The job of a Transaction Coordinator (or TC) is not easy. They are in charge of the most difficult part of a real estate transaction, which is making sure all the papers are correctly submitted, all the parts involved are happy with the deal, and everything else is according to legal requirements.
As such, a TC’s services are required by various niches that deal with large transactions that could have tremendous legal implications. For instance, you will usually find at least one TC connected to a real estate broker or agency since they are dealing with lots of transactions that involve mountains of paperwork, contracts, and compliance issues.
Now, the fact that TCs have quite the responsibility and deal with a lot of paperwork may be a bit off-putting. However, you should also know this is a position that also requires strong communication skills and that they make, on average, about $20 an hour. Even more, experts expect to see a growth of opportunities in this career, so it is a job for the future.
You Can Make it a Business
If you want to become an entrepreneur, the TC position will open a lot of doors in this direction. Since it doesn’t require any special skills, anyone with a passion for numbers and communication can start a transaction coordinator business.
In fact, many realtors find it easier to do their job when partnering with an independent TC who can cover all the aspects of the transaction. This way, the realtor can focus on getting new customers, finding the best offers, and dealing with aspects related to the real estate niche.
The Skills You Should Have
Since your main job is about dealing with transactions, math skills are a must. You should be able to easily see patterns and understand how the flow of each transaction works. In addition, it helps to have good writing and communication skills. These are useful for keeping track and putting together various contracts, deals, and offers necessary for each transaction.
Lastly, it helps to keep an open mind and learn as much as possible about the niche in which you plan to activate. For instance, if you want to be a real estate transaction coordinator, you need to know how a real estate deal works.
Furthermore, it’s important to know that you are not limited to just one industry – as it happens with highly specific jobs like lawyers or financial advisors. A TC can be associated with any professionals or businesses that need help with their transaction coordination.
The Transaction Coordinator career path is quite simple and straightforward since you don’t need more than a bachelor’s degree or a high school diploma and a passion for numbers to get started.
Furthermore, you can switch careers if you feel it’s not the right path. A TC position is a great addition to your CV as it shows you are reliable and can take on high responsibility jobs. It’s also a great way to make solid connections that may come in handy later in your professional life.