Wouldn’t it be great if you were to sell or buy a house in South Carolina, if there were someone working behind the scenes to make sure closing occurs in the most expedient, efficient way possible? In today’s market, agents and brokers often hire someone to do just that. A real estate transaction coordinator (TC) is neither an agent nor assistant, although some do have their agent license (and, in some states, this may be required to act as a TC.
A real estate transaction coordinator typically works as an independent contract or business owner. TC’s usually work on commission, earning anywhere from $250 to $700 or more per transaction. They do not generate leads or carry out other duties that are the responsibility of an agent. However, they do take care of many behind-the-scenes processes, which facilitates a smooth, swift closing.
Services that real estate transaction coordinators provide
The following list includes several of the most common tasks that TC’s take care of when working for agents or brokers:
- Send intro packets and open escrow
- Make sure contingency deadlines are being met
- Coordinate schedules for titles, inspectors and lenders
A TC ensures compliance where necessary and keeps everything (and everyone) on track for closing.
It is an in-house or remote position
A real estate transaction coordinator is not restricted to a brick-and-mortar office, although many TC’s carry out their work as part of the in-house staff of a brokerage. Some TC’s work as virtual specialists, providing services for multiple agents or brokerages simultaneously. Still others work as independent business owners, either from home or an out-of-home office.
A real estate closing today is a much more complex process than it used to be. There are generally more regulations, as well as disclosure requirements. Advanced technology has enabled realtors and brokers to digitize and digitalize many aspects of buying and selling homes. All these issues opened the door to the (fairly) new career we now refer to as “real estate transaction coordinator.”
Read your contract carefully
It is typically the responsibility of a real estate agent or broker to pay a real estate transaction coordinator. However, it is always wise to thoroughly review your contract as a seller or buyer to check whether there’s an agreement clause stating that you will cover any fees related to a TC. If you sign the contract without reading it and it states that you must pay the transaction coordinator, you’ll be stuck. This is why you should never sign a real estate contract without reading through all the fine print and making sure you fully understand its contents.