What Is A Transaction Coordinator? (With Duties And Skills)
Updated 30 September 2022
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The real estate industry consists of many different roles necessary for it to run smoothly. If you are considering a career in real estate but are not sure where to begin, you may want to explore a transaction coordinator's role. Understanding what a transaction coordinator is and how they contribute to the real estate industry may help you decide if this career option is right for you. In this article, we answer the question, 'What is a transaction coordinator?', outline their duties and responsibilities and examine a few skills these professionals use to do their job well.
What is a transaction coordinator?
The answer to the question, 'What is a transaction coordinator?' is that they are real estate professionals who perform most of the administrative tasks associated with selling or buying property. This may entail preparing and finalising forms and permits for purchase documentation, accumulating information or documentation from relevant parties in a transaction and liaising with other real estate agents. They typically coordinate with other team members to expedite the process. These may include inspectors, appraisers or tradespeople.
A real estate transaction coordinator typically works with a real estate agent to develop a list of things they are responsible for on any given transaction. This frees up the real estate agent to perform higher-level tasks that the transaction coordinator is not trained to do. Transaction coordinators usually do not need a licence to perform administrative tasks.
Related: Types Of Real Estate Jobs (With Primary Duties And Salaries)
The daily duties of a transaction coordinator may vary depending on many factors. For instance, a transaction coordinator's job duties may vary depending on transaction types, market size and the number of parties involved in a transaction. Here are some common duties of a real estate coordinator:
generating and updating property listings on multiple real estate websites
creating escrow accounts
scheduling and attending necessary inspections for the listing
working with the person selling to ensure all inspectors can work freely on the property when needed
managing repairs to ensure they happen on time and within budget
facilitating communication between everyone involved so everyone is aware of the project's progress
ensuring that contractors are adhering to compliance standards
ensuring completion of the necessary documents by their respective deadlines
facilitating the closing process of the listing
planning the post-close, follow-up appointments and check-ins
retrieving testimonials and reviews from both buyers and sellers to promote the business
Here are a few of the responsibilities a real estate transaction coordinator typically oversees in partnership with a real estate agent and other team members:
overseeing all administrative matters related to a real estate transaction
ensuring real estate agents, their clients and all relevant parties complete the paperwork
ensuring all necessary documents, such as assessments, loans and appraisals are duly signed
scheduling inspections, repairs and assessments for all necessary codes and ordinances to be met
coordinating communication between sellers and buyers to facilitate quick and convenient transactions
scheduling meetings and events that facilitate the closing process such as lunches and meetings at the listing
recording and documenting client information into a customer management system and ensuring the submission of the right documents to the right channels
Related: What is A Project Coordinator? (Skills and Qualifications)
Important skills for a transaction coordinator
Here are some examples of skills real estate transaction coordinators often use to do their job well:
Transaction coordinators typically spend much of their day communicating with people via email, telephone and in person. They constantly communicate with many types of people who perform different jobs throughout the transaction process. These people may include buyers, sellers, other agents, inspectors, surveyors, lenders, escrow agents and title agents.
Most transaction coordinators can change their communication style to suit the person with whom they are communicating. They may also prepare reports, which makes it important for them to have excellent written communication skills.
Transaction coordinators require excellent time management skills to complete all their tasks and projects with competing deadlines. Everyone in the transaction process adheres to a schedule. If transaction coordinators miss a deadline, it may affect the entire project. Transaction coordinators often use project management software programs to manage individual blocks of time so that every task and project remains on schedule.
Related: Time Management Skills: Definition and Examples
Ability to learn quickly
Transaction coordinators can sometimes come into the position with little to no experience in the industry or in coordinating projects. Successful transaction coordinators, when they were starting out, had to assimilate and understand large amounts of theoretical and practical information and put it into practice quickly. This is beneficial to both the agent they work for and the clients their real estate agent serves. If you have some coordinating experience in other industries, many of the same principles may apply to real estate. The faster you can learn the systems, the faster you can become an efficient real estate coordinator.
Related: How To Develop Effective People Management Skills
Transaction coordinators are often responsible for assigning tasks to other employees and managing their work schedules. They often use their leadership skills to encourage the team to work towards a common goal. Depending on the situation and the project's urgent needs, they may make some important decisions on their own, without always looking for approval from the top management. Transaction coordinators with the ability to timely decisions can help the team complete a transaction successfully and within the stipulated deadline.
Competent transaction coordinators can notice small but important things that others may miss. Completing a real estate transaction often requires managing several small tasks and completing many processes accurately. There are many instances of agreements having important fine print details that, if not noticed and considered, may delay the transaction. This is why meticulous attention to detail is one of the most important traits a transaction coordinator can possess.
While it is also important for transaction coordinators to be thorough and accurate when completing a task, they must avoid spending a lot of time and energy on unnecessary or not-so-important things or details. A successful transaction coordinator knows how to achieve a natural balance in every transaction. They are well-organised people who excel at multitasking, meeting deadlines, tackling minor issues or big problems and working things out to the satisfaction of everyone involved.
Related: 19 Essential Project Management Skills To Master
Strong sense of commitment
Due to the nature of real estate jobs, transaction coordinators may require working irregular hours to complete tasks whenever a client or a third party is ready to complete them. Enjoying the work and aspiring to progress in the real estate industry may act as increased motivation to persevere through difficult or busy times.
A transaction coordinator's job typically involves ample paperwork and can quickly become monotonous. This is exactly why candidates with a passion for working in this industry are more likely to be successful in this career. Having a strong sense of commitment helps keep them motivated throughout their careers. Real estate agents usually work extra hours during weekends or whenever their client requests their help. As transaction coordinators work with real estate agents, they too often work extra hours.
Is it necessary for a transaction coordinator to be a licensed real estate agent?
Some places may require a coordinator to have a real estate licence. You can check your area's local regulations to see if you may require a licence to work as a coordinator. Even if there is no requirement, having a licence or certification can help you develop a better understanding of the entire process. It also helps you know about the responsibilities of a real estate agent. It may also be helpful later in your career if you decide you want to pursue a career as a real estate agent.
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