A real estate transaction coordinator (RTC) is a professional who helps to streamline the real estate transaction process by handling administrative tasks. This includes preparing documents, communicating with other professionals, and scheduling appointments. RTCs can be a valuable asset to both buyers and sellers, as they can help to ensure that the transaction goes smoothly and on time.
The real estate transaction process can be complex and time-consuming. There are many different documents that need to be prepared and many different people who need to be kept informed. This can be a daunting task for buyers and sellers who are not familiar with the process.
An RTC can help to alleviate the stress of the real estate transaction process. They can handle the administrative tasks, so that buyers and sellers can focus on more important things, such as finding the perfect property or negotiating the best price. RTCs can also help to keep the transaction on track so that it doesn’t drag on for months or even years.
A study by the National Association of Realtors found that 80% of buyers and sellers who used an RTC were satisfied with the service. The study also found that RTCs can save buyers and sellers an average of $1,500 on closing costs.
Table of Contents
Introduction
Buying or selling a home can be a complex and time-consuming process. There are a lot of moving parts, and it can be easy to make mistakes. That’s where a real estate transaction coordinator (TRC) can come in.
A TRC is a professional who helps to manage the administrative aspects of a real estate transaction. They handle all of the paperwork, scheduling, and communication, so that the buyer, seller, and real estate agent can focus on the more important things.
What is a Real Estate Transaction Coordinator?
A real estate transaction coordinator is a professional who helps to manage the administrative aspects of a real estate transaction. They handle all of the paperwork, scheduling, and communication, so that the buyer, seller, and real estate agent can focus on the more important things.
The specific duties of a TRC can vary depending on the company they work for and the specific transaction. However, some common duties include:
- Preparing and submitting purchase documentation
- Gathering information or documentation from the buyer or seller
- Communicating with other real estate agents, lenders, and inspectors
- Scheduling and following up on appointments
- Ensuring that all documents are completed and signed
- Coordinating the closing of the transaction
Duties of a Real Estate Transaction Coordinator
The duties of a real estate transaction coordinator can vary depending on the company they work for and the specific transaction. However, some common duties include:
- Preparing and submitting purchase documentation: This includes the purchase agreement, closing disclosure, and any other necessary paperwork.
- Gathering information or documentation from the buyer or seller: This may include financial information, property disclosures, or inspection reports.
- Communicating with other real estate agents, lenders, and inspectors: The TRC will need to keep in touch with all of the parties involved in the transaction to ensure that everything is moving smoothly.
- Scheduling and following up on appointments: The TRC will need to schedule all of the necessary appointments, such as the home inspection, appraisal, and closing. They will also need to follow up with the buyer and seller to make sure that they are prepared for each appointment.
- Ensuring that all documents are completed and signed: The TRC will need to make sure that all of the necessary documents are completed and signed by the buyer, seller, and any other parties involved in the transaction.
- Coordinating the closing of the transaction: The TRC will need to coordinate the closing of the transaction, which includes ensuring that all of the funds are transferred and that the property is transferred to the buyer.
Skills Needed to Be a Real Estate Transaction Coordinator
To be a successful real estate transaction coordinator, you will need a number of skills, including:
- Organizational skills: The TRC will need to be able to keep track of a lot of paperwork and appointments.
- Communication skills: The TRC will need to be able to communicate effectively with the buyer, seller, and other real estate professionals.
- Attention to detail: The TRC will need to be able to spot errors in paperwork and ensure that everything is completed correctly.
- Problem-solving skills: The TRC will need to be able to solve problems that arise during the transaction.
- Technical skills: The TRC will need to be familiar with real estate software and be able to use it to track the progress of transactions.
How to Become a Real Estate Transaction Coordinator
There are a few different ways to become a real estate transaction coordinator. One way is to get a degree in real estate or business administration. Another way is to get certified as a real estate transaction coordinator. There are a number of different certification programs available, such as the Certified Real Estate Transaction Coordinator (CREC) designation from the National Association of REALTORS®.
Once you have the necessary education or certification, you can start looking for jobs as a TRC. You can search for jobs online or contact real estate brokerages in your area.
Benefits of Hiring a Real Estate Transaction Coordinator
There are a number of benefits to hiring a real estate transaction coordinator. These include:
- Peace of mind: Knowing that a professional is handling the administrative aspects of your transaction can give you peace of mind.
- Time savings: A TRC can save you a lot of time by handling all of the paperwork and scheduling.
- Cost savings: A TRC can help you to save money by negotiating on your behalf and ensuring that you are getting the best possible deal.
Transaction Coordinator Checklist
Pre-Contract
- Enter listing in MLS.
- Sign listing agreements and documents.
- Complete all disclosures.
- Schedule showings.
- Negotiate offers.
- Accept offer.
- Collect earnest money.
Inspection Period
- Schedule inspections.
- Review inspection reports.
- Negotiate repairs.
- Approve repairs.
Loan Approval
- Order appraisal.
- Order title work.
- Order survey.
- Review loan documents.
- Approve loan.
Closing
- Prepare closing documents.
- Schedule closing.
- Attend closing.
- Fund loan.
- Deliver keys.
This is just a sample checklist, and the specific tasks involved in a real estate transaction will vary depending on the state and local laws. However, this checklist should give you a good starting point for creating your own transaction coordinator checklist.
Download transaction coordinator checklist pdf
Check the 10 best transaction coordinator email templates
Check transaction coordinator training manual
FAQs
What is a real estate transaction coordinator?
A real estate transaction coordinator (RTC) is a professional who manages the administrative tasks involved in a real estate transaction.
Why hire an RTC?
There are many benefits to hiring an RTC, including increased efficiency, reduced stress, peace of mind, and increased chances of a smooth transaction.
How do I find an RTC?
You can find an RTC by asking your real estate agent for a recommendation, searching online, or contacting the National Association of Transaction Coordinators (NATCO).
