Whether you are already a transaction coordinator or you want to start a new career, there is definitely no shortage of agents that want to hire you. After all, transaction coordinators are like fairy godmothers. They wave their wands and make the plethora of paperwork, emails, and appointments magically disappear off an agent’s desk. How do you get the ball rolling on your next transaction coordinator job? Let us help.
What does a transaction coordinator job entail? Well, you have to be highly organized, timely, and have an attention to detail like no other. You’ll be the right hand woman (or man) to a real estate agent, who doesn’t have a knack for all that. They want to be in front of the client doing what they do best- selling. You want to be at your computer making sure the transaction gets to the closing table, and all the I’s are dotted and T’s are crossed. You’ll be in contact with the title company, scheduling inspections, following up on financing, and making sure all the brokerage’s paperwork is in order, just to name a few.
Licensing & Training
Do you have to be licensed to be a transaction coordinator? Absolutely not. However, a license, experience in the industry (or a similar industry like title or mortgage), or specialized training could certainly give you an advantage for a transaction coordinator job. You can obtain this specialized training from a number of places. There are plenty of online courses you can take to get familiar with transaction coordination processes and tools. You can also get certified, and in some states like California, this is almost a must. There are several handfuls of Facebook groups, associations, and other organizations aimed at helping bring recognition and training to transaction coordinators.
Independent vs. Team
Transaction coordinator jobs come in many different forms. As we go through some of the types of employment you’ll be looking at, think about what it’s important to you. Do you need a steady stream of income like a salary? Do you want to be completely remote? Keep your goals in mind as you’re searching through the different types of transaction coordinator jobs.
Start your own company.
You like the sound of that. You set your own rules, set your own pricing, and keep all the profits. There are a few things to keep in mind. In order to keep all those profits, you need to go out and obtain clients. You also have to account for overhead- the technology you use to manage the transactions, hosting a website, errors and omissions coverage and the many other things that come with being your own business. Don’t forget to figure out how you’ll ever take a vacation.
Employed by a brokerage or team.
You are hired as an employee and you manage only their files when you work for a brokerage or team. Not all brokerages and/or teams can afford this. So, you’ll be looking at one that does a high volume of monthly transactions. There are definitely some great perks, like regular pay. However, your presence in the office may be required and some of your duties will go beyond a typical transaction coordinator job. You may be asked to do administrative work, post on social media, and other tasks to keep you busy during the winter.
Employed by a company.
If you aren’t entirely sold on the responsibility of having your own business, and you haven’t found an agent team or brokerage that’s a good fit, there is always a third option. You can work with a coordination company. There are several companies that hire nationwide, fully remote coordinators for agents to use. Transactly is one of those. There are a lot of advantages to joining a company supporting a TC team. First, all those costs associated with insurance and technology are taken care of by the company. You can go on vacation whenever you want, because they’ll also be someone to cover for you. Plus they procure business for you. Check out why TCs love Transactly here.
When it comes to pay, you could be offered a salaried position, or work as an independent contractor whose pay will be based on the amount of transactions you can handle. Most will even let you procure your own business on top of what they provide. However, the company will set the prices you charge for your services and will take a split of the fee.
The amount of pay you can expect to receive monthly is going to depend on which type of transaction coordinator job you decide to take. If you went the direction of something salaried, you can expect the pay to vary based on the area where you’re working. According to Zip Recruiter, the average transaction coordinator in Dallas, TX makes $37,463.
If you’re working as an independent contractor, you can expect to be paid based on the number of transactions you can close. Not for showing up to work every day. You’ll be paid when the transaction makes it to the closing table, no matter whether you are procuring the business on your own, or working business the company procured for you. The typical transaction coordinator can handle between 20-30 files per month. Most independent transaction coordinators will not get paid until the file they’ve been working on has closed.
Polish Your Resume
If you’ve decided to start your own company, you won’t have to worry about polishing your resume, but for everyone else that is looking to get a transaction coordinator position anywhere else, you’ll want to fancy up that resume, even if it’s an informal one. Some key things to include in an email or application process:
- Experience in the industry
- Any licenses or training
- Experience with technology
- Specialties like 2nd languages
- History of attention to detail and clear communication
In addition, include a little bit about yourself if you can. Like any job, a key to your success will be fitting in with the team, even if you are remote. Letting them know a little something about yourself gives the hiring manager a peek into you as a person and how you would fit in the culture of the company.
Freedom to Do What You Want
One of the best things about pursuing a transaction coordinator job is the opportunity to turn it into whatever makes you happy. If you are tired of the daily grind of getting in front of buyers and sellers as a real estate agent, or you just want to build a business of your own doing something you’re passionate about, a transaction coordinator job might just be the perfect fit for you.