Real Estate Transaction Coordinator FAQs
Now that you know the basics of what a real estate transaction coordinator is, we’ll look at some frequently asked questions about their role in transaction management.
What is another name for a real estate transaction coordinator?
Transaction coordinators can go by several names, including real estate transaction adviser, transaction manager, facilitator and more. Some transaction coordinators have administrative-sounding titles but perform the duties of a transaction coordinator.
How much does a transaction coordinator cost?
A transaction coordinator usually gets paid with a flat fee per transaction or an hourly wage, which may or may not include bonuses. You can pay between $300 – $600 or more for a transaction coordinator’s services.
Who pays the transaction coordinator fee?
It depends on the individual hiring the transaction coordinator. In an FSBO situation, the owner should pay the fees. A buyer’s agent may need a transaction coordinator, so they would pay the transaction coordinator’s fee. An in-house transaction coordinator may work for a brokerage firm, meaning the brokerage pays the costs.
Is a transaction coordinator worth it?
Yes, you may want to work with a transaction coordinator in certain situations. For example, many FSBO sellers choose to work with a transaction coordinator because they know the buyer and don’t need help marketing or negotiating.
How do you become a transaction coordinator?
A transaction coordinator typically needs several years of real estate experience, including understanding the documents involved in real estate transactions. You must also check your state’s requirements to learn what it requires. Most have a background as licensed real estate brokers or sellers but may also receive training to become transaction coordinators.
Do I need a real estate license to be a transaction coordinator?
A real estate license isn’t always a requirement for transaction coordinators. Whether you need one will depend on your state’s laws. In some cases, transaction coordinators need a real estate license to view certain home buying documents. So even if it’s not required by law, a license can be a valuable tool.
What skills do I need to become a transaction coordinator?
Punctuality, time management, organization and communication skills – both online and in-person – are all crucial to becoming a successful transaction coordinator.
