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Real Estate Transaction Coordinator Services

If you’ve ever wondered about the merits of transaction coordinator services, this article is for you. We’ll put TC services head-to-head against full-time TCs and freelance transaction coordinators to see which one is the ideal choice for real estate agents. We’ll also cover what transaction coordinators are, some of the tasks they can help you with, and provide some tips to create a beneficial working relationship with your transaction coordinator.

Read on to have all your real estate transaction coordinator questions answered!

What is a Transaction Coordinator? 

Real estate transaction coordinators take care of the less-exciting side of real estate deals. Many real estate agents are charismatic and work well with other people – but there’s another side of real estate that deals with deadlines and submitting paperwork. The “deadlines and paperwork submission” part of a real estate deal is the transaction process. (Everything from contract to closing falls under this category.) 

As a real estate agent, it’s likely that you thrive on face-to-face encounters with your clients: showing houses, answering their preliminary questions, and getting the contract closed. Chances are that you’re not as thrilled with the transactional side: maintaining compliance at a national, state, and brokerage level. Those are all things that your transaction coordinator is more than happy to do – freeing up your time to close more deals and be the high-performing real estate agent you are!

What Tasks can TCs Do?

To put things into perspective, let’s look at some of the real tasks that transaction coordinators do:

  • Make sure documents are accurate and complete
  • Maintain compliance (at national, brokerage, and state levels)
  • Track receipt of earnest money and store the information for compliance
  • Work with an attorney or title company to open escrow
  • Manage post-inspection repairs and store receipts for compliance
  • Schedule a closing appointment
  • Schedule and coordinate inspections
  • Monitor the financing process to ensure that the lender is “clear to close”
  • Complete a final check to ensure all contract requirements are met
  • Order warranties for the home and contract
  • And more!

Finding a TC You Work Well With

Most transaction coordinators are very detail-oriented, which is what makes them so great at their jobs. If you want to cultivate a fantastic working relationship with your TC, here are a few things to keep in mind: 

  • People skills aren’t just for your clients. The same qualities that make you a stand-out real estate agent to your clients will make you an incredible client for your transaction coordinator. 
  • Along that line, communication skills are important. A detail-oriented TC may find that they’ve got questions about the transaction, or other parts of your request. If you can get back to them in as timely a manner as possible, they will be better equipped to explain the finer points of the transaction to your clients, making the process easier for everyone. 
  • Be thankful for their help. Everyone enjoys a little appreciation now and then – and your TC goes out of their way to deal with the more tedious tasks for the transaction so you don’t have to. Telling them “thank you” or even getting them a little gift or kind note can go a long way. 
  • See them as a whole person. You aren’t just a real estate agent – you may also be a parent, grandparent, or a killer pickle-ball player. Bring those things to the table in your conversations with your TC, and ask about their personal interests outside of work. When there’s not an ongoing transaction, these conversations can help solidify your working relationship and make your TC love to work with you!

Benefits of Having a Transaction Coordinator

There are countless benefits to having a transaction coordinator, but there are some that we hear over and over again from agents. Read on for a brief summary of all of those benefits!

Transaction coordinators save you time. 

Do you feel like there’s not enough time in the day? Fortunately, transaction coordinators can help you with that. On average, a great transaction coordinator can save you 15 hours per transaction, which means you can get right to work on the next deal, knowing your clients are in good hands. 

TC services can be very affordable.

Most TC services charge around $400 per transaction, which isn’t too bad for the average agent. Emma Diehl of Homelight said, “According to NAR, Realtors completed a median of 12 residential “transaction sides” in 2019” – that’s just one per month in 2019. In 2020, that number was down to 10 sides a year on average. 

However, if you’re a top-performing agent or a broker, you can get an even better deal. Stay tuned (or skip down to the “What is the Best TC service”) to find out more!

Your liability is limited with a TC. 

A top-notch transaction coordinator will ensure that your paperwork is flawless and fully compliant. This is a huge benefit to you if you get sued, randomly audited, or have a complaint filed against you. This will also cut down on the times you’ll have to use your Errors and Omissions Insurance. Transaction coordinators also carry E&O Insurance, so you’ll be doubly protected.  

TCs make your job stress-free. 

If you’re a people-person (as many transaction coordinators are), you probably don’t enjoy compliance and paperwork nearly as much as you enjoy the other aspects. Many real estate agents can view the transaction process as downright stressful, with all of the deadlines looming over you. Imagine, for a moment, how freeing it would be not to deal with those deadlines. A skilled transaction coordinator can do that for you – and they’ll make you look amazing. 

Transaction coordinators get clients raving about you. 

As a top-performing agent, you’re busy! You’re showing houses and hardly have time to think, let alone get back to the clients on the deals you already closed. An exceptional transaction coordinator is a real estate agent’s secret weapon: due to their knowledge of the real estate industry, they can get back to your clients. They can even follow up a month or two after the transaction to ensure that your buyer or seller had a great experience. 

More referrals and higher customer satisfaction rates? Yes, please!

Why Not Get a Full-Time Employee?

“If transaction coordinators are so great,” you may think, “Why not just get a full-time employee and be done with it?” 

You can definitely go that route if you’d like, but it’d be much more costly than other options. 

In “How to Hire an Awesome Real Estate Transaction Coordinator,” we mentioned that the annual salary for a transaction coordinator is $44,130 a year, and if you include the cost of employment taxes and benefits, you’ll wind up spending $57,369 a year on average. 

Remember: those are simply the direct costs. This number doesn’t take into account the loss of productivity as you train the new hire, office equipment costs, and the learning curve for a new TC. Your overall cost is actually much higher when you take those things into account. In fact, the national Association of Colleges and Employers estimates that it costs $7,645 just to hire someone!

The average tenure for employees varies greatly, but thankfully (at least in the professional space) it’s close to five years, so hopefully you wouldn’t have to rehire someone for a while. 

Why Not Hire a Freelance TC?

The trouble with freelancers is that sometimes it can be hard to verify that they have knowledge about the job. The ugly truth is that sometimes people lie on their resumes, claiming to have experience that they don’t. You don’t find out until later, after you’ve been embarrassed by hiring a freelancer who doesn’t know how to conduct transactions. 

This is exactly what happened once with an agent we know. The agent hired a freelancer who claimed to have five years of experience. While working on the transaction, the freelancer asked the real estate agent’s clients what earnest money was. Of course, this interaction did our unsuspecting agent no favors. She looked bad in front of her clients – something you never want to happen in an industry where trust is paramount – and she still had to coordinate the transaction on her own. 

The agent summed it up like this: “There’s no way they had even five seconds of real estate experience if they didn’t know what earnest money was.”

There’s also the possibility that a freelancer won’t stay with you as long as a full-time employee would. Forbes says that freelancers tend to stay for the same amount of time as other employees would, but they left out some information. They cited the same Bureau of Labor and Statistics study we referenced in regard to tenure, but left out the “4.2 years” number, instead referencing the average tenure for workers with the lowest number of years. 

They went on to say that “High potential employees begin looking for better jobs and pay after just a year in position. Not surprising that high-potential employees are thinking like freelancers.” Though an actual number for average freelance tenure is missing, it can be surmised that they spend 1-2 years on average at a job… which means you may need to pay that $7,645 again sooner than you’d like. 

If you’re dead-set on finding a freelancer:

  • Find an impressive freelancer with experience (see our tips for writing job listings)
  • Ensure that they don’t charge too much per transaction ($400 per transaction is the average but some charge up to $500 per transaction)

As long as you don’t plan to complete many transactions per month, this could actually be a decent option for you (aside from higher turnover rates, of course). 

However, there is a better and more reliable option. 

Transaction Coordinator Services: The Best Option

Transaction coordinator services remove most of the costs associated with finding and hiring TCs. Most transaction coordinators go through a significant vetting process to ensure that their employees are well-qualified for the position, making it a safer option risk-wise than a freelancer, without the added costs associated with hiring a full-time employee. 

Transaction coordinator services charge close to how much freelancers charge – around $400 per transaction. While this is perfectly acceptable for the average agent who closes 1-2 transactions each month, top-performing agents will find that the fees stack up quickly… especially if they deal with dual-agency transactions. 

What is the Best TC Service?

Thankfully, there’s a solution for top-performing agents: Close Concierge. We charge all of our clients a flat fee of $1,000 a month. This price never increases, no matter how many deals you close – so you can get out there to your heart’s content without the added fees that most TC services charge. Our TCs are even available after hours and on weekends, just in case your transaction needs a little TLC outside of regular business hours. Try and get the average transaction coordinator service to do that!

Our trained transaction coordinators are skillful and are personally invested in your transactions because they are well-compensated when they do a job well. They’re full-time employees with excellent salaries and benefits because we believe in taking great care of our employees. We also have a profit sharing program in place to give your transactions that extra oomph. 

We treat our employees well because we know they’ll treat your clients well – and make you look like a rock star in the process. Your client satisfaction rates will skyrocket and so will your referrals – all while you’re out there closing new deals instead of dealing with the drudgery of paperwork!

Hire Close Concierge for Transactions Done Right

Top-performing agents love Close Concierge due to all of the above reasons. We treat real estate professionals and their transactions with great care and to make sure each transaction is 100% compliant. We delight in giving you and your customers the highest level of service. If you’re tired of being stuck with extra fees that other TC services charge and would love to pay a flat rate, contact us today! We look forward to hearing from you. 

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