Let me ask you...how long has it been since you raised your TC fees? I bet you started your business, set your rates, and haven't looked back. Am I right? Having a “set it and forget it” fee for your services is a sure way to slowly watch your business die a slow death.
You have to think about things like expenses, time spent in your business, income goals, and the ability to increase productivity to scale your business.
Do any of these sound like you?
You want to feel confident, in alignment, and congruent with charging what you’re worth.
You want your fees to be in alignment with the incredible value that you give to your clients.
You if you want to feel authentic from the inside out, with what you charge.
Here are a few insights as to when it's time to look at your current fees and contemplate raising them.
1. You haven't raised your prices in a year or more.
When was the last time you raised your TC fee with your agents? If you're scratching your head right now and can't remember when you last raised your fee’s then it's probably time.
I challenge you to consider that you may be undercharging for your services.
You're probably like most service providers out there. You begin your business, set your prices, then never look back.
That's all fine and dandy, but how do you expect to ever grow your business and increase your profit margin if you don't raise your prices?
From the time you’ve begun your business, you’ve become more experienced, more insightful into your clients, and a better all-around TC, right? You’ve become even more of an asset to your clients because you know how to help them be more productive as agents.
Your Transaction Coordinator fee isn't just a “set it and forget it” kind of thing. As you grow and learn your craft your income should reflect that.
You may be thinking, but if I raise my prices they may not be able to afford it. The truth is no matter how much or how little you charge there will be agents that just plain can’t afford your services. That’s ok.
You’re not looking to work with every single agent out there. You want to cater to the high producing agents. Not the agents that do a few deals here and there.
2. Raise your fees so you can have a healthy profit margin.
As a business owner, you need to have a healthy profit margin so you can manage your business financially, allow you to pay yourself, reinvest, and grow your business.
In order to grow, you may want to hire a coach or invest in additional education to uplevel your skills and mindset.
You’re trading time for dollars and you can’t possibly create more hours in a day. Maybe you’re already burned out working long hours and making everyone else time more important than yours. Unfortunately, that’s a recipe for disaster.
If you’re a solopreneur and doing all the things in your business you have to think about the future. If you want to scale your business and make more money you're going to need help. Hiring help costs money.
Even a part-time VA that helps you onboard new clients can easily be trained to do simple repetitive tasks can result in taking on more clients which results in more revenue. Hiring a part-time VA will take extra money so you will have to take that into account when you raise your fees.
3. When you have a higher price point you attract a higher-end client.
Raising your fees means you don't need as much volume and you can focus on serving your clients at a higher level.
As you increase your price point you will attract a higher quality of client. They are coming into the deal with more commitment. They are all in.
A common mistake I see is basing your fee on how many hours you think it takes to process the file from contract to close. What you should focus on is the transformation you provide to your client. The results they see in their life and business by utilizing your service.
Instead of basing your fee on how many hours it takes you to process the file from contract to close, think about how your service benefits your clients in their business and personal life.
This may be a different mindset than you're used to but it’s more powerful than thinking about how many hours it takes you to process a transaction and basing your fees on that.
How you feel about your fees impacts how you present your services and make your offers, which ultimately results in you getting more yes’s and opening the door of opportunity to work with more of the types of clients that up-level you and your business.
Your fees even determine how credible you’re seen as being in the eyes of your prospective clients, earning you their respect and appreciation which makes raising your fees even more important to you and your business.
When you increase your rates you don't have to focus on volume rather the quality and improve the delivery of your services, which means better testimonials, referrals, and that cycle will continue to grow your business.
Having happier clients will give you a ripple effect in your business with more testimonials and referrals. This will give you a huge impact on your bottom line.
Agents are up-leveling their business by working with you. Their mindset will be able to shift. You are helping your clients uplevel in their business and that will help them to see a bigger transformation.
I hope this gets you to think about your TC fees in a whole new light and inspires you to raise your fees.
Leave a comment and let me know what you think. I would love to hear from you!
Check out my other post about Transaction Coordinators:
3 ways to Ensure Success as a Transaction Coordinator
How to Start an Online Business as a Transaction Coordinator
3 Simple Strategies to Getting Clients For Your Transaction Coordinator Business
What is a Virtual Transaction Coordinator