Are the services of a transaction coordinator appreciated & used?
Current teacher looking to get into investing. I don't have the funds to quit my W2 YET, but I am looking for ways to earn extra $$ while learning about REI at the same time.
I have considered becoming an agent, but I have young kids and I don't think showing homes in the evening or on the weekends will work for me. Being a transaction coordinator has come up in my searches, and I want to get some real world insight and advice from the BP group.
1. Is this a legit way to earn money?
2. Could this work be done virtually?
3. Do agents, brokers and investment co really use and appreciate this service?
4. How does compensation work?
Thanks
1. Transaction coordinators (TC) are legit. Most TCs I know are licensed as well, (I believe you have to be to fill out contracts but I am not sure about this).
2. Yes
3. Yes, most of the agents who have TCs are successful and doing quite a few transactions.
4. Hourly or paid by file (each time a buyer buys or a seller sells). Compensation ranges quite a bit, at least $20 an hour or a couple hundred bucks a file
If you are looking to get into something related to real estate on a professional level but want to maintain a healthy work/life balance mortgages may be a good option. Getting involved on the finance side of deals is a great way to learn about REI.
I would recommend looking into loan processing as a start. It is a great position to get a career started in mortgages. Some lenders require little to no experience for these positions and offer great growth opportunities.This position typically works with all the departments within the lending organization and exposes you to the entire loan process. This can help you determine what your next step may be. Do you enjoy working with borrowers? Maybe a position in originations would suit you well. Do you enjoy the analytical aspects? Maybe Underwriting is a good fit. All of these positions are very commonly fully remote and well paid.
Right now it is a little tough to get into mortgage lending, there has been a lot of downsizing. However, there are still opportunities out there.
@Logan McKay Zylstra Thanks for sharing! In Texas TC do NOT have to have a license however most of the job searches I have done state "license preferred" so I am considering checking that box off this summer while I am out of school.
@David Lambert I haven't even considered the morgage/loan industry. I just assumed most of those folks had accounting and financing degrees and that's not me. Thanks for your insight, I'll look into it.
Most agents/brokers would likely pay for your license. When interviewing I would make it clear that getting your license is something that interest you.
As a new agent, I attest to TC's being VERY appreciated and needed! I wish you the best of luck if that is what you are pursuing to be! :)