Guide to hiring a rockstar real estate transaction coordinator

You’ve decided it’s time to bite the bullet and hire a transaction coordinator to help scale your real estate business... now what?

If you're still not sure, start by assessing whether or not you need a transaction coordinator. Hiring for any role on a team is a big deal and shouldn't be taken lightly. Hiring and training new employees can be costly, which is why it’s critical that you find the right person, with the right qualifications, who is a good fit for you and your team.

Before getting started with the hiring process, you need to prepare a least a few things; a budget and a job description. We've got you covered on both.

What’s the average real estate transaction coordinator’s salary?

According to Glassdoor in 2022, real estate transaction coordinator salary in the United States can range from $45,000 to $60,000 per year with the median salary coming in at $49,000. Since the cost of living can vary widely from state to state, It’s a good idea to do a more specific search to determine the going rate for a transaction coordinator’s salary in your local area.

Does a real estate transaction coordinator need to be licensed?

It’s also important to consider whether you need a licensed or unlicensed transaction coordinator. The duties transaction coordinators are able to perform legally vary from state to state. While you will likely pay a higher salary or hourly rate for a licensed TC, you may regain that in value if you can delegate more complex work.

For example, in the state of Florida, several duties are off-limits for non-licensed coordinators including discussing or explaining a contract, listing, lease agreement, or any other document with anyone outside of their office. Other states disallow anyone without a license to access the MLS system.  Refer to the National Association of Realtors for the restrictions on unlicensed coordinators in your state.

Sample Real estate transaction coordinator job description

Overview

Do you consider yourself to be a self-starter, yet desire to be part of a supportive, highly driven team? Do you take pride in your ability to stay organized in the midst of chaos?

We are seeking a real estate transaction coordinator who thrives in a dynamic, fast-paced team environment. Your mission, should you accept it, is to manage the transactions for a successful, growing team that is on track to close 80 transactions this year.

Responsibilities

• Oversee all administrative aspects of buyer and seller transactions from executed purchase agreement to closing
• Act as liaison between real estate agents, clients, title companies, and mortgage brokers during the process of a real estate transaction
• Create office procedures and timelines to effectively manage the administrative tasks involved in closing a sale
• Follow up with individuals as needed to ensure all deadlines are met and contingencies are released
  Maintain accurate and compliant files for all transactions
• Communicate regularly with the client to send them reminders, check-in, and let them know what to expect in each step of the closing process
• Add all client information into the client database, submit all necessary documentation to the office broker for file compliance

Qualifications

• Real estate license preferred
• Prior experience in transaction coordination, real estate, titles, or mortgages preferred
• A proactive communicator with excellent written and verbal communication skills
• Ability to stay highly organized under pressure and deadlines
• Motivated to provide excellent customer service for our clients
• Proficient with technology such as E-signatures, document storage, email, and CRM

How to recruit a real estate transaction coordinator

Perhaps you already have someone in mind to handle your real estate transaction management.  If so, that's great! Often times, finding the right person is the hardest part.

If not, you'll need to get the word out about your job to attract good candidates.  Below are a few ideas for where to post your job description.

• If you are part of a large brokerage, start with your employee intranet or message board. Many transaction coordinators started out as licensed agents who didn't love all aspects of the job.
• Since many transaction coordinators work virtually, you have a huge opportunity to leverage online job boards to promote your opening.
• Transaction coordinator groups are a very active on Facebook. Why not join one and post your position there?