Initial Contact and Information Gathering:

• Welcome call to introduce the coordinator and discuss expectations. 

• Collect details about your brokerage, preferred communication methods, CRM system, and compliance requirements. 

• Understand your current workflow and pain points to tailor the onboarding process. 

Pricing will vary according to the services you select. Current price list can be found on the Services Tab and Home Page.

We can customize other add-on services to suit your needs. Don’t be afraid to inquire about our broad range of skills.

The duties of a transaction Coordinator can vary depending on the specific needs of the real estate agent or team they are working with. However, some common responsibilities include:

Contract Management: They are responsible for ensuring all aspects of the real estate contract are met on time. This includes ensuring all necessary signatures and initials are obtained, all dates are accurately noted, and all contract terms are met.

Coordination: They coordinate with all parties involved in the transaction, such as the buyer's agent, seller's agent, lender, escrow company, and the buyer or seller to ensure everyone is on the same page.

Administrative Tasks: They handle a variety of administrative tasks such as organizing paperwork, tracking deadlines, and making sure all necessary documents are submitted correctly and on time.

Compliance: They ensure all transactions comply with applicable contract dates as well as brokerage/state law compliance, helping to reduce the risk of legal issues down the line.

Your Partner for Success: TC's love real estate and are as knowledgeable as real estate agents in most cases. Throughout their career they have managed hundreds of transactions per year and through repetition have perfected the process. They go the extra mile to provide a concierge level of service.

Questions are Important for both parties. The more aligned we are, the more transactions we can complete - creating a more efficient real estate business for you.

Here are a few talking points you should have when considering which TC you should hire.

1. Background and Experience in Real Estate Transactions

This might seem obvious but the first question you should ask a potential transaction coordinator is about their professional background. How long have they been working in the real estate industry? What specific experience do they have in managing transactions? Look for a company with a solid track record and relevant expertise.

Additionally, you might want to ask if they coach or train other transaction coordinators. If they do, it's an added bonus because that means they are staying on top of their game to teach others.

2. Current Client Load

It's crucial to assess the coordinator's current workload and whether they have the capacity to take on your transactions without compromising quality or timelines. Overloaded TCs may struggle to provide the attention your transactions deserve.

3. After Office Hours Availability

Setting clear expectations upfront is really important and communication is key in real estate. If you need a transaction coordinator to be available during your office hours - state that up front and ask how to get in contact with them when there's an urgent matter.

4. Real Estate Software and Tools

As a transaction coordination service, we know that most real estate agencies rely on specific software and tools for transaction management. While we have our own tools and software, it's important to ask how familiar a TC is with the real estate software and tools you use. A coordinator who is already familiar with your systems can save time and reduce the learning curve.

5. Communication Styles Between All Parties

Remember, this is an interview and because effective communication is paramount in real estate transactions, you need to ask about communication styles. To put it bluntly, you need to ask, "How do you handle communication with clients, agents, and other parties involved in the transaction?" Their communication style is important because it's also a reflection on the work you do so ask the coordinator about how they ensure that all relevant parties stay informed throughout the process.

6. Progress Reports & Regular Updates

Transparency is essential. Asking a transaction coordinator if they can provide regular updates and reports on the progress of transactions is a great question to ask. While you can also request examples of those updates and reports, it's important to remember that the format isn't as important as ensuring that you're always well-informed about the progress of your deals.

7. Problem Solving Skills

Real estate transactions can be unpredictable. Ask the transaction coordinator how they handle unexpected issues or complications that may arise during a real estate transaction. Learning about the coordinator's problem-solving skills and their approach to handling unexpected challenges will shed light on their past experiences and how well-equipped they are to handle the unexpected.

8. Get References

If you really want to know how easy or hard it is to work with a TC, ask their current or previous clients. References offer valuable insights into a coordinator's performance and professionalism. Don't hesitate to ask for references and follow up with these individuals to gather feedback.

9. Fee Structure 

If you're truly interested in working with a transaction coordinator, one of the best questions to ask is "What are your fees for transaction coordination services, and how are they structured?" Understanding the cost structure upfront will help you budget effectively and avoid any surprises down the road. You might also want to ask if they require a contract for working with them and, if they do, what are the terms and duration of the agreement. You want to be crystal clear on the terms of your working relationship and ensure they align with your needs.

What is a transaction coordinator (TC)?

A professional who manages the administrative tasks and communication involved in a real estate transaction, ensuring all deadlines are met and the process runs smoothly from contract to closing. Other services can include listing coordination and marketing services.

What tasks does a TC handle?

Opening escrow, scheduling inspections, managing contingencies, coordinating with lenders and title companies, gathering necessary documents, following up on deadlines, communicating with all parties involved, and preparing closing documents. 

Why use a transaction coordinator?

Real estate transaction coordination services offer several benefits. By handling the administrative tasks associated with a transaction, a TC allows real estate agents to focus on their main job – helping clients buy & sell properties. This not only saves time but also helps prevent mistakes that could delay or derail a transaction.

Other benefits include increased efficiency, reduced stress, improved communication, better organization, and potential to close more deals faster

Experienced TCs bring a level of expertise and professionalism to the transaction process. They understand the ins and outs of real estate contracts and compliance requirements. These expert skills can help ensure a smooth and successful transaction for you. With an independent TC there is no training or salary involved; you only pay per file.

Do transaction coordinators need a real estate license?

No, most TCs do not require a real estate license, but specific state regulations may vary. Here is a link to NAR’s site which lists the duties per state that an unlicensed person may perform: State Statutes and Regulations for Unlicensed Assistants

How are TCs paid?

Typically, through a flat fee per transaction, paid by the real estate agent. The agent will receive an invoice from the TC after closing or at a pre-set date if the agent closes multiple transactions per month. 

If the Broker allows, some TC’s can be paid through the Brokerage after closing. Others allow the TC to be paid on the settlement statement through the closing company. 

When should a real estate agent use a TC?

When managing a high volume of transactions, dealing with complex deals, or wanting to streamline administrative tasks to focus on client relationships. 

What should I look for when choosing a TC?

Experience in the local market, strong communication skills, familiarity with various transaction types, proficiency with real estate technology, and a proven track record.

Can a TC write contracts?

Depends on their license status and the brokerage they work with. Check with your state statutes to determine if your TC can write contracts for you. https://www.nar.realtor/being-a-realtor/personal-assistants/state-statutes-and-regulations-for-unlicensed-assistants

Do you work with both buyers and sellers?

Yes, most TCs manage transactions for both sides.

What happens if there is a problem during the transaction?

A TC will work to resolve issues by communicating with all parties and providing solutions. 

Will you have contact with my clients?

This is completely up to you. However, it is most efficient if we may communicate directly with your client. We keep you informed of all communications and CC you on emails with important correspondence.

Do you have a cancellation fee?

Establishing this in the beginning is very important so there are no surprise fees. On Point TC’s do have a cancellation policy. We consider ourselves a third-party service provider and will adjust pricing as appropriate according to services rendered at time of cancellation.

How do I submit a contract to you?

Some TC companies have a contract submission form you can fill out to submit your contract. Or you can simply email the contract with all the relevant details the TC will need in the subject of the email.