Benefits of Using a Transaction Coordinator

By Homepie  | Published Oct 13, 2022 | } 4 Minutes

Benefits of Using a Transaction Coordinator

When selling your home, it is usually the real estate agent who deals with the administrative aspects of the selling process. However, when you are selling your own home, you must take on those tasks yourself, such as providing statutorily required seller disclosures. One way to make things easier is to use a transaction coordinator to handle those administrative duties for you. A transaction coordinator offers the seller many benefits, which we will look at now.

What a Transaction Coordinator Can Do

Normally, transaction coordinators are part of the team that works with a real estate agent. So, what happens when you decide to sell your home without using a realtor? One option is to use a company that provides this service, such as Homepie.

A transaction coordinator isn’t an assistant, but rather someone whose main focus is on making sure that timelines are adhered to, and documentation is accurate and in order. Transaction coordinators communicate with all parties and keep the process flowing. Transaction coordinators handle the following:

• Review your sales agreement to ensure it is fully executed and create the transaction timeline.
• Provide all the necessary disclosure documents.
• Make sure your documents are submitted on schedule.
• Communicate with all parties to ensure everything is handled efficiently and in a timely manner.
• Assisting and coordinating the closing process.
• Keeping a close eye on periods of contingency and time frames.
• Providing administrative support.

Benefits of Using a Transaction Coordinator:

Saves You Time

Managing the selling of your home yourself can feel like a full-time job. When using a transaction coordinator, you free up more of your time so that you can focus on other aspects of selling your home, such as looking for a new home, packing, and moving. It can take time to gather all of the documentation needed, constantly give updates to all involved, and schedule home visits for potential buyers.

Lessens Chance for Errors

If you have never sold a home and aren’t familiar with the process, it can open you up to mistakes and omissions. A transaction coordinator makes sure that all of your files are compliant and you have been provided the required documentation. Homepie additionally offers an optional Seller’s Protection Plan that can protect you in the case of complaints from your buyer. This invaluable insurance protects sellers who participate for 360 days with up to $125,000 in coverage. It is errors and omissions insurance that covers you as the seller. Agents have this insurance but it typically only covers the agent and their broker, not the seller directly.

More Affordable Than Using an Agent

Typically, you could pay somewhere between $450 to $700, depending on your area, to use a transaction coordinator. This is a lot less than the thousands you would be paying in commission when using a real estate agent. It’s well worth the cost to make sure the process is done correctly and efficiently, and it can take a load off of your mind while saving you time and money. Most real estate agents also utilize a transaction coordinator and often pass on the additional cost to their client in addition to their commission.

Some Things to Keep in Mind

You do need to be realistic when hiring a transaction coordinator because there are some things that they cannot do for you:

• Write a sales contract – they can prepare sales disclosures but cannot write them. Still, they have all of the knowledge needed to ensure that you are given the necessary documentation.
• Negotiate – while they will speak with all parties involved when it comes to documents and getting signatures, they will not negotiate the terms of your sale.
• Provide Legal or Real Estate Advice – Transaction Coordinators do not give legal or real estate advice.