July 19, 2021

A real estate transaction involves many moving parts, people, contracts, and deadlines. This can be a lot for a busy agent to manage on their own, and as a result deadlines slip, leading to delayed closings. This is where transaction coordinators step in – to manage every step of the closing and provide clear communication to all parties involved. 

What Does a Transaction Coordinator Do?

In most cases, transaction coordinators are responsible for managing each step and party involved in the closing. Their tasks include:

  • Escrow management
  • Planning and coordinating inspections and repairs
  • Communicating with all parties in the transaction
  • Reviewing all documents for accuracy and ensuring they are submitted in a timely manner
  • Scheduling and coordinating the closing process
  • Managing paperwork and deadlines

Transaction coordinators aim to make the agent’s and housing consumer’s life as easy as possible during a closing. They’ll ensure nothing falls through the cracks, so the agent can do what they do best – work with more housing consumers. Read on to see how you can most effectively work with a transaction coordinator to make every closing as smooth as possible.

Understand Expectations

Transaction Coordinators can work for a brokerage or a team, or work independently and are hired individually by agents. When an agent is hiring a transaction coordinator, make sure to understand all expectations from every party before beginning the transaction. 

What costs are involved? What does the transaction coordinator expect out of each party? How often can you expect communication from the transaction coordinator? How will they communicate with each party? What tasks will the transaction coordinator take care of, and what do they expect from the agent and service providers? These are all important things to understand prior to the closing so that all parties are aware of their responsibilities and can make the closing process go as smoothly as possible.

It can become easy to miss deadlines and details when all parties aren’t on the same page. Clear communication from the transaction coordinator and from all parties in the transaction is the best way to ensure everything is completed accurately and on time. 

Reduce Administrative Tasks

On average, using a transaction coordinator can save an agent 15-20 hours of administrative work per transaction. Agents have extremely busy schedules showing houses, interacting with clients, and making sales. It can be difficult to keep up with the paperwork and administrative work behind every closing as a busy agent. This is where transaction coordinators step in – to reduce that workload for agents and provide a better experience for housing consumers.

Transaction coordinators take multiple tasks off an agent’s plate during a closing. They’ll keep calendars to keep track of all deadlines and make sure everything is completed on time. They complete paperwork, ensure documents are signed by all appropriate parties, and check contracts for accuracy before being submitted. 

With the time saved in each transaction, this gives an agent even more time to find more clients and close even more deals, bringing more business to the transaction coordinator – a win-win situation for both parties.

Streamline Closings

Streamline every closing and reduce the stress involved for all parties when you hire a transaction coordinator. Transaction coordinators ensure that everything is completed accurately and on time, every time. 

With multiple steps in a closing, and just as many parties to manage to complete those steps, it can easily become overwhelming. Transaction coordinators are closing experts, and know exactly what steps to take to streamline the closing and take stress off of everyone involved.

Transaction coordinators aim to put out fires before they happen, by staying on top of deadlines, monitoring each party’s progress, and checking every document for accuracy. 

By keeping clear communication throughout the process, transaction coordinators keep all parties informed on every step, what needs to be completed, and what has already been completed. This keeps the guesswork out of the closing and gives peace of mind to both agents and housing consumers. 

Keep Everything in One Place

Reti360 offers a free and easy to use solution to keep every step of the transaction in one place and accessible to all parties. Transaction coordinators can use the web and mobile platform in order to keep agents, brokerages, service providers, and housing consumers connected on one easy to use workflow. Shared calendars, document management, and simple task reminders are part of what makes Reti360 unique, and the perfect solutions for transaction coordinators and saves them 40% of their time.

Using Reti360 gives all parties a clear view of each step of the process, and ensures everyone is informed at all times, and housing consumers know they are clear to close on each step. Reduce stress on all parties and streamline the transaction coordinator’s processes with Reti360.

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