What Does a Transaction Coordinator Do?
The real estate transaction coordinator is a business in the real estate field that provides several services to real estate investors. These services can range from essential services such as managing the client list to more specialized services like dealing with various aspects of the transaction process, including:
These services help streamline transactions. In some cases, an experienced broker or real estate manager can outsource certain parts of the transaction process for the coordinator to take care of while the investor is still conducting the transaction.
Choosing a Transaction Coordinator
When looking for an experienced and licensed transaction coordinator, make sure they offer the investor’s services. Many virtual assistants focus only on making their clients happy and satisfied with their services. While this might be helpful in certain circumstances, it might not be the most optimal thing to do. Instead, look for an advisor skilled at helping his/her clients with other important procedures.
When choosing the best real estate virtual assistants, you have several options. Some will come with a trial period, wherein the client will get to know them before committing to hiring them for the full project. For most, this is the cheapest way to find the right person to handle their transactions. However, if you do not have the money for a trial, you may also use a brokerage firm’s services and see if they can provide you with someone you can trust.
Consider What You Need
It is also necessary to consider the kind of expertise you want from your virtual assistant. If you want them to manage all aspects of the transaction, they must be able to multitask. Look for someone experienced with contract negotiation, property management, and contract administration. For example, buying a property in Florida requires expertise in dealing with Florida’s state property tax.
Other things to consider are experience and training – is the coordinator still working full time, or is he/she part-time? You may also want to see how they handle themselves in an interview situation. You’ll know whether you can depend on them and if they will give you the best results in your transactions.
Do a Quality Check
Once you make a shortlist of possible advisors, it is best to make sure that you check their references and reviews. Most brokers are very careful in screening the ones they deal with. It is easy to get mixed reviews when you are conducting an interview. You have to interview the same person repeatedly to make sure you are dealing with a reliable and trustworthy person. Make certain that the references and reviews are legitimate. This helps you make the right decision when selecting the right person to deal with your transaction.
You should know how much you are willing to pay for a good licensed transaction coordinator’s services. While it is true that they have many costs involved, it does not mean that a real estate virtual assistant will be less capable than a full-time agent. So you will need to calculate the value you are getting for your money.
An REO coordinator job pays an annual salary of approximately $3,233 a month, which is up from the previous year when the rate was $2,965 a month. The salary increase is because buyers purchase a higher number of properties, and there are a more significant number of properties for sale.
What Exactly Does a Transaction Coordinator Do?
An average real estate transaction coordinator will have a significant amount of responsibilities. It includes maintaining contacts with other REO coordinators within the same industry and providing information to buyers. Some REO coordinators will also handle the paperwork for buyers’ and sellers’ properties. Buyers often delegate this responsibility to agents.
A licensed transaction coordinator is responsible for collecting information from all interested parties when a property sells. That includes required information such as name, address, phone number, and so on. They must then submit all pertinent information to the real estate agent representing the seller. The real estate transaction coordinator will then contact buyers with the relevant information.
Real estate transaction coordinators must notify that all interested parties about the sale. This includes contacting buyers with various offers on a property. The REO coordinator will ensure that each offer is accurate and provides an opportunity for the seller to purchase a home at a fair price.
An REO coordinator also has a responsibility to manage the property inventory and find properties for sale. An inventory list will consist of all the information regarding a property, including its current condition and estimated value.
A real estate transaction coordinator is well-paid when the buyer receives the highest level of service, along with an excellent compensation package.
Becoming a Transaction Coordinator
If you wish to become a real estate transaction coordinator, the first step is to find an experienced real estate professional. Once you have found a company that can provide you with everything you need, then it is time to choose a company that has a reasonable salary and benefits package.
A real estate transaction coordinator’s salary factors in the size and complexity of the REO department. The more complex the department, the higher the compensation is likely to be. New York ranks number 1 in salaries for this kind of licensed transaction coordinator.
To be successful in this career, you will want to prove to your prospective employer that you have the knowledge, skills, and experience necessary to handle all aspects of the department.
In conclusion, the average real estate transaction coordinator’s salary ranges between $2,542 to $3,500 nationwide. This is a very nice salary and has a lot of benefits associated with it. You also receive the benefits of being a team leader and helping others get started in the business and homeowner world.