Licensing & Training
Do you have to be licensed to be a transaction coordinator? Absolutely not. However, a license, experience in the industry (or a similar industry like title or mortgage), or specialized training could certainly give you an advantage for a transaction coordinator job. You can obtain this specialized training from a number of places. There are plenty of online courses you can take to get familiar with transaction coordination processes and tools. You can also get certified, and in some states like California, this is almost a must. There are several handfuls of Facebook groups, associations, and other organizations aimed at helping bring recognition and training to transaction coordinators.
Independent vs. Team
Transaction coordinator jobs come in many different forms. As we go through some of the types of employment you’ll be looking at, think about what it’s important to you. Do you need a steady stream of income like a salary? Do you want to be completely remote? Keep your goals in mind as you’re searching through the different types of transaction coordinator jobs.
Start your own company.
You like the sound of that. You set your own rules, set your own pricing, and keep all the profits. There are a few things to keep in mind. In order to keep all those profits, you need to go out and obtain clients. You also have to account for overhead- the technology you use to manage the transactions, hosting a website, errors and omissions coverage and the many other things that come with being your own business. Don’t forget to figure out how you’ll ever take a vacation.
Employed by a brokerage or team.
You are hired as an employee and you manage only their files when you work for a brokerage or team. Not all brokerages and/or teams can afford this. So, you’ll be looking at one that does a high volume of monthly transactions. There are definitely some great perks, like regular pay. However, your presence in the office may be required and some of your duties will go beyond a typical transaction coordinator job. You may be asked to do administrative work, post on social media, and other tasks to keep you busy during the winter.
Employed by a company.
If you aren’t entirely sold on the responsibility of having your own business, and you haven’t found an agent team or brokerage that’s a good fit, there is always a third option. You can work with a coordination company. There are several companies that hire nationwide, fully remote coordinators for agents to use. Transactly is one of those. There are a lot of advantages to joining a company supporting a TC team. First, all those costs associated with insurance and technology are taken care of by the company. You can go on vacation whenever you want, because they’ll also be someone to cover for you. Plus they procure business for you. Check out why TCs love Transactly here.
When it comes to pay, you could be offered a salaried position, or work as an independent contractor whose pay will be based on the amount of transactions you can handle. Most will even let you procure your own business on top of what they provide. However, the company will set the prices you charge for your services and will take a split of the fee.
