Transaction Coordination FAQ's
- What is a Real Estate Transaction Coordinator?
- Why do I need a Coordinator?
- How does it work?
- What does the completed file look like?
- How can EscrowCoord.com do this all remotely from my office?
- How do I open an order with EscrowCoord.com?
- What if I don't close?
- How much does it cost?
How do I get started? (5 simple steps)
What is a Real Estate Transaction Coordinator?
Transaction Coordination is a relatively new career in the real estate industry that has gained popularity in the last several years. The owner of EscrowCoord.com, Diana Turnbloom was one of the first to develop systems, author books and create policy and protocol for Coordinators.
A Real Estate Transaction Coordinator or “TC” begins work upon acceptance of a real estate contract. They gather paperwork (contracts/disclosures/reports/miscellaneous) related to the sale, create an organized pending sale file and track (audit) paperwork to ensure it is properly executed (signed) by all parties, and the proper documents are in the file at closing for Bureau/Department of Real Estate and Broker compliance. At the end of the transaction, a completed file is delivered to the broker and/or agent.
A TC can work in a real estate office or virtually…for just one agent or multiple agents/offices. They are typically hired as an independent contractor and are paid a transaction fee per closed file. This fee varies depending upon location and services provided.
Although some TC’s are licensed real estate agents, the job description/responsibilities does not change with licensing. There are strict guidelines that most Bureau/Departments of Real Estate provide for each state.
Why do I need a Transaction Coordinator?
You may be able to reduce your E&O insurance premium by using a professional Transaction Coordinator! A Coordinator can reduce litigation risk even more so than a Home Warranty AND home inspection combined!
The average agent only closes 2 properties per year. With on-going changes in disclosure requirements, multiple problems that typically arise and the coordination of multiple disciplines (escrow, title, lender, buyer and seller plus representatives), many agents prefer to delegate transaction management responsibilities to an experienced and knowledgeable Coordinator. EscrowCoord.com TC's close an average of 100+ transactions per year!
Once an agent hits top producer status, their needs change and begin to focus on time. They realize the benefits of freeing up time for money-making tasks like showing properties and writing offers and of course time for family and friends.
Using a professionally trained and experienced Coordinator gives you and your client time-saving services, reduces potential litigation and provides a “professional” team image.
How does it work?
In addition to the standard file auditing, EscrowCoord.com also offers a robust program of TC services not offered by others!
Using cloud technology, transaction management software, and powerful email systems, we create a virtual file to store paperwork, track activities and organize email correspondence (critical for documentation).
Reviewing the contract, ordering reports, sending out reminders for key due dates (deposits/contingencies/closing), preparing paperwork for signatures, communicating closely with other team members and problem solving ensures our agents and brokers experience a hassle-free transaction that reduces time demands.
For the "hands on" agent, you'll be cc'd on any email correspondence we send out so you understand what's going on.
Upon closing, we submit a completed file (including emails) as a hyperlink, plus a client version you can forward to you client as a final thank you email.
Because all of our Coordinators are trained on and share the same system, you’ll never have to worry about coverage when your EscrowCoord.com TC goes on vacation or is out sick. One of our other highly trained professionals will work competently as a replacement.
If a team member requests any documents from you, be sure to refer them to your TC who takes care of any paperwork requests or questions.
What does the completed file look like?
We take great pride in our closing files! Documents are organized into sub-folders and coded for easy location and identification. Included is a sub-folder of transaction emails (with attachments) indexed in a format to easily locate information.
How can EscrowCoord.com do this all remotely from my office?
Agents and brokers have benefited from EscrowCoord.com virtual services for years! We eliminate the extra steps of printing and storing hard copy documents by moving attached documents from emails directly to our cloud storage for 24/7 access (like a file cabinet!). You no longer have to travel to the office to locate a document or drag files around. We provide you with a downloadable link to your files you can view on your phone, tablet, pc or laptop.
How do I open an order with EscrowCoord.com?
It’s simple! Once you have a fully executed purchase contract, complete our online intake form and email all contracts and documents to your assigned EscrowCoord.com Coordinatator. Upon our confirmation (“GOT IT!”) and within 24 business hours, you and other team members will receive a comprehensive team and timeline sheet and professional introductory letter.
What if I don't close?
No problem! We are only paid when the transaction successfully closes!
How much does it cost?
Full $450* per closed residential transaction
- Perform a minimum of 4 file audits
- Request missing documents from other agent directly
- Ensure file is BRE and broker compliant
- Open escrow per agent’s request
- Communicate directly with Escrow/Loan Officer/Agents/TC/Clients
- Solve problems
- Prepare and deliver a team and timeline sheet
- Upload documents into broker platform (Skyslope, DTR, etc.), if applicable
- Track deadlines and notify team members of contractual requirements
- Order Home Warranty
- Order Natural Hazard Disclosure report
- Order HOA Documents
- Prepare and deliver documents for e-signature
- Review Title Reports
- Provide copies of all email correspondence with closing file
- Provide a client AND agent closing file
*call for Special Projects/lease/multiple units
How do I get started (5 simple steps)?
- Email or call Diana Turnbloom at 925-305-9625 to discuss your needs
- Sign a contract agreement with EscrowCoord.com
- Complete a form to identify your favorite vendors and preferences
- Provide a copy or list of required documents for your office and any in-house disclosures/documents. Don't have one? No problem-We'll help create a "doc sheet" for you!
- Save an intake form link to your browser (for future transaction orders) Complete and email along with the accepted contract and any other pertinent paperwork when you open an order!