Transaction coordinators (TCs) play a critical role for many real estate transactions throughout the US. When considering whether or not to become a TC a common question that arises is: How much money does a transaction coordinator make? We will cover the financial aspects of being a TC and what factors influence their earnings.
Average Salary of a Transaction Coordinator
National Averages: According to data from sources like Indeed, Glassdoor, and ZipRecruiter, the average salary for a transaction coordinator in the United States varies. For instance, Glassdoor reports an average annual salary of around $58,248. However, these figures should be taken with a grain of salt, incomes can fluctuate based on several factors, including geographical location, experience, and the specific real estate market.
State-Specific Data: In states like South Carolina, the average salary for a transaction coordinator can be around $40,472 per year, as reported by Indeed. This variation highlights the impact of local real estate markets and cost of living on TC earnings.
Factors Influencing TC Earnings:
Many TC’s are just small business owners. Just like real estate agents can close 1 or 2 transactions or they can close 200 transactions a year. The range for transaction coordinators is the same. Depending on their business structure, wants and goals they may handle 1-4 transactions a month or 100 at a time.
Experience and Expertise: Experienced TCs with a proven track record and specialized skills in managing complex transactions can command higher salaries. Their expertise often translates into more efficient handling of transactions, which is highly valued in the industry.
Geographical Location: The cost of living and the dynamics of the real estate market in different regions significantly influence TC earnings. For example, TCs in high-cost areas or in markets with a high volume of real estate transactions may earn more than those in regions with lower living costs or less active markets.
Work Arrangement: The earnings of a TC can also depend on their work arrangement. Full-time TCs employed by a real estate firm or agency may have a fixed salary, while freelance or independent TCs might charge per transaction. Also, if a transaction coordinator works for an established company they may give up a portion or their fee in the form of a split in exchange for training, systems and organization.
Work Load: Many TCs work to supplement their income elsewhere. They may be an active real estate agent only assisting agents in their brokerage or they might be working for mutliple brokerages across mutliple states. Generally a TC working part time will carry 5-20 files closing a month, while a full time TC can carry 20-60 transactions. Generally, 80+ plus transactions closing a month will require an assistant or team member to maintain. Though, we have heard of TC's comfortably closing 100+ transaction a month alone.
Payment Structure for TCs
Flat Fee or Hourly Rate: Many TCs charge a flat fee per transaction, which can range from $350 to $600. Rarely they may opt for an hourly rate, especially for transactions that require extensive time and effort.
Commission-Based Earnings: Some transaction coordinators might receive a percentage of the real estate agent's commission, aligning their compensation with the success of the transaction.
The earnings of a transaction coordinator can vary widely based on factors such as experience, location, and work arrangement. Understanding these factors is essential for those considering a career as a TC or for real estate professionals looking to collaborate with a TC. Regardless of the payment structure, the role of a transaction coordinator is important in the real estate industry, providing essential support that contributes to the success of real estate agents.
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