What Does a Transaction Coordinator Actually Do?
I searched “transaction coordinator” the other day and noticed something.
We all sound a lot alike.
Track deadlines. Keep the transaction moving. Make sure the i’s are dotted and the t’s are crossed.
My own website has some version of that language on it too. There are only so many ways to explain the mechanics of contract-to-close.
But after 12 years of doing this work, I think there is a lot more to good transaction coordination than the checklist.
The checklist is the easy part to explain
Once a property is under contract, there are a lot of moving pieces.
The file needs to be reviewed. Contract dates need to be tracked. The people involved need to be connected. Earnest money needs to be accounted for. Title, financing, documents and closing details all have their place in the process.
Knowing what needs to be done matters.
But knowing a date is the easy part. Knowing what needs to happen around that date, and noticing if something isn’t lining up, is where experience comes in.
A calendar can remember a deadline. Software can generate a task. Automation can send an email.
I use all three.
What I don’t want technology doing for me is paying attention.
Real estate transactions don’t happen in neat little checklists
The contract says one thing. An amendment changes it. Title sends something new. The lender provides an update. Someone mentions something in an email. The agent has a conversation with the client that changes what happens next.
Sometimes nothing is technically “due,” but something still needs attention.
As I work a file, I’m paying attention to whether the pieces make sense together. Is something missing? Did a change affect something else? Who needs this information? Does the agent need to know?
The checklist tells me what to look for, but experience helps me recognize what I’m looking at.
A transaction coordinator doesn’t replace the agent
There are conversations, decisions, negotiations and responsibilities that belong with the real estate agent representing the client. A transaction coordinator works alongside that agent, with a different role and different responsibilities.
My job is to know my part of the transaction and handle it well.
Once I’ve taken over a file, my agent shouldn’t need to keep track of whether I sent the introduction, requested the earnest money receipt, followed up with title, sent a closing reminder or handled the other routine pieces included in their service.
That’s the part they handed to me.
But I also need information I couldn’t know on my own. If an agent has a conversation, receives a document, agrees to a change or learns something that affects the transaction, I need to know about it.
I can only track what I know about.
The part behind the checklist
The part behind the checklist is often the least visible part of the job.
It’s the document we should have received but didn’t. The date that changed. Two pieces of information that don’t match. The email that changes what we thought we knew.
When I take responsibility for my part of a transaction, I want my agent to know it’s handled.
They shouldn’t have to manage me while I’m managing the file.
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