Are you interested in finding a TC in the Florida area? If you’re an agent who wants to find a top-of-the-line transaction coordinator in Florida, read on for more information. We’ll talk about wet funding, who’s responsible for closings, and how TCs can help agents in Florida. We’ll also look at some sample listings that detail the duties TCs can have, and then go over your options. Finally, we’ll close by explaining why Close Concierge is the best choice for top agents in Florida. Read on for more!
Wet Funding in Humid Florida
When you think of Florida, one of the first things you think about is the humidity. Because it’s a state that’s bordered by the ocean and is over 31% covered in wetlands, it is obviously rather wet. A high 91% of those wetlands are freshwater, and the other 10% are saltwater.
A fun fact is that in Florida, even the funding is “wet.” Unlike a dry funding state (like California, New Mexico, Hawaii, etc), Florida requires that all required closing paperwork is filled out and approved the day of closing. Wet funding states allow the closing process to happen more quickly, because the seller gets the payment on the loan closing date or within two days of closing.
“If wet funding is quicker,” you may ask, “why have dry funding at all?” The answer is that dry funding allows states to make sure that there aren’t issues with the closing process. It takes longer but it gives those states a chance to double-check that all the necessary paperwork is properly filed.
Who Closes Real Estate Transactions in Florida?
The person who handles the closing process is largely responsible for the transaction process. In the United States, there’s a distinction between the states that rely largely on attorneys to carry out closings and the states that rely on title companies. The states that utilize attorneys are known as “Attorney States,” and states that use title companies are “Escrow States.” Some states are a combination of both.
Florida is one such state. In Sandy Gadow’s state-by-state closing guide, she explains:
(In Florida,) title companies and attorneys handle closings. Conveyance is by warranty deed, (and) mortgages are the customary security instruments… ALTA policies are commonplace. Buyers pay the escrow and closing costs, while county custom determines who pays for title insurance. Sellers pay the documentary tax. Property taxes are payable annually, but the due and delinquent states are months apart, November 1st and April 1st.
Since the closing process in the state of Florida can be handled by an attorney or a title company, unlicensed assistants such as TCs can have a varying level of involvement. Sandy goes on in her closing guide to detail a few more state-specific laws:
Under Florida law, a widow or widower has the right to live in their deceased spouse’s home for the remainder of his or her life, even if the home is willed to someone else. A Homestead Exemption exists for an owner’s residence in Florida. Florida’s exemption is unique because it lacks any monetary cap on the homestead exemption, while other states… usually place a limit on the valuation which can be protected.
The Homestead Exemption and widow/widower laws add another dimension to the real estate transactions in Florida, so as an agent, you’d want to ensure that the TC you hire has a deep understanding of state and region-specific real estate laws.
How Florida TCs Help Real Estate Agents
Some real estate transaction coordinators decide to take an extra step and obtain their real estate license. However, a license is not required for most transaction coordinators. For that reason, we’re going to use this section to talk about what an unlicensed TC can do in Florida versus what an unlicensed transaction coordinator in Florida can’t do. Please note: many of the “can’t do” tasks are possible for licensed transaction coordinators if the agent working with them would like help in that area.
Tasks a Florida Real Estate TC Can Do
According to the NAR website, the Florida Real Estate Commission has developed a policy on what activities are permissible for an unlicensed real estate transaction coordinator to perform. These tasks include:
- Answering the phone and forwarding calls. These tasks could also be classified as “personal errands for the licensee.”
- Filling out and submitting listings. A TC could also add changes to any multiple listing service.
- Follow up on loan commitments. After a contract has been negotiated, a TC can check on the progress of the loan and obtain status reports from all parties.
- Assembling docs for closing. They can arrange the documents needed for closing in order to help the agent involved in the transaction.
- Securing public information. This information can be obtained from courthouses, utility districts, etc.
- Having keys made for company listings. Additionally, they could give a key to a prospect.
- Performing clerical and administrative tasks. These could include copying, mailing/delivering documents, scanning, and more.
- Writing advertisements. These advertisements would need to be approved by the licensee and supervising mortgage brokers. A transaction coordinator could also place classified advertising.
- Receiving earnest money. They could record and deposit earnest money, security deposits, and advance rents if needed.
- Using technology to complete tasks. This is only permitted with the understanding that the assistant or transaction coordinator completes only assigned tasks, and ones which don’t require a real estate license.
- Preparing marketing materials. This can include designing the advertisement, taking photos of a home, etc.
- Assisting at an open house. The licensee must be present in order for the TC to assist.
- Set or confirm appointments. These appointments can include property listings/showings, buyer and loan officer appointments, inspections, repair/maintenance appointments, and appraisals.
- Transmitting instructions/info. The real estate transaction coordinator must be careful not to provide any information or guidance outside of what the licensee has instructed them to. They can relay information from the licensee to clients, contractors, or inspectors.
- Unlocking a home. The assistant can unlock the home for the licensee so the licensee can show or preview the property, but discussion about the property is not permitted.
The above are some of the specific details of tasks a TC can perform, but their job is really to enable agents to put their best foot forward by making them look awesome without making them worry about legal or compliance issues. Strong communication and attention to detail are extremely important for TCs, as they’re a crucial part of maintaining pipeline integrity.
Tasks a Florida TC Can’t Do
As stated above, if a TC is licensed, they may be permitted to do some of the following tasks. However, if they aren’t (which is more common), a TC in Florida will not be permitted to:
- Originating documents. An unlicensed person can’t write a contract, rental agreement, or anything of that nature.
- Performing inspections. Whether it’s a walk-through inspection or a Tenant Vacate Inspection, unlicensed employees aren’t permitted to perform them.
- Providing opinions. This includes advice, information about pricing, or opinions of value to consumers. This also includes negotiations with anyone regarding a property or transaction.
- Assisting in document prep. Unlicensed transaction coordinators aren’t allowed to help consumers with their document preparation. ]
- Hosting an open house. Unlicensed persons can’t hold or host an open house without a licensee present.
- Collecting rent. They can’t collect rent, offer to collect it, attempt to collect it or agree to collect it for the use of real estate.
- Helping procure prospects, unless exempt. Helping or directing in procuring prospects that will likely result in a sale, exchange, leasing, or renting of real estate isn’t permitted. The only exception to this is for those who are exempt under A.R.S.32-2121(A)(10) – a very specific and limited exemption.
- Attending closing without a licensee. A TC can’t attend a closing with a consumer if the agent is not present.
- Withdrawing money. An unlicensed person isn’t permitted to withdraw money from the broker’s trust account except in very limited circumstances.
Transaction Coordinator Jobs: Sample Listings
TC job ads take on a number of forms, so we decided to take a look at three different Florida listings to give you a better feel of what the job ads look like. First, we’ll look at a listing for a successful luxury real estate brokerage, then see what the job ads from TriCore Investment Group look like, and finally we’ll end with a look at what job ads for TCs for Tricoli Team Keller in West Palm Beach.
Engel & Volkers Venice Downtown
Engel & Volkers is one of the world’s leading service companies that specializes in luxury residential real estate, with over 800 brokerages in over 30 countries. This particular brokerage is owned and managed by Victoria Stultz, a real estate veteran with over 21 years of experience. The goal at Engel and Volkers Venice Downtown is to provide buyers and sellers with fantastic service at all price points.
Engel and Volkers TC Duties
The TC job description for Engel and Volkers says that they are looking for a person who is energetic, detail-oriented, tech-savvy and great at juggling multiple tasks at once. They should know MS office, email, internet, and have scanning skills, along with precise data entry skills. They should also be a proficient communicator and have their own personal vehicle for property visits and local errands.
They would like the applicant to have an active Florida real estate license, as well as an in-depth knowledge of local real estate. They prefer if applicants have 2 years of administrative experience.
Expected Salary at Engel & Volkers
The expected hourly pay at Engel & Volkers for a TC is anywhere between $12 and $20 an hour. With paid time off, a prospective TC could make anywhere from $24,960 a year to $41,600 a year. The posting also talks about bonuses, retirement and health plans, and a health savings account.
TriCore Investment Group, LLC
TriCore Investment Group was founded in 2020 in Altamonte Springs. Their mission is to lead with a disciplined approach to investing capital into real estate holdings to create win-win circumstances for all parties involved. They’re a small boutique real estate business with 2 to 10 employees.
TriCore Investment Group TC Duties
Here are some of the tasks that a real estate transaction coordinator at TriCore would be expected to carry out:
- Assist in drafting offers, contracts, and other transactional documents
- Help collect third party bids and coordinate receiving reports and payments for services
- Calendar and travel coordination for site visits, inspections, etc.
- Post relevant news to social media (ie: closings, accomplishments, etc)
- General administrative tasks (setting appointments, emails, etc)
- Successfully manage cross-functional relationships while ensuring accountability for deadlines
- Radiate a high level of contagious energy
- Proactively identify critical path tasks and execute on those tasks
- Communicate effectively and have strong conflict resolution skills
- Find solutions without sacrificing project goals
- Maintain dual focus on the big picture and the details
- Attention to detail, outstanding organizational skills
- And more
TriCore prefers that applicants hold a Bachelor’s degree and requires that applicants have one year of TC experience. Benefits include PTO and bonus pay.
Expected Salary at TriCore Investment Group
The expected salary at TriCore Investment Group starts at $46,000 a year and may go up depending on previous experience.
Tricoli Team Keller Williams Realty
Keller Williams is a top real estate company, with the top spot in agent count, unit and sales volume. Tricoli Team, in particular, is led by Jeff Tricoli, who’s got extensive training and experience in the South Florida real estate market. Their goal: to get the most that they can for their clients. Tricoli Team specializes in marketing and negotiating the sales of properties in Palm Beach County, including West Palm Beach.
Tricoli Keller Williams TC Duties
Here are some of the responsibilities that Tricoli Keller Williams is looking for a TC to fill:
- Schedule moving times and attend all closing-related meetings
- Manage transaction contracts from home buyers and sellers to close the deal in a timely manner
- Enter client info into the database and submit documentation to the office broker
- Maintain compliance
- Keep track of transaction activity
- Obtain seller’s approval for the buyer’s offers and counteroffers
- Ensure the transaction process goes as quickly as possible
- Coordinate home inspections, negotiate repair pricing, and ensure each repair is completed
Tricoli Keller Williams prefers that applicants have experience in real estate, transaction management, or transaction coordination. They also prefer a real estate license and some college experience.
Expected Salary at Tricoli Keller Williams
The expected salary for a TC at Tricoli Keller Williams is anywhere from $60,000 to $80,000 a year. No bonuses or benefits are listed.
TC Options for Agents in Florida
What transaction coordinator options are available to real estate agents in Florida? You’ve got a few options, some of which are wiser (and more cost-effective) than others.
Hire an In-House TC
If you’re considering an in-house TC, we urge you to look at the expected salary lists above. Most in-house TCs are full time (whether or not you’ve got work for them) and if you factor in bonuses, health benefits, and other issues, they can cost as much as $58,255 a year or more!
Get a Freelance TC
Freelance TCs are considerably less expensive than an in-house TC would be, but it’s also far more hazardous to hire one. In an attempt to make money quick, some people are claiming to be transaction coordinators without any previous real estate or transaction coordination experience.
In an industry where so much of the business depends on word-of-mouth and customer satisfaction, the last thing you need to do is jeopardize your business by hiring someone who doesn’t know the first thing about it.
Go Through a TC Service
TC services vet every transaction coordinator before they’re hired on, so you won’t run into the same dangers you would hiring a freelancer. Transaction coordinator services are reasonably priced, too – unless you’re a top-performing agent who handles more than two transactions each month. If that’s the case, you’ll soon find yourself stuck with fees: canceled transaction fees, dual agency fees, and more.
Let Us Take Care of Your Florida Transactions
Thankfully, there’s one more option for top performing agents: Close Concierge. We work hard to attract and retain the best TC talent available, and we compensate our employees well to ensure that they stay with us. We offer all of our employees full-time jobs, ensuring they have great health care benefits, including a year of fully paid parental leave.
We do all of this (and more) because we want our employees to be available to you 24 hours a day, seven days a week. Anytime you need them, they’re here for you. You won’t get that from a TC service or in-house TC. All of this can be yours for a flat fee of $1,000 a month. The amount will never go up – so contact Close Concierge today for a demo!