communication with the buyer, seller, lenders, agents, and other persons involved in the transaction. Ensuring that all contingencies have been released. Making sure all contracts are accurate and submitted when due.

How do I become a good transaction coordinator?

What Makes For a Great Transaction Coordinator? Industry Leaders Share Which Characteristics Matter Most.

  2. Great Customer Service. …
  3. Detail-Oriented. …
  4. Flexibility. …
  5. Great Systems. …
  6. Communication.
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How do I become a virtual transaction coordinator?

To become a virtual real estate transaction coordinator, you need to have many of the same skills and qualifications as a traditional real estate TC, including a bachelor’s degree and three years of experience in real estate.

How do you become a closing coordinator?

To become a closing coordinator, you need to have a variety of qualifications. You should have several years of work experience in the real estate industry, during which you gain knowledge of laws and regulatory issues surrounding the sale of a property.