Real Estate Business
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Whether you’re looking to hire your first real estate transaction coordinator, or you already have one, you know how important this role is. An offshore transaction coordinator relieves pressure from your staff by making sure nothing falls through the cracks during a transaction. They are key in ensuring all documentation is filed complete and on time, coordinate opening escrow, inspections and repairs, and the closing process, and can even carry out after-transaction services to ensure customer happiness. Offshore real estate transaction coordinators - also called ‘open to close’ coordinators - are a crucial cost and time-saving addition to complement your team.
8 Things your Transaction Coordinator can do for you!
Open escrowIn the US, the first step in the transaction process is to open escrow. Your offshore transaction coordinator will make sure the escrow account is set up correctly, give complete details to the escrow officer, inform all parties about the details, and ensure that the deposit has been collected.
Coordinate inspectionsThe transaction coordinator will take the pain out of inspections by coordinating between parties to arrange suitable times. Diary management can be an unnecessarily time-consuming job, and their role is to make sure communication is simple and easy so that inspections happen like a breeze.
Negotiate repairsRepairs are another area that can take more time than necessary. Your offshore transaction coordinator will assist by keeping track of what needs to be done and when, making sure repairs are completed satisfactorily, and all parties are aware of the status of repairs.
Document complianceWorking from a standard checklist, the transaction coordinator will ensure that all documents are completed correctly and filed on time. With a sharp eye for detail, they will make sure that every T is crossed and every I is dotted, so that you can be sure that delays will be minimised.
Data entryEvery transaction bears a lot of data entry. As your offshore transaction coordinator collects all the forms and paperwork, they will input the data into your online systems and ensure all fields are filled out correctly.
Coordinate possessionWhen the transaction is near to closure, buyers and sellers will need to agree a possession or moving date. As a calendar management expert, your transaction coordinator will negotiate between the parties to make sure the handover is a smooth process.
Closing-outOnce the transaction is complete, the transaction coordinator will work with the escrow officer to ensure that escrow is closed properly, funds are disbursed, and all documentation sent to the right parties. They are key in ensuring that communication is clear and transparent during the escrow process, right up until the end.
Client follow-upA sale doesn’t end at closing! The transaction coordinator will follow up with the clients at regular intervals to see if they need any further assistance, provide recommendations for home improvement providers or insurers, and to ask for a review or testimonial.