Job Description For Real Estate Transaction Coordinator vs. Transaction Manager

Job Description For Real Estate Transaction Coordinator vs. Transaction Manager


– Hi, I’m Vanessa Rosenblum. I’m the president of Pro REA
Staffing, and on this channel we focus on fostering
careers in real estate and growing real estate teams. This is a continuation
of a series of videos I’m doing on decoding the job titles used on real estate teams. Last week I talked about
listing coordinators and listing managers, and this week we’re talking
about transaction coordinators and transaction managers. If you haven’t seen the
video on listing coordinators or my video on licensed versus unlicensed real estate assistants, I will put the links below
and have them up here so that you can watch those as well. Now before we begin, don’t
forget to hit Subscribe and ring the bell so that you’re notified when we post new videos. Let’s get into it. So a quick caveat before we dig into a day in the life of a transaction coordinator. Every team does things a
little bit differently, and your specific job
duties are going to vary depending on where you are in the country and the size of your team and the preferences of your agent. So today I’m going to give you an overview of what you can expect if you are searching for a job titled transaction coordinator. Or later in this video we’ll talk about transaction managers. So at its core, a transaction coordinator is responsible for assisting
a real estate agent with the administrative duties that occur during the
contract-to-close process. They’re the ones who are responsible for the paperwork, compliance, and communication between all parties so that the deal runs smoothly. Now different states have different laws regarding this contract-to-close process. Some states are called escrow states, meaning they use an escrow company to handle this due diligence process. Some states use attorneys, and so the role of a
transaction coordinator will be different in both states. I can tell you that escrow states require a lot more work on the part
of a transaction coordinator, so these roles are much more common in escrow states versus lawyer states. I’m going to include a link
in the description below that will give you a
reference so that you can see what the rules are in your specific state. There are a lot of moving parts during a real estate transaction, and the stakes are high. So being a transaction coordinator means being at the center and being responsible for communication,
compliance, and deadlines. Okay, so I have some notes in front of me so that I don’t miss anything, but let’s go through what a
transaction coordinator does during the contract-to-close process. So if you’re in an escrow state, the first thing a TC
will do is open escrow. They’ll contact the escrow department or the escrow company and
start the process with them. They’ll also coordinate title. They’ll also stay on top of the loan, the mortgage loan approval process and the appraisal process. They will also coordinate inspections. They might assist in negotiating requests for repairs if those come up. And they’ll help to coordinate
the completion of repairs if they’re supporting the seller. They’ll also be responsible for communicating updates
between all parties. Again, the flow of communication
is central to this job. They’ll monitor the contingency periods to make sure that no deadlines are met. And they may help to coordinate moving or possession schedules. They might, they’ll definitely submit necessary documentation to their broker so that the agent can get
paid at the end of the deal. That’s essential. And they may order a rider sign, so it says, you know,
“pending” on the sign. And when the transaction closes, they’ll order down the signs. They may order the closing gift. They’ll take the listing
off of the website, the broker’s website. They’ll update the client’s information in their CRM database and schedule some follow-up check-ins for either the agent or
someone else on the team to do to make sure that, that they’re, if they’re representing the buyer, that the buyer’s happy and
settled into their new home. So this is a highly process-oriented job. This is a job for someone who
loves paperwork and details and can handle multiple
projects at the same time. And even though it’s the
same process, essentially, every single time, every
transaction is different. Every client is different. And so while there are
repetitive tasks in this job, there’s still a lot of variety. It can be a highly stressful job, so it’s a good job for someone who can remain calm under pressure. There are basically three types
of transaction coordinators. Your first is the independent
transaction coordinator who works on a per-file basis, and they work for multiple clients. The next type of transaction coordinator works in a real estate office and supports all of the
agents in that office. And then finally, some TCs are hired directly onto a real estate team, and they only work with one agent. When they, when a transaction coordinator works on a real estate team, they have a broader scope
of responsibilities. They will have much more
communication with the client. They may run errands and
go out to the property. And they will be much more involved in the customer service aspect
of managing that transaction than, say, a contract TC or an office TC. Really, the office TC is just there to ensure compliance with the file. The level of experience required for this role varies greatly, but generally you need
to have about two years of solid administrative experience. You need to have great
attention to detail, fantastic organizational skills, and good customer service skills. Beyond that, some teams
require that you have a license or that you have many
more years of experience handling complex transactions. It’s also important that
you’re used to working in a very fast-paced,
deadline-driven environment, because that’s what it’s
like working as a TC. Okay, transaction managers,
transaction managers are more experienced transaction coordinators. They are licensed. They only work for a real estate team. This is not a role that you would find in a real estate office
under most circumstances or as an independent per-file role. This person really acts as the
agent during the transaction, and they’re really taking
ownership of the process. So they are most likely very involved in negotiating requests for repairs, discussing the status of the
transaction with their client. They’ll be reviewing
the inspection reports and looking for red flags and discussing how to move
forward with their client. So they’re actively involved
in managing the transaction so that the lead agent
doesn’t have to get involved. And also on some teams,
depending on how they’re set up, the transaction manager may be involved in drafting counter-offers and handling contract-related issues before the transaction
goes under contract. It really depends on the skill set of the transaction manager and the setup of the team. Transaction managers,
as I said, are licensed, and they generally have
at least five years of relevant experience. Oftentimes they’ve been agents, and they decided they’d
rather have the stability of a, you know, of a job on a team versus working on commission. We’ve placed attorneys
as transaction managers on large commercial teams before. People with paralegal backgrounds also tend to be a good fit for this role once they’re licensed and
they have some experience. Okay, there you have it. There’s the difference
between a transaction manager and a transaction coordinator. If I’ve missed anything, make sure to leave a comment below. We’d love to hear more about what you do on your role on a real estate team. And don’t forget to hit
Like if you like this video and subscribe so that
you’re the first to know when we post new videos. I’ll see you on the next one.

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    Dee*the*singa

    I have been a mortgage loan processor for over 10 years so I know a little about the procces. Now, I would like to become a RE transaction coordinator. There is a academy called Transaction Coordinate Academy and they offer a RE transaction class for $298. Would you recommend taking that class?

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