Think about your latest real estate transactions. Has any of the following happened? If you had to experience one or both of the following scenarios, you should consider seeking help from a Real Estate Transaction Coordinator in Minnesota.
- Something fell through the cracks. You didn’t complete some work, or you were a little late finishing it.
- You got so busy with the administrative tasks—paperwork, emails, etc. That you spent a lot of time in front of a computer and not enough time in front of people. In other words, you didn’t have enough face-to-face time with your clients, or you didn’t do nearly enough prospecting. Or you missed out on precious family time.
What is a Transaction Coordinator?
A transaction coordinator is an outgoing person and draws energy from working with optimistic people. They have a keen sense of urgency, but not at the expense of quality. They understand that their priority is to provide exceptional customer service throughout the entire closing process, not only to customers but also to all parties involved. Also, he demonstrates daily the knowledge, skills, attitudes, and habits of a high performer who is committed to doing the right things, putting clients first, and seeking mutually beneficial agreements.
The Transaction Coordinator must be adaptable and solution-oriented. He will manage the entire contract to-close process efficiently and effectively to ensure all transactions are closed on time. Moreover, he should make sure there is little or no discomfort to customers and third parties. This individual must provide a “can-do” attitude and will demonstrate initiative in solving problems. Furthermore, this person will be accountable to the Director of Operations daily.
The transaction coordinator, or TC, is the person who assists the real estate agent by performing the administrative tasks during each stage of the transaction from contract to closure. Duties include:
- Monitoring the contingency period
- Read the contracts in order to summarize all essential terms, conditions, and contingency dates
- Coordinating the closing process
- Giving updates to clients, agents, lenders, and other people involved in the transaction
- Scheduling client follow-up calls (after close) to check-in and ask for referrals.
- Coordinating inspections, repair negotiations, and completion of repairs
- Talk regularly with the client to send them reminders, check-in, and inform them about what to anticipate in each step of the closing process
- Ensuring that all documentation is submitted
- Opening escrow
- Talk with the agent several times throughout the transaction, including all critical dates, missing documents, calendar reminders, file compliance status, etc.
Benefits of Hiring a Real Estate Transaction Coordinator
Here’s how a Real Estate Transaction Coordinator in Minnesota will benefit your real estate business (and just make your life better):
- Your Transaction Coordinator will keep every little detail in check, so nothing falls through the cracks. It will be great how on top of everything you are—the purchase agreement will always be filled out 100% correctly, and the earnest money will always be deposited on time, repair requests will always be sent before the deadline.
- Your Transaction Coordinator will take care of the time-consuming administrative tasks required for each Transaction, giving you more time to focus on:
- converting leads
- spending quality time with family and friends
- enjoying hobbies
- living your life
- building relationships
- providing an exceptional client experience