Free Transaction Coordinator Business Start-Up Plan (6 steps to start your TC Biz!)

When I set out to drop out of the corporate rat race, I became laser-focused on 1 thing; working from home so that I could be more present for my family. I had dreamt of being home when my kids got off the school bus, being able to attend school functions or tend to them when sick WITHOUT GUILT.

I became a licensed realtor but quickly found that I was putting in more hours than I ever did in Corporate America which in turn, took me further and further form my original "why" which was being more present for my family!

My Transaction Coordinator Company was born out of my why. It allowed me to fulfill my passion for real estate while also allowing me to select my own hours, work from anywhere and experience unlimited earning potential!

Let's talk about the steps I took to launch and grow my very own TC Company, shall we?

Step #1: Understand what a Transaction Coordinator Is

A Transaction Coordinator, or TC for short, is essentially a person who handles the details of a real estate transaction. They make sure all the paperwork and and processes related to closing a real estate transaction run smoothly and stay on track. Most TC's are independent contractors and work from anywhere (Yes, you CAN work in PJ's or a bikini; choice is yours!). Typically, TC's work as independent business owners which means they are their own boss!

Step #2: Get Your Mind Right

Listen, back in my Corporate America Days I was the QUEEN of side hustles! Let’s see, I tried MLM’s, owned a Sno cone truck, certified massage therapist... Looking back now I see I always had dreams of owning my own business but my self limiting beliefs wouldn’t allow me to think beyond having a business to make some “extra change on the side” not a Bonafide full time corporation! 🤯 I don’t know how many of you are Virgos but the way MY Virgo mind is set up, I need STABILITY and I just didn’t believe that My own business could provide that. In less than 4 years, My TC business brings in more than double my corporate salary after having been in my previous career for a decade! So what changed?
That’s easy... once again, it goes back to my "Why" and the mindset that followed me establishing it. I believe those part time businesses didn’t work simply because I really didn’t have a why or purpose attached so it was easy to allow doubt stunt my growth. Once I created positive rituals in my life, it became possible for me to overcome any doubts and forge ahead.

Step #3: Create a Brand You Believe In

Don't start this step until you've completed step #2! This is the exciting part of launching your business! You get to choose a name, your style and overall message. I believe your business brand should be simply an extension of who you are as a person. People want to work with people they LIKE so keep that in mind with your branding.

One resource that I use for brand inspo is Pinterest. For instance, maybe you want a more luxurious feel for your branding and love the black and gold aesthetic. You would simply search "black and gold branding board" on Pinterest to start seeing examples of the different brands, logos and other elements that will make up what your brand is.

Now, you may think this part is fun and exciting but it can be a time suck if you allow it to. What I find is that people spend too much time doing the fun, exciting thing because they're afraid of the real work ahead. I IMPLORE YOU, do NOT spend a ridiculous amount of time on this aspect. 1 week tops! Remember, with this being an online business, you are not investing in a lot of branded physical items. With that being said, you can change your branding if you please.

Step #4 Legitimize Your Business

Legally structuring your business is the one thing that separates the bosses from the hobbyists. Will you be operating your business as sole proprietor, LLC, LP? How will your business be taxed? Once you've structured hour business, it's time to register it with your local Secretary of State and then set up an Employee Identification Number (EIN). This will allow you to open up a business bank account so that your customers can pay your business.

Step #5 Understand the Processes & Systems Needed to Become a Transaction Coordinator

You can have the best brand in the world but if your back office processes aren't set up you can forget it! So what happens when you get a new client lead? How do you even get a client lead?

Processes are so important!

How are you going to attract clients?

How are you going to onboard clients?

How are you going to onboard transactions?

What tasks will you be responsible for?

What tools are you going to use?

How are you going to get paid?

Is your mind blown yet? I know it sounds like a lot, but these are processes that must be thoroughly thought through and established BEFORE you land your first client.

Step #5 Market Your Business

So, you've got your brand; now you've got to market it. Marketing is how you get the word out about your TC Business. This doesn't have to be complicated. For most of my students, the first client they get is someone they already know.

Start thinking of people you know in the real estate industry. Maybe it was the realtor that sold you your first home or a friend of a friend.

Do you know 1 realtor or investor? I'll bet you do.

And if you don't you know someone who does.

There are a ton of ways to market your business but in my opinion Social Media is the easiest way to reach those people with your message. And by message, I don't mean just letting people know that you are a TC. I mean attracting people through educational and/or entertaining messaging. This is called attraction marketing and is much more effective than "salesy" marketing.

Step #6 Get Your Money Right

No one goes into business for themselves to work for free! As a business owner you will want to set up a home for your business income that is separate from your personal income.

To do that, you'll set up a business bank account. You can set up a business bank account if you have your Employer ID Number (EIN) issued by the IRS. The EIN is free (Click here to apply for one through the IRS).

Next, you want to determine how your clients will pay you. Some TC's get paid at closing , but this will vary depending on the broker. I recommend setting up an invoicing system like Quickbooks. As you grow, their reporting functions will help you track your income statistics over time.

Starting a transaction coordinator business can be a low overhead but lucrative opportunity in the real estate industry. With a solid plan, a strong network, and a commitment to delivering exceptional service, you can build a successful business that assists real estate agents in helping their buyers and sellers navigate the complex world of real estate transactions.

If you are looking to start your Transaction Coordinator Business and want hands on training, you should joint he waitlist for The TC Playbook, our signature training program for aspiring TC's!