A real estate transaction involves a whole team of experts to be a success. Some of the parties involved include a real estate agent, mortgage broker, loan officer, and other specialties such as inspectors and appraisers. For effective transactions, the real estate transaction coordinator acts as the middleman between the real estate agent and the mortgage broker.
The real estate transaction coordinator primarily handles all the documentation in the property sales or purchases. On top of that, the transaction coordinator is also responsible for:
- Opening an escrow account. An escrow account is a separate account managed by a lender to collect advance insurance payments and tax payments from a homeowner.
- Giving timely updates on the real estate transaction to all the involved parties.
- Plan, schedule, and coordinate all the inspections needed for the property before selling or purchasing.
- Timely completion and submission of the relevant transaction documents
- Regularly update and maintain communication with clients
- Schedule, coordinate, and attend the closing process.
- Input all client information into the client database system
- Schedule customer service follow up calls to assist with home improvement recommendations and seek referrals
- Oversee the whole transaction from purchase agreement to closing.
The work of a real estate coordinator is challenging. Imagine if your typical day revolved around dealing with paperwork, logging in the computer for hours, making calls, and going on the road to view house listings, and sealing the deals. It is demanding, right? This, therefore, makes the job, not for everyone.
Despite the challenges of the job, it is still a fulfilling and rewarding career. Therefore, in case you still need to indulge in it, it is necessary to get some guidance. Contextually, this article outlines a 5 step guide to becoming a real estate transaction coordinator.
Having a particular skill set makes you competent in executing your roles and responsibility. For you to be a proficient real estate coordinator, you need to possess the following skills;
The job description of a real estate transaction coordinator involves multiple tasks from purchase agreement to closing. These tasks are all allocated a deadline. Therefore, to beat the deadline, you need to be organized. This puts you in a better position to chronologically handle the tasks in order of urgency.
Ability to learn quickly
If you are new in the field, your ability to learn quickly impacts your competency. The real estate industry is ever-changing; therefore, there is always something new to learn. Even though you might be experienced, you need to be quick to learn to pick up on the new trends. For instance, introducing new software means you will need to quickly learn how to use it.
Paying close attention to detail
The sensitivity of real estate documentation makes it essential to pay attention to the verification. It would be best if you were on the lookout for any small mistake since any minor error can significantly affect the real estate transaction. On the contrary, you do not need to waste a lot of time looking for minor effects. You need to strike a balance between keenness and saving time without compromising the quality checks.
Passion for what you do is the basis of commitment. Before narrowing down to become a real estate transaction coordinator, you need to be sure that you are passionate about it. This will make you go out of your way to ensure the work is perfectly done. Even during challenging times, if you are committed to the job, you will wholeheartedly face the drawbacks. Essentially, if you choose the career because of passion rather than the financial aspect, you will be committed to it.
Social and communication skills
Your job description is centered around dealing with clients and other real estate agents. Therefore, your success highly depends on your social interaction. Notably, social interaction is linked to social and communication skills.
2) Right attitude
To succeed in your real estate transaction career, you need to be multifaceted. Having the right skill set is not enough. You need to possess the right attitude for the job. Especially since you are working as a group, you need to display teamwork skills and socially desirable traits.
3) Technical aptitude
Real estate transaction coordination is a technical field. It entails the use of software and other electronic media. Therefore, to stay relevant, you need to be ever learning about changes in the field. In essence, you need to learn new software, have exemplary data entry skills. Understand setting up systems and customer relationship management software.
4) Stress management
The real estate transaction coordinator is a very demanding career. This, combined with the tight deadlines, makes it very stressful. Every now and then, you are stressing about beating a deadline or closing a deal. Therefore, you need to have a high tolerance to stress to succeed in this job.
The certification of a transaction coordinator depends on your state. Therefore, it is necessary to understand what the legislation states about certification. Regardless of the laws, having a license gives you a competitive advantage.
Looking to quick-start your career? Look no further; this article gives you a 5-step guide on how to be a real estate transaction coordinator.