Knowledge of the real estate sales process, keen organizational skills, diligence, attention to detail, and of course skills that a transaction coordinator would have under their belt. The benefit of hiring a transaction coordinator? There’s someone who can think and work along with you that doesn’t cost as much, and but can handle processes, transactions and deadlines essential to the completion of a contract in the real estate business.
Benefits of Hiring a Transaction Coordinator
Hiring a transaction coordinator dramatically reduces the pressure and increase your time to focus on dealing with your clients. A transaction coordinator will ensure that everything stays on track throughout the selling process. They will help you go through the escrow and closing process seamlessly and quickly. Transaction coordinators are also efficient in handling any issues that may emerge from the transactions with the buyers or any third parties. And they are also your point of contact whom your clients can refer to if they have any inquiries, and likewise, whom you can rely on to act as a messenger.
Below are just a few of the tasks that transaction coordinators do:
- They open escrow.
- They act as liaison between the sellers, buyers, escrow, agents and other third parties.
- They ensure that the buyer’s earnest money deposit is in escrow on time, ensure the availability of the necessary documentation to require it.
- They review purchase agreements and guarantee that it is complete.
- In charge of drafting the Seller’s Disclosure Packet, and ensure that it fulfills the requirements of local and federal laws.
- Keep track of deadlines during the contingency period and furnish a notice of demand to the buyer if the timing has not been met.
- Acquires waivers as needed.
- Organizes the final walk-through
- Furnishes a complete file for the client which will help with your IRS filings for April of the following year.
A transaction coordinator need not be expensive. You can find someone who can complete these tasks. Hiring from a virtual assistant firm ensures that the transaction coordinator you get is already trained and familiar with the tasks that you need to be handled.