A Transaction Coordinator is a real estate professional who manages all the paperwork and deadlines involved in a real estate transaction. Sometimes they are also licensed as a real estate agent but usually they started in real estate as an assistant and through the process of managing various tasks learn all of the ins and outs of being a transaction coordinator.
Any transaction coordinator working more than a couple transactions per month is likely using one of the top transaction coordinator software tools. There are a few options out there but no matter which tool you are looking at, you should make sure they have key features such as:
- Task Tracker: Each and every transaction has dozens of things that need to be done to get from accepted offer to close. Keep track of those tasks is table stakes.
- Transaction Timeline: A transaction timeline, much like a task tracker, is a must-have. There are key dates that need to be monitored like when an inspection contingency, appraisal contingency, or loan contingency. It is also important to track when escrow is scheduled to close.
- eSignature: Not all transaction coordinator software will offer this, but we find this helps transaction coordinators and real estate agents get contracts, addendums, and disclosures completed quickly and correctly.
- Split, Modify, Edit PDFs: Every real estate agent or transaction coordinator has experienced getting a PDF that has fifty plus pages spread across five or more documents. However, you’re going to want to save each of those documents as its own file and that can be a pain in the transaction if you have to use some free online tool that is clunky or risky to use. A great TC software will definitely have this.
- Smart Document Lists: Real estate transactions have hundreds, if not thousands, of potential permutations based on the attributes of each transaction such as when the house was built, where it is situated, and more. With all of these variations it is important to have a smart list of documents created to aid all parties in ensuring that the proper paperwork is completed.
- Puppies and Cats: All right, maybe you shouldn’t expect puppies with TC software but puppies and cats make everything better.
Whether you use a service like SkySlope, DotLoop, or Offer To Close, make sure they are a good fit for your needs. Make sure they know how best to manage a real estate transaction whether you are in a complex state like California or a more simple state like Texas. However, you should definitely make sure that your transaction coordinator software is more than just a document repository to make your real estate broker feel comfortable without providing the detail to ensure a transaction is handled properly.