They serve as an in-between – they are liaisons between real estate agents, clients, escrow companies and mortgage brokers during a real estate transaction. TCs are often hired by real estate brokerages so that administrative tasks are managed more effectively.
Real Estate Agent and Trainer, Robert Rico, explains what the benefits are to hiring a Transaction Coordinator when you’re a Real Estate Agent.
"When you’re hiring someone to look after your transactions, do yourself a favor — don’t hire a teenager or someone brand-new to the game. Hire an experienced TC with many transactions under their belt. It’s going to cost you more, but in the long run, it will definitely be worth it with all the time and headaches you’ll save! Thus, this investment could actually leave you richer!
The TC will also protect you against any unforeseen circumstances that you may have overlooked in your eagerness to get the deal pushed through. For example, if you missed an irregular stipulation in the contract, the TC will be going through everything with a fine-toothed comb to make sure you are covered on all bases.
In addition, the TC will do the hard/tedious work of gathering signatures and keeping everyone updated on a daily basis for each escrow that you have open. There are, like we said, lots of signatures to collect… you don’t want a deal delayed because you forgot to follow up on a client signature. Sometimes, if the real estate agent is the one at fault, they even pay out of pocket to extend the buyer’s loan lock. This is an out of pocket cost for each day the escrow is delayed — try to avoid that!"
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