If you’re getting ready to start a business as a transaction coordinator, it’s an exciting time in your life! But there’s so much to navigate as you start your business. Avoiding these common business mistakes will help you experience a seamless transition to being a business owner.
4 Business Mistakes To Avoid As A Transaction Coordinator
As a real estate transaction coordinator, you’re going to experience flexible hours, the ability to work with clients you love, and the power of being a business owner. But what should you avoid when starting your new business?
While starting a business is exciting, it’s also a little overwhelming. Here are the most important business mistakes to avoid while getting started as a transaction coordinator.
Mistake #1: Not Having A Business Website
As a transaction coordinator, you need a website.
So many online business owners only spend their time on social media or freelancing platforms to connect with clients. That’s a huge mistake!
One of the main reasons you need a website is to build your own credibility. Clients want to see the professionalism of having a website. It will also save you time—you can provide valuable information about your services upfront.
Not having a website is one of the biggest business mistakes because you’re missing out on possible clients and not providing a clear contact opportunity. Although the thought of creating a website might seem overwhelming, there are lots of easy, free tools online to help you DIY a website that looks great.
Make sure to create the following for your new business website:
- About Page with your story, experience, and background
- Portfolio Page with examples of past work
- Services or Packages Page detailing your offerings
- Contact Page with details on how to get in touch or schedule a discovery call
- Testimonials Page with statements from past clients on their experience working with you
- Legal Pages, like a privacy policy and terms and conditions
- A Blog with content to help you show up in searches and show your credibility
All of these pages will help you grow your transaction coordinator business!
Mistake #2: Not Charging What You’re Worth, Even At The Beginning
When you’re first getting started as a transaction coordinator, you might think you need to charge lower rates. While you should adjust if you’re brand new and have no experience, you still need to charge what you’re worth!
Working with clients who expect free or cheap work is one of the biggest business mistakes new business owners make.
You’re going to be providing amazingly helpful services to realtors, so you deserve to work with clients who respect and appreciate you. And a huge part of that respect is being willing to properly compensate you!
That leads us to another group of huge business mistakes—doing work before being paid, without a contract in place, or working for free.
Make sure to outline the scope of your work in writing and have a signed contract before doing any work. Learn to set boundaries if clients ask for lower rates, and believe in your worth—even at the beginning. You can set up payments through free tools like Paypal or use a service like Wave Invoicing.
Related: Why A Contract With Your Clients Is A Must In Your Transaction Coordinator Business
Mistake #3: Thinking Like An Employee, Not A Business Owner
So many new business owners make the mistake of thinking like an employee instead of a business owner. Instead of applying for jobs, you’re pitching yourself to clients. You’re offering your services as a provider, not as an employee.
Think of how you would choose a hairdresser or contractor for your home. You don’t ask for a resume. Instead, you look for reviews, ask friends, research that person, and check out examples of their previous work. All of that is what your new clients should be doing with you as their transaction coordinator!
This leads us back to that first mistake: not having a website.
Your website will house all of your testimonials, your portfolio, skills, expertise, and background. Plus, it’ll give clear options for getting in contact with you to learn more.
Having a business owner mindset for yourself is important because it helps you vet potential clients. If a client views you as an employee instead of as a business owner, they’re going to treat you in ways that don’t reflect your role.
To set up clear expectations, you have to know where you stand and be willing to enforce your boundaries as a business owner!
Mistake #4: Not Setting Clear Boundaries In Your Transaction Coordinator Business
This last one is one of the most important business mistakes to avoid. It goes hand-in-hand with our last two points, but is still so important.
You need to be able to set and enforce clear boundaries in your new transaction coordinator business.
As a business owner, you’re the one in charge. You decide how you spend your time, which clients you work with, and what your services cost. But that also means you’re responsible for setting boundaries that reflect the type of business (and life!) you truly want.
Don’t let clients take advantage of you or demand things outside the scope of your services.
Know this one simple thing: you’re allowed to say no….and sometimes, it’s the right thing to do.
Of course, you can go above and beyond for your clients. But unreasonable demands are perfectly fine to deny. You can set boundaries that help you feel your best, serve all your clients well, and protect your dignity as a business owner.
One tip for this is to set (and clearly communicate) expectations right from the start.
Include standard response times, communication limits, and turnaround times in your contract. If your client wants something done quickly or unexpectedly, you can even build in rush fees to protect your time.
Starting your own business as a transaction coordinator is one of the best decisions you’ll ever make! Knowing these business mistakes is a powerful way to sidestep them and stay on the path to building a successful business right from the start.
