Transaction Coordinator vs Transaction Manager Job Description
This is a continuation of a series of videos I'm doing on decoding the job titles used on real estate teams. Last week I talked about listing coordinators and listing managers, and this week we're talking about transaction coordinators and transaction managers.
A quick caveat
Every team does things a little bit differently, and your specific job duties are going to vary depending on where you are in the country and the size of your team and the preferences of your agent. So today I'm going to give you an overview of what you can expect if you are searching for a job titled Transaction Coordinator or Transaction Manager.
At its core, a transaction coordinator is responsible for assisting a real estate agent with the administrative duties that occur during the contract-to-close process. They're the ones who are responsible for the paperwork, compliance, and communication between all parties so that the deal runs smoothly.
Different states have different laws regarding this contract-to-close process. Some states are called escrow states, meaning they use an escrow company to handle this due diligence process. Some states use attorneys, and therefore the role of a transaction coordinator will be different in different states.
Learn about your state specific process here: https://sandygadow.com/state-by-state-closing-guide/
There are dozens of moving parts during a real estate transaction, and the stakes are high. Being a transaction coordinator means being at the center and taking responsibility for communication, compliance, and deadlines.
Who Should be a Transaction Coordinator?
Being a transaction coordinator is a highly process-oriented job. This is a job for someone who loves paperwork and details and can handle multiple projects at the same time. However, even though the process is, essentially the same every single time, every transaction is different. Every client is different. And therefore while there are repetitive tasks in this job, there is still a lot of variety.
It can be a highly stressful job, so it's a good fit for someone who can remain calm under pressure.
The Types of Transaction Coordinators
There are three types of transaction coordinators.
1. Your first is the independent transaction coordinator who works on a per-file basis, and they work for multiple clients.
2. The next type of transaction coordinator works in a real estate office and supports all of the agents in that office.
3. And then finally, some TCs are hired directly onto a real estate team, and they only work with one agent.
When a transaction coordinator works on a real estate team, they have a broader scope of responsibilities. They will have much more communication with the client. They may run errands and go out to the property. And they will be much more involved in the customer service aspect of managing that transaction than, say, a contract TC or an office TC.
Experience Required to be a Transaction Coordinator.
The level of experience required for this role varies greatly, but generally, you need to have about two years of solid administrative experience. You need to have great attention to detail, fantastic organizational skills, and good customer service skills.
Beyond that, some teams require that you have a license or that you have many more years of experience handling complex transactions. It's also important that you can work in a very fast-paced, deadline-driven environment.
Transaction managers are more experienced transaction coordinators. They are licensed and they only work for a real estate team. This person acts as the agent during the transaction, and they take ownership of the process. They are likely very involved in negotiating requests for repairs and discussing the status of the transaction with their client. They are actively involved in managing the transaction so that the lead agent doesn't have to get involved.
On some teams, depending on how they're set up, the transaction manager is also involved in drafting counter-offers and handling contract-related issues before the transaction goes under contract. The division of job duties depends on the skill set of the transaction manager and the setup of the team.
Qualifications of a Transaction Manager.
Transaction managers are licensed, and they generally have at least five years of relevant experience. Often they've worked as real estate agents in the past. We've placed attorneys as transaction managers on large commercial teams before. People with paralegal backgrounds also tend to be a good fit for this role once they're licensed and they have some experience.
Okay, there you have it. There's the difference between a transaction manager and a transaction coordinator. If I've missed anything, make sure to leave a comment below. We'd love to hear more about what you do on your role on a real estate team.