To complete a real estate transaction, it takes an entire team of people. Most new home buyers and sellers are familiar with real estate agents, appraisers, loan officers, title agents, and inspectors. One of the lesser known members of the team is a real estate transaction coordinator. Although optional, this role can be one of the most helpful roles in the real estate transaction process.
Is a Real Estate Transaction Coordinator a Licensed Agent?
A transaction coordinator is not a licensed real estate agent, and doesn’t need to be (in most cases). Instead, they work alongside (or for) the real estate agent to keep the transaction moving along. Not all real estate agents use a transaction coordinator, but if yours does, it can be beneficial to the efficiency of your transaction.
What Exactly Does a Transaction Coordinator Do?
Because transaction coordinators are not licensed agents, there are limits to the work they may do. They are working on behalf of the agent, and therefore they mainly handle the administrative work that goes along with a real estate transaction. Some of the transaction coordinators work may include preparing and submitting documentation, gathering information or documentation from the buyer or seller, communicating with other real estate agents about the transaction, and more administrative tasks. Transaction coordinators often communicate with other required parties in a transaction, including the inspector or appraiser. They are likely the one scheduling and coordinating all of these appointments on behalf of the agent.
What is the Benefit of Having a Transaction Coordinator?
If your real estate agent uses a real estate transaction coordinator, you’re in luck! This means your agent, who is still the lead member of your real estate team, is more free to spend their time working directly with you, the buyer or seller. In today’s market, time is of the essence and the more focused your agent can be on working on your behalf, the better! A transaction coordinator is there to help make sure the process moves forward efficiently and ensure your deal closes on time. While optional, a transaction coordinator is an asset to any real estate team!
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