The saying “good things come to those who wait!” doesn’t necessarily apply to those making a career transition. A career switch requires a ton of thought and proactive hard work to figure out what you want and how to get there!
Becoming a Transaction Coordinator who will assist Real Estate Agents with their contract to close tasks is rewarding. In just a few straightforward steps, you could be working from home and enjoying all the flexibility being a transaction coordinator has to offer.
Are You Ready to Make a Career Transition Into Transaction Coordination?
There are a few key signs you’re ready for the role of Transaction Coordinator. A career transition can be scary, but helps to feel certain that you’re prepared for all the hard work and change that’s to come.
Here are two sure signs you can leap into action as a Transaction Coordinator.
You Need to Know What a TC Does
Transaction Coordinators play an important role in real estate. They assist real estate agents with numerous computer tasks to help home-buyers and sellers complete their buying and selling journey.
Some transaction coordination responsibilities include:
- Managing transaction timelines and contingencies
- Collecting signatures
- Managing broker compliance
- Making sure the transaction is moving forward and on time to close
- Acting as a liaison between realtors, clients, and other essential parties
You’ll need a good foundational knowledge of basic computer programs that could include Microsoft Suite (Word, Excel, PowerPoint, Outlook, etc.) Google Drive (Google Sheets, Forms, Documents, etc)and electronic signature programs.
I recommend trying HelloSign, Eversign, and DocuSign! Figure out which one works best for you. With all three tools, you’ll upload a PDF version of the document, mark places where signatures or initials are needed, and send it to the agent or their clients.
There are also several different TC-specific software to use that help you manage multiple transactions at once such as AFrame.
For new TCs that are just starting out AFrame is an excellent option to manage your transactions and will allow you to manage many transactions at once so you can scale faster.
A career as Transaction Coordinator looks seemingly similar to a Virtual Assistant role. However, the specific tasks in this real estate niche often make it easier for TCs to find work and become exceptional at their jobs!
Previous Real Estate Experience Will Help You Out! But No Required
Any background and real-estate knowledge you have will contribute to your career transition into transaction coordination. It’s not uncommon for real estate agents and other real estate professionals such as Loan Signing Agents to switch roles to Transaction Coordinators because of the increased flexibility and opportunities.
If you don't have real estate experience then prior experience in other areas such as project management or administrative-type roles also help with the detail-oriented tasks of TCs. We have students from all different backgrounds that become successful TCs. Some people even follow real estate dips or jumps in the market just for fun!
The bottom line: if you like detail-oriented tasks and work well under pressure, you may thrive as a Transaction Coordinator.
How to Make a Career Transition and Become a TC
If you think you might be a good fit to become a Real Estate Transaction Coordinator, these tips will help you get there. A career transition isn’t going to be as challenging as you may think!
Make a Plan Forward
Take a minute to brainstorm and write out a plan. Ask yourself what sort of educational gaps or missing skills you need to acquire before working as a Transaction Coordinator.
Outline ways to make connections! This isn't difficult if you can manage simple strategies like going to open houses or online strategies to connect with real estate agents. It always helps to know who you can turn to or where you might start your new professional journey.
Check and Fulfill Your License Requirements
Make arrangements to complete your real estate license if it’s required in your state. The process may include online or in-person courses and a final examination.
Some states don’t require a real estate license at all, in fact, most don't… so do your research! There are specified tasks that an unlicensed TC can and cannot do so it's important to check online with your state real estate licensing division or make a phone call to clarify.
Decide If You Want to Start Your Own Business or Join a Brokerage
Do you envision being your own boss—striking out on your own to find and manage work opportunities? Or do you want to join a real estate team and have others work out the logistics?
There are pros and cons to both options. Signing on to a brokerage means constant access to educational and networking opportunities. But working independently means you’ll have to search for a support circle and client pool all on your own—with the power to turn people away and design your own work culture and schedule.
Reach Out to Your Network To Prepare For Your Career Transition
You never want to jump without a safety net! For your career transition, you need to have work opportunities in your sights. It's not uncommon to have a side gig as a TC while you're working a full-time job. You just need to have gaps in your day where you can manage a task or two and respond to emails if need be.
Inform your inner circle—the real estate agents and professionals you know and trust—that you’re considering a switch to transaction coordination. See how many nearby agents are interested in your services so you have a client pool on standby when your feet leave the floor. Also, remember that working independently means you can work with agents that are not in your immediate area so don't be discouraged if you agents you already know are not in need of your services right now.
Have a Clear Vision For What's Ahead
Define your goals and envision the type of work-life balance you're looking for. Clarify why you want to leave your current job and what you hope to achieve when you are gone. Knowing your why is a big deal. Things are not always easy when you make a big transition so you'll need to have a strong "why" to keep going when you hit bumps in the road.
Build a Support System
Inform your family and friends about your decision to leave your 9-5 job. Surround yourself with a supportive network that can provide encouragement, guidance, and emotional support during this transition. Not everyone will be supportive and see your vision. That is to be expected so be selective on who you share with because you'll need support rather than negativity.
Start Learning Relevant Knowledge and Skills
Ensure you have a solid understanding of the real estate industry, transaction processes, and legal requirements. There is a lot of outdated and incorrect information online so be sure to look for reputable sources to get your information from... like this blog! Start researching and familiarize yourself with software tools commonly used by transaction coordinators.
Develop a Transition Plan
Create a detailed plan that outlines the steps you need to take to transition successfully. Consider factors such as timing, financial milestones, professional development/training, networking efforts, and marketing strategies. Having a well-thought-out plan can help you stay focused and organized.
A career transition into transaction coordination is easier than you think. Be patient, remain adaptable, and stay committed to your goals. With the right mindset and strategic approach, you can make a successful transition to a new and fulfilling career path.