How to Guide for becoming a Real Estate Transaction Coordinator

A transaction coordinator (TC) is an exciting career path for those with an interest in real estate, administrative work, and customer service. As a real estate transaction coordinator, you streamline the property transfer process, complete necessary paperwork, and ensure clear communication. These services are in-demand from both real estate agents and sellers alike, providing fruitful opportunities for transaction coordinators with sufficient knowledge, skills, and experience. 

However, it can be challenging for some individuals to change their current careers to transaction management. Often, they do not know if they need to take supplemental courses, obtain certificates or licenses, or develop specific skills before making the leap. Fortunately, the process is straightforward once you know what to do and expect. 

Follow along with this helpful guide to learn what a transaction coordinator does, how to become a real estate transaction coordinator, and how to become better at transaction management.

What Does a Transaction Coordinator Do?

A real estate transaction coordinator makes home sales and purchase go more smoothly, and these professionals make excellent additions to any real estate team. Their knowledge of the buying and selling procedures, understanding of transactions, paperwork and deadline management, and communication and conflict resolution skills are essential for a smooth real estate transaction. They are responsible for every step in the real estate process, from the primary offering to closing the deal.

Naturally, you may wonder what, specifically, does a real estate transaction coordinator do. They typically perform all the administrative tasks of a real estate agent, focusing on any of the following:

• Preparing listing materials for the seller
• Consulting with the seller and coordinate property listing details
• Ensuring completion of the listing agreement paperwork and obtain signatures
• Coordinating showings between the real estate agent and potential buyers
• Inputting all necessary documents and records into the transaction management system
• Setting up inspections and coordinate negotiations as a result of the inspections
• Streamlining appraisal, escrow, and mortgage loans
• Maintaining communication between all parties
• Submitting all necessary paperwork for file compliance
• Organizing moving schedules and deadlines
• Scheduling follow-ups with clients.

Qualities of a Good Transaction Coordinator

Transaction coordinators are an advantage for real estate agents because they have important, incomparable knowledge, skills, and personality traits. If you are wondering how to become a real estate transaction coordinator, one of the best ways to excel in your future position is to develop certain qualities.

Organization Skills

The majority of the role of a transaction coordinator is to ensure proper organization, coordinate, and manage deadlines. Since this is the case, you must have outstanding organizational skills. Fortunately, advanced transaction management software assists significantly with this part of the job. The software can do everything from managing tasks, keeping track of deadlines, storing documents, and keeping in touch with key individuals.

Attention to Detail

High-quality real estate transaction coordinator services rely on impeccable attention to detail. You must recognize minor errors, inconsistencies, omissions, and misunderstandings even amongst a mountain of paperwork.

Efficient Under Pressure

Real estate transactions involve numerous deadlines. In some cases, it can be difficult to coordinate all the details, ensure you have all the necessary information, and submit the proper documentation before due dates. However, it is critical for successful real estate transactions and property transfers. If you can work under pressure, this skill will come as a great asset.

Knowledge of Real Estate

Knowledge or experience with real estate is vital in becoming a transaction coordinator. Understanding the industry and transaction processes allows you to confidently perform tasks and catch mistakes before they lead to problems. Naturally, they also help you create positive relationships with clients, increasing your chances of future referrals.

High-Quality Customer Service

As a transaction coordinator, you will facilitate communication between all parties involved in the transaction. You will also provide regular updates and retrieve important information from clients. For this reason, top-tier customer service is an absolute necessity. If you already have real estate experience, you may already have skills in this domain.

How to Become a Real Estate Transaction Coordinator

If you have a background in real estate, it may be easier to become a real estate transaction coordinator. You will have the knowledge necessary to tackle the subsequent steps effortlessly. If you do not already have experience in the industry, the path may be more complex, but entirely possible.

1 . Take a Training Program

A detailed transaction coordinator training program can make all the difference in success. You will learn the subtitles of the position, how to accomplish the tasks flawlessly, and how to follow the rules and regulations to avoid legal troubles. Ensure your training program is reputable and trustworthy before investing your money and time.

2. Obtain a License

Many prospecting transition coordinators wonder “does a real estate transaction coordinator require a license?” The answer depends on the state you will practice in! Certain states require you to take a certification course, although most states simply restrict the types of activities you can perform as a transaction coordinator without a license. So while it isn’t often mandatory, obtaining a license can make you more competitive in the market.

How to Get Better as a Transaction Coordinator: Continuous Improvement

Whether you are a new transaction coordinator or have years of experience in transaction management, there is always room for growth. You may wish to gain more responsibility on your real estate team, increase your salary, improve your client relationships, or scale your business. When you expand your knowledge and skills, you can realize these goals.

1 . Expand your Responsibilities

While you may not need a real estate license in some states to practice as a transaction coordinator, you may desire to obtain one to grow your responsibilities, improve your knowledge, and boost your credibility with clients or employers. A license allows you to

2. Learn from Superiors

Listening to real estate agents who may hire a transaction coordinator to organize and streamline their business is worthwhile. You can learn exactly what they are looking for in an employee or team member and incorporate it into your training. Likewise, you can gain significant insights and expert tips by listening to current transaction coordinators.

3. Use State-of-the-Art Software

With access to advanced transaction management software — like Shaker — you can improve organization, store documents, schedule meetings, meet deadlines, communicate efficiently, update clients and share information easily, and track and report critical information. 

These aspects of a flexible, accommodating system are advantageous for all real estate transaction coordinator services. You will not only be able to improve your current processes, but you will also be able to improve client experiences, increase referrals, and grow your business.

Become an Accomplished Real Estate Transaction Coordinator

Now that you have an excellent understanding of how to become a real estate transaction coordinator, you are more than ready to begin your journey. Soon, you will be able to display key qualities, develop exceptional skills, and take on the responsibilities of an accomplished transaction coordinator. You will also be able to develop further knowledge and skills to become more successful as time goes on.

Shaker, an advanced real estate transaction management system, can ensure you tackle your new tasks quickly, improve your management skills, and impress your clients. Request a demo of Shaker today and find out how it can make your job easier!