A transaction coordinator, or TC, is someone who manages much of the details of a real estate transaction, including helping with all of the paperwork and keeping a transaction on track to hit key deadlines and milestones. The role of transaction coordinator has become much more prominent in the real estate industry over the last decade.
A transaction coordinator can work with agents in a variety of ways. For example, many transaction coordinators work as salaried employees at a real estate brokerage like Coldwell Banker or Century 21. When a TC works for a brokerage, they are not responsible for finding transactions to complete, but are assigned transactions by their broker. Some transaction coordinators operate as independent transaction coordinators and are responsible for finding agents or transactions to do TC work on. As an independent transaction coordinator, often your income is tied to your ability to get a transaction successfully completed. Much like a real estate agent usually only gets paid a commission if a sale occurs, an independent transaction coordinator is most often only paid if the agent’s transaction closes successfully.
Another option for transaction coordinators is a hybrid of the two other structures, where TCs work for a company that specializes in providing transaction coordinating services. An example of this is Offer To Close, a Los Angeles-based company that specializes in residential and commercial real estate in California. Companies like Offer To Close employ transaction coordinators who only get paid by agents and brokers if they are able to assist in getting a transaction successfully closed.
It is worth noting that there is no license for a transaction coordinator the same way there is for a real estate agent or real estate broker (though some state realtor associations offer certification programs that require some classroom work and passing a short exam). However, because transaction coordinators don’t get licensed, agents and brokers should be careful about what they ask as a TC to do. Most TCs are somewhat limited in how extensively they can engage with clients or help with certain forms or contracts since they are not licensed and are not legally able to. This is really important for brokers to keep an eye on.
However, Offer To Close is a great example of a company doing things a bit differently. Offer To Close has hired licensed real estate agents to act as transaction coordinators, which gives them greater latitude to help real estate agents above and beyond what the typical agent can do.
One really key difference between Offer To Close and most in-house or independent transaction coordinators is that they have TCs that are also licensed as real estate agents. That gives them the ability to offer a wider range of services than most transaction coordinators. Some examples of things Offer To Close can do that most TCs can’t:
- Put together buyer offers
- Offer comparative market analysis or CMAs
- Enter information into your local MLS
- Talk directly with your clients
- Write up any requests for repairs
- Write counter-offers
- All of the same things a typical TC would do
The prominence of the transaction coordinator role will only continue to grow. Whether you use an agent or buy/sell a home yourself, you’ll want to understand what a transaction coordinator can do for you and determine whether hiring a TC will help you.