When you sell your own home, you quickly find yourself buried in contractual documents, financials and to-do lists. You know every detail must be handled with precision if you don't want your transaction to get derailed. That's why it makes good sense to hire a skilled transaction coordinator (TC) to manage the whole process. So what exactly does a TC do? Let's take a look.
A TC is a professional expediter -- a sort of concierge for real estate deals. This person is an expert at managing the fine details that pass between all the major players of a transaction, from the initial title search to the final closing tasks. You can rely on this expert to:
- Create and share summary sheets and other documents with all parties' contact information
- Make sure the buyer, seller, lender and agent are all looking at the same versions of the same contracts and other data, signing on all the dotted lines as needed
- Open escrow and title files, following up with these agents to ensure a smooth close
- Send out regular updates and reminders so all parties know exactly where the transaction stands and what needs to happen next
In short, transaction coordinators deal with the mountain of tiny details that turn into a molehill of problems without the necessary attention.
Provides Massive Time and Money Savings:
There's no getting around the fact that the many tasks involved in real estate transaction take a significant amount of time -- and if you're a homeowner with a full-time job or an investor with multiple properties, you know that time is money. Sure, you can hire an agent to help you, but you're going to be paying them 3% of your final sale price. Opting to use an affordable FSBO service platform like HomeBay, which offers all the same services a realtor does at a tiny fraction of the cost can save you hours and hours of time and thousands and thousands of dollars.
Critical Quality for Sellers:
If you're a seller trying to save money by handling the entire transaction yourself, you could be doing yourself a crucial disservice. Dotting every I and crossing every T in a real estate transaction is tricky enough for a seasoned professional. If you miss one critical detail or fail to maintain close communications with all concerned, and your entire transaction could be thrown into chaos. Having a TC handle your deal brings a welcome measure of quality control back into the picture.
Now that you know that a transaction coordinator does and how this kind of professional can streamline your real estate project, consider using HomeBay's full service solution to manage your next sale.