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Escrow assistant hiring summary. Here are some key points about hiring escrow assistants in the United States:
Here's a step-by-step escrow assistant hiring guide:
An escrow assistant is responsible for providing administrative services to real estate businesses, assisting the agents on coordinating with clients, and processing their documents. Escrow assistants review proposals and usually talk with clients for the service terms and disclosures. They also handle payment transfers, update client records on the database, and respond to the client's inquiries for related service alternatives. An escrow assistant must have excellent communication skills, both written and oral, especially on maintaining an organized record of transactions and storing sales documents.
Before you post your escrow assistant job, you should take the time to determine what type of worker your business needs. While certain jobs definitely require a full-time employee, it's sometimes better to find an escrow assistant for hire on a part-time basis or as a contractor.
You should also consider the ideal background you'd like them an escrow assistant to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire an escrow assistant that fits the bill.
The following list breaks down different types of escrow assistants and their corresponding salaries.
| Type of Escrow Assistant | Description | Hourly rate |
|---|---|---|
| Escrow Assistant | $14-36 | |
| Warehouse Stocker | Warehouse Stockers are responsible for managing product movement and organization in warehouses. Their duties include undertaking merchandise loading and unloading, track products using inventory software, pack boxes, handpick merchandise from shelves, and place delivery orders... Show more | $12-18 |
| Document Reviewer | A document reviewer is typically a legal professional, such as an attorney or paralegal, who reviews a wide variety of documents gathered and prepared for legal procedures. The materials they review usually include emails, affidavits, letters, memos, spreadsheets, PowerPoint presentations, and transcripts... Show more | $12-49 |
Including a salary range in your escrow assistant job description helps attract top candidates to the position. An escrow assistant salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.
For example, the average salary for an escrow assistant in North Dakota may be lower than in Alaska, and an entry-level escrow assistant usually earns less than a senior-level escrow assistant. Additionally, an escrow assistant with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Alaska | $75,947 | $37 |
| 2 | Oregon | $67,580 | $32 |
| 3 | Washington | $64,815 | $31 |
| 4 | California | $61,827 | $30 |
| 5 | Arizona | $56,653 | $27 |
| 6 | Michigan | $53,452 | $26 |
| 7 | Colorado | $52,367 | $25 |
| 8 | Ohio | $52,352 | $25 |
| 9 | Texas | $52,066 | $25 |
| 10 | Wisconsin | $49,481 | $24 |
| 11 | New York | $48,916 | $24 |
| 12 | Oklahoma | $48,375 | $23 |
| 13 | Florida | $48,185 | $23 |
| 14 | North Dakota | $45,133 | $22 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Fidelity National Financial | $103,921 | $49.96 | 19 |
| 2 | Realogy | $97,864 | $47.05 | |
| 3 | Mcgriff, Seibels & Williams | $81,236 | $39.06 | |
| 4 | D.R. Horton | $72,613 | $34.91 | 23 |
| 5 | GPAC | $67,597 | $32.50 | |
| 6 | Stewart Title | $64,366 | $30.95 | |
| 7 | Investors Title | $63,020 | $30.30 | 2 |
| 8 | Keller Williams Realty | $60,826 | $29.24 | |
| 9 | Murray | $57,857 | $27.82 | |
| 10 | Lennar | $52,803 | $25.39 | 9 |
| 11 | The A Team | $52,085 | $25.04 | 10 |
| 12 | Security Service Federal Credit Union | $51,569 | $24.79 | |
| 13 | ICONMA | $48,762 | $23.44 | |
| 14 | FCT Electronics LP | $48,149 | $23.15 | |
| 15 | Toll Brothers | $47,711 | $22.94 | 1 |
| 16 | Placer Title | $47,549 | $22.86 | |
| 17 | Land Title Guarantee | $47,258 | $22.72 | |
| 18 | CornerStone Staffing | $46,664 | $22.43 | |
| 19 | Adecco | $46,080 | $22.15 | 4 |
| 20 | Motion Recruitment | $44,611 | $21.45 |
A job description for an escrow assistant role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's an escrow assistant job description:
To find escrow assistants for your business, try out a few different recruiting strategies:
To successfully recruit escrow assistants, your first interview needs to engage with candidates to learn about their interest in the role and experience in the field. You can go into more detail about the company, the role, and the responsibilities during follow-up interviews.
You should also ask about candidates' unique skills and talents to see if they match the ideal candidate profile you developed earlier. Candidates good enough for the next step can complete the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the escrow assistant position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
You should also follow up with applicants who don't get the job with an email letting them know that you've filled the position.
Once that's done, you can draft an onboarding schedule for the new escrow assistant. Human Resources should complete Employee Action Forms and ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc. They should also ensure that new employee files are created for internal recordkeeping.
Recruiting escrow assistants involves both the one-time costs of hiring and the ongoing costs of adding a new employee to your team. Your spending during the hiring process will mostly be on things like promoting the job on job boards, reviewing and interviewing candidates, and onboarding the new hire. Ongoing costs will obviously involve the employee's salary, but also may include things like benefits.
You can expect to pay around $48,900 per year for an escrow assistant, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for escrow assistants in the US typically range between $14 and $36 an hour.