Podcast - 081: Why a transaction coordinator is important in making sure your transaction goes smoothly
In this episode, realtor Anthony Luevanos and lender Angel Luevanos touch on transaction coordinators and why they play a vital role in keeping the transaction are stress-free as possible. They interviewed April Baray, the owner of Baray Transaction Coordinators, who also shares a story of how she was able to help a client save over $15,000 even though her client removed all their contingencies.
What is a transaction coordinator?
A TC manages the real estate contracts and disclosures. They are responsible for ensuring that all documents are fully completed and in compliance with the California Department of Real Estate.
The Top 5 Benefits of Hiring a Real Estate Transaction Coordinator
- TC’s help agents take their business to the next level
- TC’s handle the time-consuming tasks
- TC’s can be your bridge to all parties in your transaction
- TC’s serve as your advocate
- TC’s keep everything organized and on track
Transaction Coordination: Should You Hire In-house or Outsource?
This depends on the realtor or client and what they are looking for in a transaction coordinator. Often, the in-house transaction coordinator is limited to what the brokerage requires. Whereas, if you need a more hands-on transaction coordinator to alleviate more of your time, then seeking one outside the brokerage may benefit you.
How to find the right Transaction Coordinator for you?
- Check with your colleagues and ask them to refer their preferred TCs
- Google and Yelps reviews
- Ask your broker
- Ask for recommendations
The top 5 things you should be looking for in a Transaction Coordinator
- Highly driven and self-motivated
- Strong work ethic
- Leadership skills and will to take initiative
- Integrity
- Positive attitude
How to get the best out of your Transaction Coordinator
- Clear and concise communication
- Recognizing team values and goals
- Ability to let your TC take initiative
- Positive affirmations
- Feedback is essential
How much does it cost to have a transaction coordinator, and who pays for it?
It depends on the scope of work the agent is looking for—some TC’s offer different packages variating from a few hundred dollars up to $1,000 per transaction.
The client or the realtor usually pays for this fee. The fee is often paid through escrow only once the transaction is closed.