Real estate transactions are complex and involve a lot of paperwork. There is much more involved than signing documents and handing over the keys. People generally hire real estate agents while selling or buying homes. Most people think a real estate agent handles everything related to the sale or purchase.
However, this is a common misconception. There are several people involved, including inspectors or appraisers, loan officers, and a real estate transaction coordinator.
The transaction coordinator works with the real estate agent in the background carrying out most administrative tasks and helping move things along. The best real estate agencies have a transaction coordinator for real estate deals to ensure the real estate transactions are completed smoothly.
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Here are five ways a transaction coordinator can help in a real estate firm.
1. Save Time
Each real estate transaction is different, and the complexity depends on how many parties are involved. Experts mention that, on average, you need at least 8 to 15 hours to complete a real estate transaction file. The time estimate mentioned here is general, and some real estate transactions may take more time.
The main part of a real estate transaction is gathering all required documents and disclosures, which is tedious and time-consuming. The real estate transaction coordinator will save your time by updating the status of all parties in the transaction. They will allow you to leverage your time and use it for more productive tasks.
If you are a real estate agent, having an in-house transaction coordinator for real estate means you will have more time to meet more clients and expand your network.
2. Limit The Liability
As mentioned earlier, real estate transactions involve a lot of paperwork, and you need to ensure everything is in order. When you have a coordinator by your side, they will ensure all the paperwork is completed and filed appropriately and in a timely manner. In addition, the transaction coordinator will ensure you have fully compliant files.
The paperwork is crucial in real estate transactions, and clients have even filed several lawsuits against real estate agents in the past for wrong paperwork. Working with a transaction coordinator will reduce the chances of lawsuits and the use of Errors and Omissions Insurance.
3. Increased Customer Satisfaction
Real estate agents are often busy and not always available to answer customer queries and doubts. Such things result in customers losing trust and confidence in the agent, and the deal never sees the light of the day. A transaction coordinator has complete knowledge of real estate transactions and can answer all customer queries, leading to increased customer satisfaction.
4. Serves As A Liaison
As mentioned earlier, a real estate transaction may involve multiple parties, and you need to communicate with them at different stages to complete the process. Handling communication can be a stressful and time-consuming task, but it is a necessity for the success of the transaction.
A coordinator can serve as a liaison and help you communicate with the buyer, seller, escrow agents, the title company, and other agents, while also helping you complete the deal successfully.
5. Keeps The Details Organized
Every phase of a real estate deal has separate documentation and procedure, and you need to ensure all details are organized. A transaction coordinator will keep the details organized and keep an eye on deadlines and timelines for every task in the transaction.
Real-estate transactions are time-consuming. Also, real estate agents are often overloaded with tasks like showing properties to clients, which leaves them much less time to complete tasks needed to close the deals successfully. So if you want more business opportunities, hiring a transaction coordinator is the best decision for your business.
