Property transactions are complex and stressful for those involved in the buying and selling, and so there is an increasing need for transaction coordinators to get involved in this process and streamline it as much as possible.
Here is a look at exactly what TCs do and why they are especially valuable to the smooth running of the real estate sector at the moment.
The basics
As the name suggests, a transaction coordinator will be responsible for wrangling the various aspects of a given deal between the buyer and the seller of property, whether in the domestic or the commercial markets.
Their involvement may vary depending on the nature of the transaction itself and the status of the parties at either side of the equation. For example, a TC may need to manage everything from ensuring that mortgage approval is achieved to orchestrating the viewings and inspections of a property before terms of a transaction are agreed.
Most importantly, TCs will need to keep all parties in the loop with regards to the progress that is being made. This includes everyone from the buyers and vendors to other agents, solicitors, local authority representatives and more.
The current significance
In 2021 there is a particular need for TCs in real estate, so if you are thinking of starting a transaction coordinator business (read more here), now could be the time to do so.
Much of this comes down to increased activity seen in the property market in recent months as a result of the ongoing pandemic.
In the face of frequent national lockdowns, many people have been forced to reconsider their living arrangements and there has been something of an exodus from heavily populated urban areas to more open, rural regions where people can get more outdoor space for their money.
Likewise with the temporary removal of stamp duty on homes valued under £500,000, the rush to buy and sell homes in particular over the course of 2020 and into 2021 has put added pressure on every aspect of the industry. Coupled with delays to searches and other exacerbating factors, and it should be obvious why TCs are so highly prized at this point in time.
The broader benefits
It is also worth noting that the role played by a transaction coordinator need not be restricted to an especially rigid set of responsibilities, but can expand according to the needs of the clients and other parties involved.
For example, it is not out of the question for TCs to also take the reins when it comes to arranging the moving and storage of the buyers and sellers possessions in the run-up to the completion date.
Ultimately it is the experience and knowledge of a transaction coordinator that makes them so critical in real estate, and the right person can prevent such taxing and stressful duties from falling to those who are less able to execute them efficiently. This is also why it is a profession that attracts such talented, organised individuals.
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