The job of a Real Estate Agent is way complex than submitting offers and handing over keys
to the receiving party. It involves a multitude of operations between these two extremes. Writing offers, showing homes, communicating with clients, negotiating pricing and terms, coordinating inspections, and other such operations require expertise, dedication, and a lot of time.
Even after spending multiple hours, Real Estate Agents can’t do it all by themselves. This is where a Real Estate Transaction Coordinator comes into play. The Real Estate Transaction Coordinator facilitates the whole process to make it easier and smoother for all coordinating parties.
The best thing about this career is that you can either work as a virtual Real Estate Transaction Coordinator or in an office-based job. While working as a virtual agent, you have the option to work from home or offer freelance services to multiple online businesses.
What does a Real Estate Transaction Coordinator Do?
Real Estate Transaction Coordinators assist transactions of all the parties involved in a real estate deal. You will be responsible for scheduling, managing, and streamlining all the processes while teaming up with Real Estate Agents. Transaction Coordinators analyze information and identify potential lags in the deals. You’ll also track all transactions and create a timeline for keeping a record of all real estate deal-related dates.
Interacting with other vendors and parties to the transaction to ensure the timely completion of all contracts will also be part of your duty.
Other major responsibilities include:
Communicating updates among all the concerned parties
Ensuring completion and timely submission of all the required documents
Planning, scheduling, and coordinating property inspections
Monitoring the contingency periods to make sure contractual compliance
How To Become A Real Estate Transaction Coordinator
Before starting your career as a real estate transaction coordinator, you want to look into your state laws. Some states require licensed Transaction Coordinators, while a few haven’t made it a requirement. In addition, background as a licensed Real Estate Agent or Broker will set you apart from others, especially if you’re targeting some office-based jobs. Some employers also prefer experience in the transaction field. If you’re a non-licensed professional with no real estate experience, then specialized training can get you in the field of Transaction Coordinators. You can check out my Real Estate Transaction training courses here.
Basic skills required for Real Estate Transaction Coordinator
First thing first, whatever a Transaction Coordinator does, is highly time-dependent. So, time management is the essential most component for this particular job. Exceptional organizing skills, along with the great emphasis on proper scheduling, can make you a perfect fit for such jobs. In-depth attention to details of every transaction and excellent communication are necessary ingredients to get you apart from the competition.
Real Estate Transaction Coordinator Salary
On average, in the United States, a Real Estate Transaction Coordinator earns $43,327 per year, making hourly about $19. Working as a freelance Transaction Coordinator, you can secure $200 to $500 or more per project or contract.
The Bottom Line
If you’re ready to jump-start your Real Estate Transaction Coordinator career to enjoy lucrative salaries, then tie yourself with a professional. The professional will guide you through the steps, either you want to work as a virtual Real Estate Transaction Coordinator or join a real estate agency.
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