Well hello! Thanks for stopping by my blog today. I’m guessing you’ve been doing some research on what a real estate transaction coordinator is on the internet and that’s how you found me. I’m so happy you are here today!
My name is Joni and I am the founder of The Transaction Coordinator Bootcamp and have been a Real Estate Broker since 1987 so you could say I've been around for a while. I know a thing or two about organizing a transaction from mutual acceptance and what it takes to see it through to closing efficiently.
Maybe you’ve heard the name Transaction Coordinator, and you're wondering if this work-from-home job could be right for you?
- Maybe you're stuck in your 9-5 grind and looking for something more rewarding?
- Do you want to stay home with your kids and earn some extra money?
- Or maybe you just want to be your own boss and call the shots but you're not sure how?
You can do all of those things if you are considering learning how to be a transaction coordinator! I’m here today to answer the burning questions about how much money you can make as a transaction coordinator, but first, let's go over some of the benefits of being a TC.
Benefits of working from home as a Transaction Coordinator
1. Set your own hours as a transaction coordinator
Ever wish your alarm clock didn’t go off so early in the morning? Yep, me too. I'm actually not a morning person. Never have been. I have always dreaded getting up in the morning and having to be at early appointments.
2. Decide what you will charge (more on this later)
I've always had an entrepreneurial mindset from a very young age. Growing up we didn't have a lot of money so I loved being able to make money for myself at an early age.
I bought my first house when I was 20 years old and was really drawn to the industry as I went through the process of purchasing my house. What drew me to this field was the independence of being an independent contractor rather than an employee and there wasn't a ceiling on my income. The more houses I sold the more money I could make. Being a TC is the same way. The more files you can handle the more money you make.
3. Work as much or as little as you want as a transaction coordinator
This is pretty self-explanatory. Do you want to work part-time and still take care of your kids at home? Or do you want to work full time to earn more money? Then that's what you do because it's YOUR business. You choose when you work and when you don't.
4. Work from anywhere
Another reason I love the real estate TC industry. As long as you have internet access you can work from wherever you wish. You can even stay in your pajamas or yoga pants all day and no one knows! Because who doesn't love yoga pants?
So, back to the burning question. How much money can I make as a transaction coordinator?
Well, that depends on a few factors.
1. Are you licensed or unlicensed?
The question I get over and over is, do I need a license? In general, the transaction coordinator's job does not include anything that a licensed agent would be doing. You are doing admin and transaction compliance. However, it is best to check your own state to see what if anything is required. Each state has its own list of the specific things you can and cannot perform if you are unlicensed. Check your state here. If you are in a state that requires a license then it's very easy to work with agents out of the state you live in. Your virtual remember? You can work for agents all across the country if you want.
If you are licensed you can charge more for your services plus you can offer more services which in turn can help make you more money.
2. Will you offer ala carte items to your TC package?
I've seen TC's offer many other ala carte services to their transaction coordinator packages. If you are unlicensed there are many things you can help the agent with such as social media and putting together marketing materials just to name a few. So, you have many options.
3. Will you offer a base TC package with upgraded options?
TC's usual charge a base price for their TC services/package. It can vary with what you offer in that package but I've seen prices on average anywhere from $300-$500 for TC services.
Here's where you can decide just how much money you want to earn monthly. Say, you set a goal to make $5000 a month. Then let's take an average of $400 per transaction. You would have to close 12.5 transactions per month. That's just over 3 transactions a week. There are some TC's that manage 20-30-40+ transactions each month. Some scale their business by hiring an assistant to help them. The sky is the limit.
As you can see from the calculations above it doesn't take a huge amount of volume to make $5000 a month. In fact, it can be very doable if you work smart. Transaction Coordinators are always in demand. TCs can build up their business by word of mouth without having to advertise through other agents.
You can save a real estate agent 15-20+ hours per transaction by taking that task over for them. This frees them up to do what they do best...selling houses and working one on one with clients. By putting in smart systems and being very organized with TC software such as TCdocs or Open to Close (both real estate-specific transaction software) you can create a very scalable business.
If you're interested in learning more about The Transaction Coordinator Bootcamp you can check it out here.
If you would like to learn more check out my other post about Transaction Coordinators:
I would love to hear your thoughts on this blog! Have you thought about being a transaction coordinator? You can leave comments below or feel free to email me directly firstname.lastname@example.org