What is a Transaction Coordinator?

Hey Girl HEY! I’m so glad you stopped by! I’ll bet you’re wondering what the heck a virtual transaction coordinator is and exactly what do they do? Well I’m here to tell you!

But first, allow me to introduce myself.

My name is Courtney (but you can call me Court). I am the founder of The TC Playbook, owner of a Transaction Coordination Company called Time Freedom TC and a full time realtor/mom/wife. Whew chile! I wear many hats! I live in Georgia. Every state in the US has different regulations for a transaction coordinator but the process and purpose of a transaction coordinator is generally the same in every state across the US.

I decided to earn my real estate license 5 years ago when my twins were 2 years old. I felt real estate sales would provide the opportunity to “make my own schedule.” I quickly found out that that was a fluke! I worked more as a buyer’s agent than I did in the Corporate America I had finally escaped from! This is how I discovered the world of Virtual Transaction Coordination.

So what exactly is a Transaction Coordinator?

A transaction coordinator’s (TC for short) job is to manage the administrative duties required during each stage of  a real estate transaction from the binding agreement date to closing. The binding agreement date is date the transaction coordinator’s job begins. They are typically not involved in any part of the process before then; although some TC’s do offer offer writing as an add-on.

Here’s a short list of a TC’s Responsibilities:

1. Coordinate inspections and completion of agreed upon repairs.
2. Ensure all documentation is submitted to the agent’s broker as well as lender and attorney when necessary.
3. Responsible for making sure all the documents are fully executed, filled out correctly and completely.
4. Make sure the earnest money is deposited before contracted dates.
5. Tracking contingency deadlines such as Due Diligence, Financing and Appraisal.
6. Tracking entire loan process and communicating updates to the clients, agents, etc.
7. Coordinating the closing process.
   
   

Why would a Real Estate agent use a Transaction Coordinator?

1. A TC’s main focus is to ensure nothing falls through the cracks. A good TC will have systems in place that are laser focused on all the tasks required to successfully close a transaction as well as the dates assigned to each task. Real estate is very deadline driven so systems are IMPERATIVE!
   
   
2. A typical real estate transaction takes 30-45 days from contract to close. The paperwork, day to day communications and detail tracking  alone can add up to to more than 20 hours per transaction. This is where the most value is added by a TC. Time is Money.
   
   Hiring a TC frees the agent’s time to do what they do best: sell houses. They are able to sell homes because they now have time to focus on income-producing activities such as:
   • Lead generating
   • Relationship building
   • Networking
   • Converting leads
   • Self-care: hobbies, family/friend time
   
   
3. Hiring a TC is a no-brainer for most agents due to the low cost and low risk. Transaction Coordinators get paid between $300-$500/file at the end of the transaction and typically only get paid if and when the file closes.

Deciding to hire a transaction coordinator WIN/WIN for busy real estate agents.

The best and most tried and true lead generating strategy to earn more clients is word of mouth from existing clients. All you need is one client. Just one! Once you have earned their trust by truly making their life easier, they will gladly refer you to colleagues.

Busy TC’s can work 20-40 files comfortably; some even more. The sky is literally the limit with regard to how little or how much you want to work or earn financially.  

Can you Imagine having your own independent transaction coordinator business and working from home ANYWHERE?  

Setting your own schedule and not having to answer to anyone. Being your own boss. All of this is possible; and can actually happen when you learn how to be a TC. Once you gain clients you may want to consider add on services to scale your income. I personally only offer 1 add on service in my business; however, some other tasks you could offer are social media management, offer writing, marketing materials, blogging... 

The list is endless!

If you’re interested in learning more about becoming a Transaction Coordinator, my 5 module, self-paced program The TC Playbook will teach you everything you need to know to start earning from anywhere. Get on the VIP waitlist here.