How to become a transaction coordinator

What the job really is, what you need to start, how to stay on the right side of your state's licensing rules, and how new TCs find their first agents.

What a transaction coordinator does

A transaction coordinator (TC) runs the paperwork and the calendar of a real estate deal, from the signed contract to closing, so the agent can focus on clients. On a typical file you'll:

• Open the file: collect the signed contract, send introductions to escrow or title, the lender and the other agent.
• Track every contract deadline: earnest money, inspections, appraisal, loan approval, closing.
• Chase documents: disclosures, reports, receipts, signatures.
• Keep everyone updated, and flag problems to the agent early.
• Close out the file: final documents to the broker, everything signed and stored.

It's detail work with deadlines that matter. A missed contingency date can cost a client their deposit, so organized, calm people do well at it.

Independent or in-house

In-house TCs work for one brokerage or team, often salaried. Independent TCs run their own business and work for several agents, usually paid a flat fee per file at closing. Independent work gives you more control over your clients and schedule, but you have to find agents and run your own business.

Do you need a license?

Often not, as long as you stick to administrative work. But the line between administrative and licensed work differs by state, especially when it comes to filling out contracts. Read your state's rules before your first file: TC licensing by state.

Some TCs get licensed anyway. It lets you do more (in some states, complete contracts), and some brokerages require it.

What you need to start

• To know your state's contract. Learn the standard purchase agreement and its deadlines inside out. Our deadline pages cover every state's default dates.
• A written agreement with each agent: what you do, what you don't, your fee, and when you're paid.
• A system for deadlines and documents. Spreadsheets work for a few files. Past that, use software built for TCs.
• A professional email and simple branding, so agents' clients know who you are.
• Errors and omissions insurance is worth asking an insurance broker about once you're independent.

Finding your first agents

• Start with agents you know, or a brokerage you've worked with. One happy agent usually leads to the next.
• Join local agent and TC groups (Facebook groups, your local REALTOR association events) and be useful there.
• Offer newer agents a simple, clear package. They often need help most and can't yet afford a full-time assistant.

Pricing

Most independent TCs charge a flat fee per file, paid from the agent's commission at closing, with separate prices for buyer-side, listing-side and both-sides files. Prices vary a lot by market. Ask what TCs charge locally before you set yours, and put it in writing.

Mistakes new TCs make

• Doing licensed work because an agent asked: advising a client, negotiating repairs, or (in some states) filling out the contract.
• Keeping deadlines in your head or in email instead of one system.
• Working without a written agreement, then getting paid late or not at all.
• Saying yes to too many agents too fast.