With the real estate business booming, you know that your work as a transaction coordinator is truly valuable. Agents, lenders, and clients are among the many who rely on your services, yet you still feel stumped about the best way to get paid. Is it better to charge by the hour, to ask for a single transaction coordinator fee, or a mix between the two?
It’s important to consider every option to ensure that your decision is both attractive to hiring agents and rewarding for you!
Why It’s Important to Be Intentional As You Select Your Transaction Coordinator Fee
Requesting money by the hour versus charging a flat transaction coordinator fee might seem similar at first, but there is much to consider. It is important to think about the implications of both methods before settling on the right one for your business.
Clear intention demonstrates to real estate agents that you understand your worth long before you start! For example, inexperienced transaction coordinators often browse the Internet for comparable pricing in order to decide how and what to charge for their work. Experienced coordinators skip this step...which gives their clients greater peace of mind. If you want to exude confidence, you need to be intentional as you set your rates.
Inwardly, commitment to an hourly pay rate or clear-cut transaction coordinator fee helps eliminate your personal struggles about money. This means looking past several dilemmas: wondering if each new agent can afford what you charge, if your skills fit the bill, or if you should reorganize odds and ends for each new situation.
Know your value and confidently ask for the rate you deserve each time!
Hourly Vs Package Pricing For Real Estate Transaction Coordinators
Now that you understand the urgency, it is time to weigh your options! Let’s dive into the details of pricing per hour, then pricing per job. In the end, you'll know exactly what kind of transaction coordinator fee is best for you.
Hourly Transaction Coordinator Fee
For transaction coordinators who charge by the hour, time on the job turns into money! This is wonderful for those who invest the most time in their work.
This could be the best choice for those who are newer at the transaction coordinator gig since so many tasks will feel unnatural at first. Take your time and get it right, right?
An hourly transaction coordinator fee also works well for those who believe that slow and steady wins at work—meaning you will work with more precision when you have more hours to expand in.
And, of course, you will be more eager to go the extra mile if you know that you will be compensated for it!
Package Pricing for Transaction Coordinators
Charging a lump transaction coordinator fee works extremely well for more experienced or naturally proficient entrepreneurs.
This package fee guarantees that you earn your paycheck based on results regardless of the time you put in. Whether you get your tasks done in 2 hours or 200—the dollar amount won’t move!
A flat-fee model is also enticing to the agents you’ll work with. It informs them of the all-in expense for your services before your work even begins. This helps them plan their overall workload and budget with no uncertainties.
What About A Hybrid Transaction Coordinator Fee?
What if your working style falls somewhere in between “slow and steady” and “quick but neat?”
You can advertise a base transaction coordinator fee and tack on an hourly price for any additional work needed.
For example, you may guarantee an agent two weeks of support for one price, then charge $15 an hour for overflow. Or guarantee your services between the hours of 9:00 and 5:00, then switch to an hourly rate after hours!
This sort of model is attractive to agents because it offers a more exact estimate for pricing than paying hourly alone. It also provides a safety net beyond a rigid, singular transaction coordinator fee. It’s the best of both worlds!
Similarly, the transaction coordinator who chooses to go a mixed route will enjoy the security of a regularly-installed payment along with guaranteed overtime payments as needed.
Related: Why A Contract With Your Clients Is A Must In Your Transaction Coordinator Business
Which Of The Pricing Strategies Is Best For Your Transaction Coordinator Business?
Now is the time to self-reflect! The right pricing option for you boils down to a few factors:
- How quickly do you work?
- How experienced are you as a transaction coordinator?
- Which pricing model yields the best results for both you and your clients?
You ought to imagine yourself working each way—making money by the hour, per assignment, or a mixture of both.
If the quality of your work is dependent on the amount of time you spend on it, why limit yourself? Charge by the hour!
If you work quickly, charging by the hour could mean cutting your pay short of what you are actually worth. Charge a flat transaction coordinator fee!
If you find yourself somewhere in between—or simply want the security of both a set dollar amount with the assurance of overtime pay—work with that! Chances are that agents will respond to a thoughtful compounded approach, too.
No matter what type of payment plan you're leaning towards, remember: you are worth every penny of what you charge! Confidence is the foundation of your success.
After deciding on a fixed transaction coordinator fee or an hourly transaction coordinator fee (or a mish-mash of both) rest assured that your business model can change with you. You can adjust your packages as you grow to ensure that you are always making the money you deserve.