Just the other day, I was casually watching YouTube and saw a video for a company offering Transaction Coordinator Services. I had no idea what that actually meant so I thought I’d do a little research to figure it out. Here are few questions and answers that are worth understanding.
What is a Transaction Coordinator?
Based on what OfferToClose.com says in their YouTube video, a transaction coordinator is a neutral third-party that reviews all of the paperwork, set up disclosures, request signatures on documents, work with an escrow or title company, and do whatever they can to ensure a transaction runs smoothly from offer to close.
After doing a little bit more research, it appears a transaction coordinator, or TC, is similar to a paralegal. TCs primarily work directly with real estate agents but there are those doing for sale by owner that also hire transaction coordinators to help them with all of the proper paperwork. Throughout the US there is a lot of paperwork required to buy or sell a home but especially in states like California that have an above average amount of paperwork related to disclosures it can be invaluable to have someone who knows how to navigate all of the contracts and disclosures.
How Much Does a Transaction Coordinator Cost?
The range of costs on a transaction coordinator are pretty wide. On the low-end you can find a transaction coordinator for $299 and on the high-side you can pay $600 but on average a transaction coordinator seems to cost about $450.
What Hours Does a Transaction Coordinator Work?
Real estate is a 7 day a week type of job, but due to the slightly smaller role of a transaction coordinator and also due to the fact that some of them don’t interact directly with clients many transaction coordinators work Monday – Friday from 9 AM to 5 PM. There were a few services like Offer To Close that have extended hours that include weekends and evenings but that seems to be the exception rather than the rule. Whether you are a real estate agent or are selling a home yourself, I would seem as though you would probably want to hire a TC that does work during evenings and weekends, so you can ensure that things are taken care of in a timely manner as opposed to solely during “office hours” or during the week.
How Does Someone Become a Transaction Coordinator?
As far as I can tell there isn’t any specific training or state licensing required in order to become a transaction coordinator though after looking at some LinkedIn profiles it appears there are two main groups. Those who have been office assistants and those who are licensed real estate agents. The TCs that are licensed seem to have the upper hand both because they have a much more extensive background but also because they seem more able to help with tasks that fall under the direction of a real estate broker such as helping with filling out forms and even helping to write offers.