Transaction Coordinator Certification can help you understand what happens after a property goes under contract and how you can help keep everything organized through closing.
There can be a lot happening during those few weeks. Documents are being signed, inspections are taking place, the lender is working on the loan, title work is underway, and there are dates throughout the contract that need attention.
A Transaction Coordinator, or TC, helps keep track of those moving pieces while the agent continues working with the client and handling the parts of the transaction that fall under the agent’s responsibilities.
It Starts With Knowing the Transaction
Before you can keep a transaction organized, you need to know what you’re looking at.
When a file comes to a TC, one of the first things to do is review the paperwork and become familiar with the transaction. Who are the parties? What property is involved? When is closing scheduled? Which dates need to be tracked?
You also need to know what’s already been completed and what still needs attention.
The more familiar you are with the file from the beginning, the easier it is to notice when something is missing later.
Keeping Up With the Calendar
Deadlines are a big part of transaction coordination. Depending on the deal, there may be dates related to deposits, inspections, financing, appraisals, document delivery, and closing.
A TC may also be keeping track of several transactions at the same time.
That means checking the calendar regularly rather than waiting for someone to remind you that something is due.
If Friday is an important date, you don’t want Friday morning to be the first time you think about it. Staying a few days ahead gives you time to follow up and find out whether everything is on track.
Following Up Is Part of the Job
A lot of transaction coordination comes down to following up. Maybe you’re still waiting for a document. Perhaps something was sent out for signatures but hasn’t been returned.
You may need to confirm that another party received something or check whether an item has been completed.
You’re going to be waiting on people from time to time. If something hasn’t come in yet, make a note of it and check back later.
A simple system for keeping notes can help. If you’re waiting for something, write it down, set yourself a reminder, and follow up instead of relying on memory.
Keeping the File Organized
Real estate transactions come with plenty of paperwork, and documents may arrive at different times from different people.
A TC helps make sure the file stays organized as those documents come in.
You may need to check that paperwork has been received, keep track of what’s still missing, and make sure documents are stored where they need to be.
Being organized here makes a difference later. It’s much easier to find a document when you’ve been keeping up with the file all along instead of trying to sort everything out right before closing.
Communication Happens Throughout the Transaction
Transaction Coordinators may communicate with agents, lenders, title companies, inspectors, clients, and others involved in getting the deal to closing.
Sometimes you’re asking for something. Other times you’re simply confirming that it was received or letting someone know where things stand.
Keep those messages clear and easy to understand.
If you’re waiting for a signed document, say which document you need. If you’re checking on something that’s due soon, include the date. Making the message specific can save everyone another round of emails or phone calls.
Know When Something Isn’t Yours to Handle
Being helpful doesn’t mean taking over every part of the transaction. A TC needs to understand where the role ends.
If a client has a question about the loan, that needs to go to the lender. Questions about negotiations or decisions that belong to the agent should go back to the agent. Legal questions need to be handled by the appropriate professional.
If you’re not sure whether something falls within your responsibilities, ask the agent or broker you’re working with before responding.
Knowing when to pass a question along is part of doing the job well.
TCs Can Give Agents More Time
Think about how many small tasks come up between contract and closing. Checking whether a document came back, updating a calendar, following up on paperwork, and keeping the file organized may only take a few minutes each.
Put them together across several transactions, though, and they can take up a good part of an agent’s day.
Having a TC handle the administrative side of the transaction can give the agent more time to work with buyers and sellers, attend appointments, follow up with leads, and find new business.
The agent is still responsible for the parts of the transaction that belong to them. The TC is there to help keep the process organized.
Learn the Role Before Handling a File
If Transaction Coordination is something you’re interested in, learning the process before someone hands you a live transaction can make things a lot easier.
You should know what you’re looking for in the paperwork, which dates need your attention, how to keep track of documents, and when a question needs to go back to the agent or another professional.
That’s what LEAP Real Estate Academy’s Transaction Coordinator Certification is designed to help you learn.
The course covers the transaction process, tracking timeframes and deadlines, managing documents, understanding the law and knowing your role in the transaction.
Whether you’re interested in working as a Transaction Coordinator or you’re already helping with transactions in a real estate office, the training can give you a better idea of what the job involves before you’re responsible for keeping a file on track.
Enroll in Transaction Coordinator Certification at LEAP Real Estate Academy in Orlando and learn how to help keep real estate transactions organized from contract to closing.
