How to Become a Transaction Coordinator
Step 1: Understand the job description and responsibilities of a Transaction Coordinator
What does a Transaction Coordinator do?
A Transaction Coordinator processes accounts receivable and accounts payable transactions. Records and posts payments received and makes payments for vendor invoices and other debts owed by the organization. Being an Transaction Coordinator verifies amounts owed and received and ensures that transactions are recorded promptly and accurately in accordance with internal accounting policies. Maintains and reconciles accounts payable and receivable ledger accounts. Additionally, Transaction Coordinator prepares reports of delinquent accounts and responds to customer/vendor inquiries. Requires a high school diploma or equivalent. Typically reports to a supervisor or manager. The Transaction Coordinator works under moderate supervision. Gaining or has attained full proficiency in a specific area of discipline. To be an Transaction Coordinator typically requires 1-3 years of related experience, or may need 0 years of experience with additional specialized training and/or certification.
A transaction coordinator generally handles various aspects of a complex financial agreement or transaction.
The transaction coordinator typically works in an administrative role, helping to make sure that all of the details of the transaction are well handled.
Real estate transaction coordinators are some of the most desired types of transaction coordinators on the job market.
These individuals help real estate companies, agents, and other professionals to secure a real estate deal by handling all of the many details of this very complex transaction.
Those who are familiar with the real estate process understand that transactions in this field require a lot of documentation and paperwork.
Step 2: Learn best tips to become a Transaction Coordinator
Best tips for those who want to become a Transaction Coordinator
Here are some tips to become a Transaction Coordinator.
Don’t be afraid to close the deal.
Verify that all required signatures and initials are on the contract and addenda.
Verify that all required addenda are included with the contract.
Fill out commission disbursement forms.
Open and update the title search.
Step 3: View best colleges and universities for Transaction Coordinator
Best colleges and universities for Transaction Coordinator
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Transaction Coordinator
Is being a Transaction Coordinator Worth it?
Effectively process a high volume of email (more than 150/day) related to many transactions, understand the implications of the emails, categorize and be able to take next steps of action based on the knowledge learned.
Transaction coordinators are real estate professionals who are responsible for all paperwork.
You may also not know that the vendors themselves can hire a transaction coordinator for one low fee without resorting to an agent.
Your transaction coordinator will track all of them and ensure that all “T” crossed, and you lose nothing until the formal closure.
You know you’re ready for the transaction coordinator, but you’re not prepared for the big expenses that a full-time employee can cost.
Step 5: Prepare relevant skills for being a Transaction Coordinator
What skills do you need to be a Transaction Coordinator?
Every role has basic skill requirements for success, from supporting level roles to management roles. These skills will be utilized daily within this role: Accounts Payable, Accounts Receivable, Billing, Data Entry-Keyboarding, Dunning, Inquiry Research/Response, Invoice Management, Payment Processing, GAAP Standards. They may seem basic, but some of the more fundamental skills required for this role include: AP Automation Software, AR Automation Software. When applying for this job, it is important to consider these skills, as well as any others you feel would be necessary to succeed.
Coordinated all tasks relevant to real estate and loan transactions required to expedite close.
Created timelines to meet instrumental deadlines in order to garner reports, set-up appraisals, pest and home inspections required for release of transaction contingencies per contract.
The training, consulting, and coaching services offered at the Transaction Coordinator Academy stem from Michelle’s 22+ years of experience in the real estate industry coordinating transactions and 13+ years of running a successful business.
Reliable Transaction Coordinator that has a strong understanding of contract law and a comprehensive grasp on contract process.
If your resume doesn’t shine, neither will you.The transaction coordinator resume sample demonstrates an excellent way to separate yourself from the masses of applicants.
Step 6: View average salary for Transaction Coordinator
How much does a Transaction Coordinator make?
The average salary range for a Transaction Coordinator is from $34,161 to $42,080. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Transaction Coordinator jobs
- Back-Office Transaction Support
- Secondary Market Loan Transaction Administrator
- Banking Electronic Transfer Coordinator, Entry
- Banking Electronic Transfer Coordinator, Experienced
- Banking Electronic Transfer Coordinator, Senior