Transaction Coordinator Checklist: Create Your Closing Workflow in 3 Easy Steps (+ Free Templates)
Ask any real estate agent to tell you the number one most important goal in growing their business and you'll likely hear any one of the following answers:
✔ Nurture a healthy pipeline
✔ Boost conversions and commissions
✔ Maximize repeat business
✔ Generate more referrals
Nothing new here. But what if we told you that something as backend-oriented and technical as a transaction coordinator checklist was actually critical to unlocking all of the above?
It’s not as crazy as it sounds.
At Preclose, we’re fortunate to work with some of the best real estate and transaction coordination teams in North America and we’ve found that the difference between a closing experience that generates recurring revenue and one that falls flat with customers is all in the way you run your transaction coordination process — starting with your TC checklist.
Because believe it or not, the right transaction coordinator checklist can bring more to your business than just speed and efficiency.
The best TC checklists pull double duty as client experience levers for your real estate brand.
We’ll walk you through everything you need to know to create a transaction checklist that will empower your TCs, earn the trust and confidence of your customers, and help drive more revenue for the business.
Ready to elevate the closing experience and win more referrals? Preclose GO! helps TCs create custom workflows to close files faster and automates emailing, without cutting corners on client experience. Get your free 14-day trial with zero strings attached.
Everything you need to start creating your TC checklist:
What is a transaction coordinator checklist?
Simply put, a transaction coordinator (TC) checklist helps your real estate transaction coordinators know exactly what to do, step-by-step after receiving a file.
It includes all tasks, deadlines, and documents required, plus the key milestones to be met in order to successfully close a real estate transaction. The right checklist will not only include deadlines, but also key client experience triggers to help agents and TCs communicate with clients and other parties at exactly the right moment.
But one size does not fit all when it comes to creating a transaction coordinator checklist.
TC CHECKLIST DEFINITION:
A transaction coordinator (TC) checklist is a clear and repeatable list of all the tasks, deadlines, and documents required to successfully close a real estate transaction.
You’ll need a checklist template for home purchases from contract to close, one for home listings, and some teams might choose to customize additional checklist templates for their business and customers.
Whether you use two templates or a handful to document your closing process, with the right resources and checklists, your TCs won’t have to reinvent the wheel every time they get a new file. They’ll have a consistent, reliable roadmap to follow again and again.
Already a Preclose GO! user? Align your Smart Views with your favorite checklists and get full freedom to arrange, sort, and filter information any way you like. With your workflows organized just the way you like, you’ll be able to move through transactions faster, without missing a beat.
Why use a transaction coordinator checklist?
A transaction coordinator checklist doesn’t just make managing the process faster and easier. (At Preclose, our TC users are typically able to close anywhere from 30 to 70 files per month with minimal back-and-forth.)
An exceptional checklist also makes the transaction coordination process better.
A well-constructed transaction coordinator checklist will:
Give customers transparency into the process
Help with onboarding and training TCs
Give team leaders tools for overseeing the process
Enhance the experience for everyone
Done right, a great transaction coordinator checklist doesn’t just serve your TCs.
It becomes a key resource for helping your entire team deliver the kind of real estate customer experience every agent wishes they had the time to provide.
These days, buyers, sellers, and team members expect greater visibility into the historically ‘murky’ process of closing a real estate transaction. The right checklist delivers on that demand.
For culture-centric brokers and team leaders, a great TC checklist provides that same level of trust and transparency within the team, while helping to keep agents out of the weeds so they can get back to prospecting.
Create a transaction coordinator checklist in 3 simple steps
We know we said no two TC checklists should ever look the same.
But there are a few fundamental factors that every transaction coordinator checklist should have. Because regardless of what state you’re in, or whether you’re representing the buyer or seller, a great contract-to-closing experience can be boiled down to a few simple things.
Here are the three core factors every transaction coordinator checklist should account for:
Deadline Management: Make sure you don't miss any mission-critical deadlines.
Client Engagement: Keep clients engaged and informed with vital transaction updates and relevant email templates at each stage of the contract-to-closing process.
Task Management: Use a step-by-step breakdown of the process that includes who is responsible for carrying out each task and any others who might need to be notified. This visible accountability gives every player on the team — from your clients, agents and lenders — direct ownership of the process.
Step 1: Identify what side of the real estate transaction you’re on
Nothing will give you greater anxiety than wondering if you’ve sent the wrong thing at the wrong time, or (gasp!) missed a crucial deadline.
Before you can create a perfectly ordered checklist covering all the stages, dates, and documents required, you need to get clear on the type of transaction you’re working with.
If you are representing the seller, you’ll want a checklist that focuses on pre-listing to close.
If your client is the buyer, you’ll need a checklist that kicks in once the house goes under contract.
Whether you’re creating a checklist for buying or selling, you’ll need to know the team members involved and the roles each will play
If this seems like a lot, remember, you only have to draft your transaction coordinator checklist once. With a little tweaking for individual cases, you’ll have a scalable process you can use again and again.
If you’re using a smart transaction coordinator platform like Preclose GO!, you can easily set permissions based on each person’s role in the transaction. Now your agents, buyers, sellers and lenders can see everything they need to see, and nothing they don’t.
Step 2: Outline the stages of your transaction process
This one is key. You’ll want to make certain you leave no stone unturned by including every possible step in the transaction coordination process.
When you’re creating a template, more is better. Start by listing all possible tasks in the process.
Keep in mind, you can always adjust or eliminate some steps, but you can’t ensure your checklist is all-inclusive unless you begin by listing everything.
It’s also a good idea to reach out to a few agents for input if you are building a template from scratch. They can provide important real-world insights for creating a template that includes tips and best practices for keeping clients happy, as well as for nailing the transaction process itself.
What to include in a transaction coordinator checklist for listings:
Pre-listing appointment Prep
Pre-listing Home Inspection
Collect Information from Seller, including HOA info
Listing Agreement Signatures
Digital Marketing Campaign
Offline Marketing Campaign
What to include in a contract-to-close transaction coordinator checklist
If you work in multiple areas or states, keep in mind that each transaction and jurisdiction might have different inspection and insurance requirements.
In general, these are the categories you should include in your template:
Earnest Money Deposit Tracking
Wood Destroying Insect Inspection
Seller Move Out
While it might seem like a heavy undertaking the first time you do this, rest assured that mapping out and customizing these stages allows your agents and TCs to close transactions faster and share clear updates with clients all along the way.
Remember, this is not merely a backend process. It’s the process leading up to one of the most pivotal moments in your client’s life. Invest the time and energy now, to keep clients happy long-term.
Preclose GO! is the real estate transaction coordinator software that centralizes all your core data in one secure place. Easily connect with Dotloop or SkySlope and instantly share a custom closing plan with your clients.
Step 3: List the tasks, timing and team members for each stage
Alright, now that we’ve had a refresher on why this matters, it’s time to dive deeper into each stage and task.
Next up, write down all the tasks that need to be accomplished before, during, and after each stage of the transaction process. Once that’s done, write down the dates and/or time period for each.
You should also list every document, deadline, communication, and stakeholder required for each task.
Here’s an example of tasks you might need to complete during the pre-closing stage:
Order and schedule all required inspections
Send buyers inspection scheduling email
Receive, review, and share inspection reports
Receive and account for all repairs, invoices, and documentation
Submit all inspection documentation to the compliance unit of the brokerage
Once you've identified all the stages and tasks, add a deadline.
Here's an example of these same tasks with a deadline and stage associated:
Home Inspection: Order and schedule all required inspections - Due 10 days before Home Inspection deadline
Introductory Email: Send Buyers Inspection scheduling email - Due 10 Days before Home Inspection
Home Inspection: Receive, review, and share inspection reports - Due 1 day before Home Inspection deadline
Repairs: Receive and account for all repairs, invoices, and documentation - Due 5 days after Home Inspection deadline
Compliance: Submit all inspection documentation to the compliance unit of the brokerage - Due 1 day after Closing Date
In PrecloseGO! You can easily build custom plans and transaction coordinator checklists with set due dates. You can launch your TC checklist in a single click, sync with your calendar, and automatically send emails to the right person at the right time. Check it out completely free for 14 days!
Need more help? Download and print these free transaction coordinator sample checklists
Still not sure where to begin?
We’ve got you covered with three totally free sample checklists you can use as a framework for creating your own perfect transaction coordinator checklists.
You now have all of the tools you need to create your stellar checklist, but remember, the first checklist is always the hardest and every real estate business is unique.
Before you copy/paste someone else’s checklist, take some time to think about what makes the most sense for your business, and don’t be afraid to make lots of edits. And of course, keep your transaction coordinator checklist relevant over time, be sure to adjust and fine tune your checklist based on any new tasks you come across as you close more files.
Use your TC Checklist to create a stellar experience for clients
No checklist is complete without accompanying email templates that keep everyone in the loop and give your customers an experience they’ll not only remember — but also reward you for with their trusted referrals and repeat business!
In Preclose GO!, you can easily kick off an intentionally-automated and client-centric experience starting from that first transaction coordinator introduction email. Of course, not every item on your transaction checklist requires an email. Some of your customers prefer texts and others might want a phone call.
Whatever the case, the key to success in closing multiple dozens of files each month, while making sure every client has the best possible experience, is all about giving your agents and TC team a central command center to work from.
Because an effective TC process is one that creates a “wow” experience your clients will never forget.
When you’re ready to elevate the experience for your real estate clients, Preclose is here to help. Our simple, visual transaction coordination platform makes it easy to stay on top of every detail and deadline, no matter how busy things get. See for yourself with a free 14-day trial.