Understanding the Role of a Transaction Coordinator
A real estate transaction is a complex process that involves multiple steps, legal requirements, and strict deadlines. A transaction coordinator plays a crucial role in ensuring everything runs smoothly from the moment an offer is accepted to the final closing. Their job is to manage the administrative, compliance, and scheduling aspects of a transaction, allowing real estate agents to focus on client service and negotiations.
Why Transaction Coordinators Are Essential in Real Estate
A transaction coordinator ensures that all documents are correctly completed, deadlines are met, and communication between all parties remains seamless. By handling contract-to-close operations, they allow agents to dedicate more time to lead generation and building relationships with clients. Without a dedicated professional overseeing the details, transactions can face delays, errors, and unnecessary stress.
How a Transaction Coordinator Differs from a Real Estate Agent
Unlike agents, transaction coordinators do not negotiate prices, conduct showings, or generate leads. Their primary responsibility is ensuring that all paperwork and legal requirements are handled correctly. Many brokerages, including eXp Realty, offer in-house transaction coordinators who support agents by streamlining their transactions and keeping everything organized.
The Key Responsibilities of a Transaction Coordinator
Managing Contract-to-Close Transactions
A transaction coordinator ensures that all contracts, addendums, and disclosures are completed accurately and signed by the required deadlines. They track critical dates such as inspection periods, appraisal deadlines, and financing contingencies. They also work closely with lenders, title companies, and escrow officers to ensure a smooth closing process.
Reviewing and Organizing Documents
Transaction coordinators review purchase agreements and supporting documents to ensure compliance with state laws and brokerage policies. They organize paperwork within transaction management systems like Skyslope or Dotloop, ensuring all parties have access to the correct versions of contracts and disclosures.
Coordinating Inspections and Appraisals
A transaction coordinator schedules inspections, appraisals, and other essential property evaluations. They communicate with all parties to ensure that deadlines are met and any issues identified in the reports are addressed promptly. If repairs are needed, they assist in processing repair requests and contract amendments.
Communicating with Buyers, Sellers, and Vendors
As the main point of contact between real estate agents, buyers, sellers, lenders, inspectors, title companies, and attorneys, a transaction coordinator ensures clear communication throughout the transaction. They provide regular updates, track outstanding tasks, and address concerns as they arise.
Assisting with Closing and Compliance
Transaction coordinators verify that all required documents are signed and submitted before closing day. They coordinate the final walkthrough and ensure the closing appointment is scheduled with the title company. After closing, they confirm that all necessary documentation is stored properly for compliance and record-keeping.
How eXp Realty Supports Transaction Coordination
Transaction Coordination Services at eXp Realty
eXp Realty provides its agents with access to Skyslope, a cloud-based transaction management platform designed to streamline document tracking and compliance. Agents working with eXp can also utilize in-house transaction coordinators to manage the administrative aspects of their deals. This support allows agents to focus on client service while ensuring all transactions are completed accurately and on time.
How a Transaction Coordinator Can Improve an Agent’s Productivity
A transaction coordinator saves agents significant time by handling administrative tasks that would otherwise take them away from revenue-generating activities. Agents who work with transaction coordinators often find they can close more deals while reducing stress and improving their overall client experience. By ensuring compliance and keeping deals on track, transaction coordinators help prevent costly mistakes that could delay or jeopardize a closing.
How Lockstep Realty Helps Agents Scale Their Business with Transaction Coordination
At Lockstep Realty, we understand the critical role that transaction coordinators play in the success of real estate transactions. Our team is fortunate to have the expertise of Kellie Dignan, our transaction coordinator, and Kate Barro, our assistant transaction coordinator. Their work behind the scenes ensures that every transaction moves efficiently from contract to closing.
Kellie and Kate handle everything from tracking deadlines to coordinating with title companies, lenders, and clients. Their ability to manage multiple transactions simultaneously keeps our agents organized and focused on delivering the best experience to buyers and sellers. Without their dedication and meticulous attention to detail, our team would not be able to operate at the level that we do.
Having the right people in the right roles is crucial in real estate, and Kellie and Kate exemplify what it means to be essential team members. Their work ensures that every transaction is handled professionally and efficiently, allowing our agents to provide the highest level of service to our clients.
Frequently Asked Questions
What is a transaction coordinator’s main responsibility? A transaction coordinator ensures that all paperwork, deadlines, and compliance requirements are met from contract to close.
Do all real estate agents need a transaction coordinator? While not required, many agents hire a transaction coordinator to help streamline their business and focus on client relationships.
How much does a transaction coordinator charge? Fees vary, but most transaction coordinators charge between $300 and $600 per transaction or work on a salary basis for brokerages.
Can a transaction coordinator work remotely? Yes, many transaction coordinators, including those at eXp Realty, work remotely using cloud-based transaction management systems.
How can Lockstep Realty help agents with transaction coordination? Lockstep Realty provides transaction coordination support, compliance assistance, and document management to help agents scale their business efficiently.
