Transaction coordinators have been gaining popularity in the real estate industry, and for good reason. The value a TC provides in managing mundane, time consuming tasks agents get bogged down with more than pays for itself. A TC allows agents to focus 100% of their efforts on revenue generating tasks like finding more homes to sell and people to buy them. If you are looking into hiring a TC, the transaction coordination fee is probably at the forefront of your mind.
Warren Buffet once said, “Price is what you pay. Value is what you get.” So be sure to evaluate the true value of TC when considering the fee you will pay for their services.
Transaction Coordination Fee: What to Expect
Typically, when hiring a transaction coordination service, the fee is around $350-$500. It likely also includes an onboarding fee to get you setup. This fee should be under $125.
If you’re looking to hire a personal TC, the expense is usually charged at an hourly rate versus a single fee. So be sure to hire someone you know will be efficient.
Transactly charges $350 per transaction, payable at closing. With a one time onboarding fee of $90. (We often run specials to waive this fee – just as when you contact us!) At Transactly, you also have the option to purchase transaction credits in bulk and save a substantial amount of money. For example when you purchase 25 transaction credits at one time, you get each for $299. The savings only increase the more transactions you buy.
What that Fee Pays For
The fee covers your TC’s expertise, time, and many tasks they will complete for you over the course of a transaction. Here is a short list of only some of the tasks a TC will handle for you:
- Open escrow and order title
- Introduce and coordinate with all parties
- Schedule and coordinate inspections
- Manage contingencies and key dates
- Monitor and manage insurance requirements
- Ensure all contract requirements and signatures are completed
- Manage compliance (At Transactly we even offer a compliance guarantee.)
In addition to your transaction coordination fee paying for the outright services of the TC, your fee will also pay for the technology they use to manage your transaction. With Transactly, your coordinator will have access to our proprietary transaction management software. With our efficient technology you receive templates, your buyers and sellers have access to see what is going on without calling you, and even lenders can receive access.
At Transactly you also receive support from our Customer Success team to ensure everything is going smoothly. Transactly is staffed with local coordinators and a friendly support team to assist you with anything that may come up. Maybe you are having trouble with the technology, or even trouble with your TC, a Customer Success representative will be able to help you with all of it.
Benefits of Hiring a Transaction Coordinator
Increased Time on Your Hands
On average you will save 16 hours per transaction using a TC. That is 16 hours per transaction that you could use to focus on lead generation, polish your social media accounts, go network, or even just spend some quality time with your family. A TC will allow you time to grow your business and reach the level of success you have the goal of achieving.
Sound Closing System
A TC can provide you with a seamless, “no mistakes” closing system. TC’s specialize in real estate paperwork, and many were even dedicated agents themselves for years. So you can trust that they have sound processes in place that will ensure everything is wrapped up quickly and correctly.
A Partner You Can Count On
Real estate agents often find it difficult to delegate. This is because it is often tough to find someone you can hold to your own standards. With the right TC service, you can finally have an expertly trained partner that is entirely dedicated to your success as an agent. Your TC will fill a support role throughout the life of your transactions, and will be just as committed to their successful, on-time completion as you are.