Working from home and being your own boss are huge advantages of starting your own Transaction Coordinator business. But having to legally protect your business by yourself can be intimidating, and confusing at best.
Corporate jobs typically come fully equipped with a legal team, should you ever need one. But working independently is different! Find out how you can protect your business as a one-person show.
Why Is It Important to Protect Your Business?
It’s essential to know how to protect your business from a variety of legal tricks and traps. Have a look at the top three things you need to guard against as a Transaction Coordinator.
It Helps Protect Your Business Growth
Think of your transaction coordination menu of services like things you own. You need special documentation to ensure that nobody takes them from you! When you have the legal business protection you need, you’ll be able to grow your business quicker, and have the added benefit of appearing more legitimate to potential clients.
You don’t want to risk losing your share of the real estate market by overlooking your legal protection options. And with no legal team checking your back, it’s up to you to keep tabs on your intellectual belongings.
You’ll Prevent Copycats
Let’s say you come up with an elite, all-inclusive package for real estate agents that hire you. You nail a unique, sensical pay structure and deliver hard copies of your documents in branded, attractive envelopes.
Both your unique service packages and the one-of-a-kind envelopes need guarding. All it takes is one or more competitors catching on to your winning strategies to lose your edge. You may find yourself completely starting over and trying to come up with new ways to make your mark as a Transaction Coordinator if you don’t protect your business from the start.
Your Rights as a Transaction Coordinator and Business Owner Will Be Protected
While you might not expect anyone to stand in the way of you doing your job, disputes sometimes pop up in the real estate industry. Your niche preparing documents and acting as a liaison between agents, sellers, and buyers makes you particularly vulnerable to disagreements.
It’s important that you protect your business for every job, no matter how big or small. Even if you’ve worked with a client many times before, you need to show up prepared with the appropriate contracts. This way, all parties involved understand your position and can leave you alone to successfully complete your tasks.
How to Legally Protect Your Business
Unsure of all the ways you need to protect your business? Check out these legal strategies all Transaction Coordinators should follow.
Be Sure to Consult a Lawyer!
Nobody knows the law better than a licensed attorney. No matter how much you understand about law and your role as a Transaction Coordinator, you need to consult with a lawyer to ensure no stone is left unturned.
Your lawyer will be able to fine-tune your contracts and answer any questions you have about them. It helps to have someone specific to call when surprise challenges arise and you need to protect your business!
Get Business Insurance
There are different types of insurance policies out there, so be sure to think strategically (and loop in your lawyer) to decide which is right for your transaction coordination business. You basically want an insurance package that protects against lawsuits.
You might require additional protection for professional liability costs and things of that nature, as well. It makes resolving problems so much easier down the line when you have policies standing guard to protect your business.
Always Use a Contract with Clients and Contractors
Even if your client is your best friend, never show up to work on a project without a contract in-hand. It’s nothing personal! It’s simply common sense to protect your business each and every time you take on an assignment.
Be sure to have all of your documentation signed in a secure fashion—either in-person with pen and paper or online with secure contract-signing software, like DocuSign. Your contracts should outline the exact parameters of your role as a Transaction Coordinator. This way nobody is confused and you’re protected from the “blame game” later on.
Have a look at my service agreement templates specially designed for Transaction Coordinators. I can save you time and money as you work on drawing up the perfect contracts to protect your TC business.
Protect Your Business Through Your Website
Have you considered the importance of protecting your business online? Your Transaction Coordinator website is part of your brand, and requires the same quality of protection as other parts of your business!
Don’t Forget Cybersecurity
With oodles of important business information being exchanged across the Internet, it’s essential you don’t overlook cybersecurity measures. Think about antivirus and anti-theft software!
Imagine being in the final stages of a huge real estate transaction when suddenly your entire system crashes because of some uncontrollable virus. Not only would it be a hassle to recover your work for that specific project, it would be difficult to explain the loss of time (and breach of trust) to your clients.
Taking the time to protect your business now will afford you a long, secure career as a Transaction Coordinator. Just because you’re working alone doesn’t mean you should feel vulnerable at every turn in the road. Be sure to explore my legal bundle and service agreement templates to get started on your legal protection journey!