Tech-Enabled Transaction Coordinators
With Transactly, you’ll not only have a dedicated real estate transaction coordinator for you or your team but an entire tech-enabled company supporting you. We’re the only nationwide team of transaction coordinators backed by real estate software you can also use for free.
Checking contracts for accuracy and completeness, arranging inspections, appointments, and signatures are just a few of the things your real estate coordinator will do throughout the process.
Here’s how our transaction management can help you grow your business, save time, and improve your customer experience.
You’ll not only have a dedicated transaction coordinator for you or your team but an entire tech-enabled company supporting you. We’re the only nationwide team of transaction coordinators backed by real estate technology you can also use for free.
Checking contracts for accuracy and completeness, arranging inspections, appointments, and signatures are just a few of the things your transaction coordinator will do throughout the process.
What Is a Transaction Coordinator?
Whether you’re just starting out in real estate or getting overwhelmed by a rapidly growing amount of listings you can’t handle on your own, you probably have an important question: what is a TC in real estate?
A transaction coordinator (TC) goes by many names including closing coordinator or contract to closing coordinator. Their role is best described as a manager for the entire real estate transaction process.
A real estate transaction involves many parties, each with their own duties and responsibilities. Without a single person assigned to real estate transaction management, bottlenecks can develop quickly.
Communication is delayed as crucial information may be passed between multiple parties before it reaches its intended target. Each party is ultimately left waiting on another to perform the next step. Real estate agents are often left overwhelmed with paperwork, administrative tasks, and communication. Deadlines may be missed if paperwork is not completed or contingencies aren’t met.
A closing coordinator is at the very center of the real estate transaction, managing communications between all parties, overseeing paperwork and deadlines, and ensuring no details are overlooked.
What Does a Transaction Coordinator Do?
We understand that every agent, team, and brokerage have their own unique way of doing things and no two transactions will be the same. That’s why we customize our services to you. This transaction coordinator checklist covers just some common transaction coordinator duties. We can do more or less depending on your business and needs!
What does a real estate transaction coordinator do? It’s up to you! Use our free transaction coordinator checklist to build a customized checklist of transaction coordinator duties based on your role, market, business, and size.
Realtor Magazine called a transaction coordinator the “answer to your prayers” in 2016 and it’s even more true today as transaction documents become more complicated and the role of a real estate TC becomes more essential.
Here is a more in-depth look at the benefits of a virtual real estate transaction coordinator and the areas in which they can help.
The Value of Your Time Well Spent
The most obvious benefit of hiring a closing coordinator is saving time on the details so you can focus on lead generation and tasks that grow your business.
The two biggest factors that affect your income and success in real estate are experience and hours worked. According to NAR, the median gross income for a Realtor® was $49,700 in 2020. Realtors® with two or less years of experience had a median income of $8,900 while Realtors® with 16+ years of experience earned a median $75,000. In a referral-based business, it’s no surprise that the average Realtor® doubles their income after the first year.
It isn’t just experience that matters – it’s also how much time you invest in your business and what you do with it.
Most Realtors® work 35 hours per week. The typical Realtor® working 19-40 hours per week earns a median $43,300 while Realtors® who put in 40 to 60 hours per week earn a median $87,500. The median income of $145,000 goes to agents who invest 60+ hours a week in growing their business.
Successful agents know that time spent on scheduling, reviewing paperwork, and chasing down sellers, other agents, escrow officers is time that could be better spent on marketing, reaching out to prospective clients, and showings.
Placer’s Life as a Real Estate Agent Survey found agents devote most of their time to marketing, prospecting, and leading generation with 60% saying they prospect every day. While more than 50% spend at least $500 per year on software and technology, only 16% recognize paperless and transaction management tools as the most important technology available to them.
With more time on your hands, and the assurances of an improved client experience and excellent oversight, how would you choose to invest your work hours?
Below are some major areas where you may be spending too much time and how real estate transaction coordination can help.
- Review contracts and paperwork for accuracy and compliance
- Chase down paperwork from all parties
- Open escrow and order title
- Coordinate all eSigning per your requirements
- Introduce and coordinate with all parties
- Create a detailed closing checklist
- Handle and deliver all documents securely
- Schedule and coordinate inspections
- Monitor and manage insurance requirements
- Communicate progress and keep all parties on track
- Manage contingencies and key dates
- Order warranties and coordinate transfers
- Manage HOA requirements and transfers
- Ensure contract requirements are complete
- Monitor closing progress and provide updates
Communication & Scheduling
A large share of your time is likely spent on scheduling, follow-ups, and communicating with multiple parties to get to closing. A transaction coordinator steps in to serve as the main contact for all parties involved.
Avoid unnecessary delays waiting for documents, clarification, scheduling and confirmation. Here are just some of the tasks a TC can handle:
- Serve as the main contact for communication between buyers, sellers, agents, escrow companies, title companies, lenders, attorneys, and other third parties
- Receive and verify documents, disclosures, and addenda
- Confirm insurance and financial details with the lender and insurance company
- Schedule inspections and repairs
- Chase down missing documents
- Follow up with parties as needed
- Track deadlines and send reminders and updates to relevant parties
- Schedule final walkthrough and closing
- Schedule showings and open houses
Reviews & Compliance
One of the most important real estate transaction coordinator duties is reviewing documents as they are received and ensuring compliance.
While a TC does not write contracts, they do review all contracts, disclosures, agreements, and receipts as they are received to make sure everything is correct. The TC will look for missing signatures, conflicts, legal confusion, and compliance issues.
Throughout the real estate transaction process, the TC will simultaneously ensure compliance with local laws. Real estate regulations and documents are becoming ever more complicated in many states. In Washington, for instance, all correspondence involving a real estate transaction must be saved in the file, including text messages. Brokers can face stiff penalties for non-compliance with real estate regulations.
A real estate transaction coordinator can be essential in maintaining compliance with complex state and federal laws regarding documentation, storage, deadlines, fund management, and more.
Deadlines & Contingencies
One of the most important real estate transaction coordinator duties is reviewing documents as they are received and ensuring compliance.
While a TC does not write contracts, they do review all contracts, disclosures, agreements, and receipts as they are received to make sure everything is correct. The TC will look for missing signatures, conflicts, legal confusion, and compliance issues.
Throughout the real estate transaction process, the TC will simultaneously ensure compliance with local laws. Real estate regulations and documents are becoming ever more complicated in many states. In Washington, for instance, all correspondence involving a real estate transaction must be saved in the file, including text messages. Brokers can face stiff penalties for non-compliance with real estate regulations.
A real estate transaction coordinator can be essential in maintaining compliance with complex state and federal laws regarding documentation, storage, deadlines, fund management, and more.
Paperwork
Transaction coordinator companies like Transactly make real estate transactions as paperless as possible. Improve compliance, simplify storage, and close transactions faster with a transaction coordinator handling all the paperwork. TC services use software that allows you to easily track everything happening with each transaction.
Once you have a signed contract, your TC will build a transaction management file that stores and tracks everything related to the sale. You can login and see everything they are doing and all the details of the transaction.
Documents will be sent for eSignatures, organized into the file, and reviewed for completion and compliance. The TC will handle obtaining documentation such as preliminary title search reports and delivering relevant documents to other parties.
Transaction Coordinator Services to Fit Your Needs
Who can benefit from a transaction coordinator? Real estate teams, individual agents, brokerages, investors, and even FSBO sellers can enjoy the advantages of a TC! A Transactly real estate transaction coordinator can seamlessly integrate with your business or transaction, no matter your level or volume.
Agents
Realtors can spend more time on clients and sales and less time on paperwork and administrative tasks with improving customer experience.
Teams
Real estate teams get help with the administrative work to spend time growing their business and taking on clients and agents.
Brokerages
A brokerage firm benefits from TC services with improved retention, client satisfaction, and agent compliance with reduced liability.
Investors
Real estate investors save time and enjoy reduced liability while ensuring complex, time-sensitive transactions are handled correctly.
FSBO
FSBO owners benefit from a specialist who acts as a liaison, ensures paperwork is complete, and makes sure deadlines are met.
Powered by transparent technology
Our real estate technology tracks every detail of what our transaction coordinators work on. You’ll be able to see what’s happening across all aspects of your transaction at any given time. And if you prefer to coordinate transactions yourself, you can use our technology for free!
How Transaction Coordinator Services Work
Transaction coordinator companies can offer TC real estate services in many ways. Most importantly, a transaction coordinator should be a seamless addition to your business with customizable services and pricing.
Transactly makes it easy to get started with services that are cost-effective and easy to implement, no matter your level or volume. You retain as much control as you like or hand over all the administrative tasks to a certified transaction coordinator. With our secure real estate management software, you can always see what’s happening and track everything without being bogged down by the details.
You can focus on what’s important to your business while we make you look good.
Cost-Effective Transaction Coordinator Fee
With our pricing model for transaction coordination, a virtual transaction coordinator can become an invaluable member of your real estate team, no matter where you are in your business.
There is an affordable transaction coordinator fee per file or transaction. Choose our free plan for the freedom to hire a virtual real estate TC as needed while enjoying our powerful platform and customizable templates. The Pro plan has a low annual fee and gives you access to a local, dedicated transaction coordinator and discounted transaction coordination fees on unlimited files!
Only need listing services? We offer a lower fee for listing coordination services.
Best of all, you pay the flat real estate coordinator fee at closing. That means you are paying just a tiny share of your commission but only when you get paid.
Learn more about Transactly pricing
and how to get started with a free or Pro Plan!
US-Based, Certified Transaction Coordinator
Who says you can’t get quality and affordability together? Transactly has more than 40,000 U.S.-based real estate transaction coordinators in all 50 states.
An overseas virtual transaction coordinator can be more trouble than it’s worth. With Transactly, you’ll benefit from a local real estate transaction manager with years of experience, certification, and training. Say goodbye to delays caused by communication barriers, time zones, and inexperience.
Tailored Real Estate Transaction Management
A Transactly real estate coordinator can handle over 90% of your closing tasks. You have full control over what your virtual transaction coordinator does and does not do with a customized workflow.
A TC in real estate can take over most of your time-consuming administrative tasks, monitor transaction details, coordinate communication, and much more.
How much time do you currently spend on each file? Which tasks eat up your time and prevent you from growing your business?
From reviewing paperwork and contracts, chasing down paperwork, and opening escrow to coordinating inspections and managing contingencies and HOA requirements, your transaction coordinator is ready to handle the tasks that take up your time – all while keeping you updated and ensuring nothing is overlooked.
Secure Real Estate Transaction Management Software
Our robust transaction coordinator software and secure platform is just one of the reasons our customers trust Transactly for superior transaction management!
The Transactly platform can be used on your own or with a real estate transaction coordinator to take your business to the next level. Our free transaction management software makes it easy for agents and brokerages to manage transaction details, paperwork, signatures, deadlines, communication, and more!
Through the Transactly Hub, you can centralize all your logins from DocuSign, Transaction Desk, and Back Agent to Google Drive and Google Calendar. You can even set up real-time notifications when anything important happens with your transactions, automated reminders, and introduce clients to your preferred vendors.
Use our real estate transaction management software on your own, with our TC real estate services, or hire a TC and use the software of your choice – it’s completely up to you. We adapt to the way you work.
Learn more about the Transactly platform and give it a try to see how seamlessly we can help you organize tasks and grow your business!
Why Transactly?
Transactly is the first tech-enabled transaction coordinator service, and we’re nationwide! When you hire us, you will have your own dedicated and highly reviewed transaction coordinator along with an entire company supporting you and your business.
Experience
You get a team with years of experience in managing and closing real estate transactions.
Resources
Use your own, or access our vetted network of title agencies, handymen, moving companies, and more.
Support
Your transaction coordinator, and a full support team, are available to help you.
Tech-Enabled
Track progress, and know where things are at all times, through our secure transaction platform.
Communication
Responsiveness and proactive updates during your transactions, all the way to closing.
Reviews
Success isn’t just measured by numbers, but also how satisfied clients like you are.
Schedule a Free Transaction Coordinator Demo
Our TC pricing is customized to your needs, and we offer first-time clients and volume-based discounts. Did we mention you don’t pay until your deal closes? Take 30 seconds to complete the form below – we’ll give you a demo and show you first-hand how much more efficient you could be with a Transactly Coordinator.
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Interested in joining our growing team of transaction coordinators? We’d love to hear from you – click here to learn more.