Thinking of pursuing a career as a transaction coordinator? Well the job could just be the perfect fit for you. Transaction coordinators (TC) have increasingly become more popular in the real estate industry. Many brokers, individual agents, and teams rely on them in order to accomplish all the work needed to maintain a successful real estate business.
It is definitely worth your time to investigate the position, as many TC’s are able to work completely remote and enjoy a sense of flexibility in their career, while still being considered a key player in the business.
As a TC, your primary focus is on ensuring the transaction runs as smoothly as possible for everyone involved. To do this you would take on a variety of tasks related to the paperwork, and documentation aspects of a real estate transaction. To give you an idea of what some of your specific responsibilities would be as a TC, refer to the list below.
The education requirements of being a TC vary by state. Therefore, it is extremely important that you investigate the requirements of your state to ensure you have all the necessary certifications.
Generally speaking, you do not need a real estate license to become a TC, but it definitely helps. Having a real estate license ensures you have the background in the real estate industry, and experience working with real estate transactions, needed to be trusted as a TC. If you do not have your license it may be more difficult to prove your skills and expertise initially, but with hard work and dedication to your responsibilities you will undoubtedly be able earn the trust of countless agents.
Regardless of if you have a license or not, you will most likely have to pass a transaction coordinator education course that is certified by your state. These courses can be found by googling “transaction coordinator certification in (enter your state)” and can often be taken completely online. Allowing you to complete your educational requirements at your own pace, and on your own time.
In addition to the certification required by their state, many TC’s also have experience working with real estate, lenders, title companies, escrow, and the MLS. These topics are heavily related to transaction coordination, and an understanding of them is something your clients will expect.
If you don’t have personal experience with these topics you will want to invest in some real estate educational courses beyond what is required to obtain your TC certification. It would also be a good idea to find a mentor to help you get acclimated to the industry, and your position within it.
Even if you have a background in real estate, finding a good TC mentor would definitely give you an advantage in the long run. Having a mentor allows you to learn from years of on the job experience, which is an invaluable resource.
In addition to the knowledge base that all TC’s must have, there are also certain skills needed to be a successful TC. Without being proficient in the following skills it would be difficult to effectively perform the job of a TC. So, based on these skills, try to evaluate if a TC position would be a good match for you.
A TC is responsible for the vast amounts of paperwork, and deadlines associated with a real estate transaction. Therefore good organizational skills are key. TC’s ensure the timeline of a transaction is followed closely, and never fall behind schedule. In order to effectively accomplish this an outstanding organizational system, and skill set is a must.
There are a lot of moving parts in a real estate transaction, and not letting anything slip past you is crucial as a TC. You must be on top of every scheduled appointment, deadline, signature needed, and more. So a knack for close attention to details will be extremely beneficial to you as a TC.
TC’s have responsibilities involving communication with the clients of agents, and other vendors associated with the sale of a home. Everyone being on the same page, and understanding their roles and obligations associated with the sale is very important. In many cases ensuring everyone has this understanding will be your job. Therefore being able to communicate effectively with a wide range of people, and personalities is a skill all TC’s must be proficient in.
Based on what you have learned about transaction coordinators do you think you would excel as a TC? If so, it would be a great idea to go ahead and jump into the certification process. The job of a TC can be great part-time work, or if it becomes your passion there are many full-time positions available all over the country.
As stated previously, TC’s are only growing in popularity. So, if you are willing to put in the work for your certification, and you have the skills needed to be successful, a position as a TC would allow you to have freedom in your work, and develop a network within the real estate industry that would be well worth your while.