Learn something new every day
More Info... by email
A transaction coordinator has the job of making sure a transaction goes smoothly. As such, he serves all of the people involved in a transaction, usually handling a range of clerical tasks required to make sure the sale is completed in a timely manner and without setbacks. In most cases, you will need clerical skills, communication skills, and organizational abilities to become a transaction coordinator. Employers may not require a college education, but earning a degree in a business-related field may help you compete for a job. Additionally, some real estate transaction coordinator positions will require real estate licensing.
You will typically need clerical skills when you want to become a transaction coordinator. The people involved in a transaction will likely expect you to keep track of a file that contains documents important to a sale, including agreements and disclosures. You may also have the job of making sure there are no errors in the documents, such as missing dates or signatures. If required documents do not arrive as scheduled, your job may require you to call the parties involved to request them. As such, you will likely need good communication and organizational skills to become a transaction coordinator.
Scheduling skills and a willingness to keep up with deadlines may also prove important when you want to become a transaction coordinator. The parties to a sale many depend on you to make a list of important deadlines and remind the parties involved as they approach. For example, if loan documents must be signed and submitted by a certain date to ensure that a transaction proceeds as expected, you may have to make the calls to remind the involved parties to sign and submit them.
If you have a background that involves handling money or working in a capacity that requires trustworthiness, you may have a better chance of landing a job as a transaction coordinator. This job sometimes involves arranging for the collection and transfer of funds as part of the sale process. For example, you might be required to arrange for the collection and deposit of escrow funds and to handle a range of communications with escrow officers.
In many cases, a college degree is not necessary for a job as a transaction coordinator; many employers will place more emphasis on your skills and work background. In some cases, however, a degree in a business-related field may prove helpful. Sometimes special licensing is involved as well. For example, if you intend to become a real estate transaction coordinator and handle negotiations, you'll need a real estate license in some jurisdictions.
One of our editors will review your suggestion and make changes if warranted. Note that depending on the number of suggestions we receive, this can take anywhere from a few hours to a few days. Thank you for helping to improve wiseGEEK!