Agent’s Guide To A Real Estate Transaction Coordinator

1. Agent’s Guide To A Real Estate Transaction Coordinator

2. It’s a growing trend within the real estate industry. A decade ago, real estate Transaction Coordinators were barely heard of and a unique concept within real estate. Now, you hear “Transaction Coordinator” or “TC” constantly throughout the real estate industry.

3. It’s a growing trend within the real estate industry. A decade ago, real estate Transaction Coordinators were barely heard of and a unique concept within real estate. Now, you hear “Transaction Coordinator” or “TC” constantly throughout the real estate industry. For example, check out this graph that shows the stable increase in Google searches for ‘Transaction Coordinator’ over the past decade. While interest certainly spikes during the busy summer months for real estate, it’s hard to deny the consistent increase in searches for TC’s.

4. Or, look at Compass. Arguably the most progressive brokerage out there, Compass has on-staff transaction coordinators. In fact, a quick Linkedin search shows they have 150+ transaction coordinators within the midwest alone! While there are certainly many different explanations for this incredible growth, the primary reason for the growth of real estate transaction coordinators is quite simple: real estate is an incredibly competitive business. There’s a reason 87% of real estate agents end up leaving the business within 5 years.

5. Or, check out this search on Indeed. Just a quick search shows 368 jobs, this week alone, out there hiring for a TC A strong real estate transaction coordinator can be a complete game-changer for your business & allow you to thrive, despite the competitive climate in real estate. In fact, real estate agents with TC’s almost always close more transactions than real estate agents without. The reason why is simple: a good TC will simply handle the closing process on your behalf.

6. What Is A Real Estate Transaction Coordinator? As any real estate agent knows, real estate transactions are complicated and involve multiple parties (buyer, seller, agents, lender, inspector(s), appraiser, at a minimum), significant compliance requirements, and incredible time investment. In fact, conversations with realtors show that most spend 15-20 hours per transaction during the closing process. A real estate transaction coordinator, or TC, is dedicated to helping the real estate agent do their job efficiently by taking care of these contract-to-close administrative duties that take time and effort. For example, think of time-consuming tasks like scheduling inspections and documenting earnest money. With a good TC, agents can save the 15-20 hours spent on closing a transaction and instead focus on getting more deals under contract.

7. Even better, since a real estate transaction coordinator solely focuses on contract-to-close, a good TC can get often complete the administrative side of a real estate transaction faster & more accurately than a real estate agent. The Transaction Coordinator has more experience than the agent when it comes to contract-to-close. Outside of agents, some property owners can also hire real estate transaction coordinators on their own to handle a sale without having to hire a real estate agent. The TC will monitor and facilitate every step of the transaction from opening to closing. High volume investors, such as wholesalers or those with a large flipping operation, may sometimes hire a TC as well. However, the vast majority of TC’s work for high-performing agents.