Are you a real estate agent looking for a top-of-the-line transaction coordinator? Or are you a skilled transaction coordinator looking for work? This article is written for both! In this blog, we’ll make the case for why skilled and experienced TCs should come to work with us, and show real estate agents why the very best transaction coordinators work for Close Concierge.
We’ll start by talking about the salary for our competitors, review some state salaries for transaction coordinators, and then talk about the pay structure at Close Concierge. Finally, we’ll end with a few points on why Close Concierge is well on its way to becoming a top TC company. Read on for more information.
Why Does Transaction Coordinator Salary Matter?
The salary of transaction coordinators matters as much to the transaction coordinator as it does the real estate agent hiring them. Paying an employee a fair wage, or even above what they’d expect, results in better work being done and less error. The employee is more likely to take pride in their work and would be more willing to work weekends, if need be. We’ll go more into why the salary matters below, but for now let’s just compare some of the real salaries transaction coordinators have.
What’s the TC Salary for Competitors?
In this section, we’ll discuss what the transaction coordinator salary is for other transaction coordinator services. We’ll also delve into whether the companies offer other perks and what those benefits are. Read on to find out more about our competitors’ salaries!
Transactly’s transaction coordinator salary
We were able to find two different job openings for Transactly TCs. One is for a transaction coordinator to do Colorado-state transactions and the other is for a bilingual TC who can work remotely across multiple states.
The Colorado TC posting was for an estimated $43,000 to $54,000 a year. They ask that prospective employees be available to take on 20 to 30 or more files per month, but it’s a 1099 position, meaning they’ll be paid per transaction. This means that they aren’t full employees and are therefore ineligible to receive health, vision, and dental benefits. Error and Omission insurance is provided for employees, and that’s it.
The bilingual TC posting starts out with less pay than the Colorado posting (at $40,000) but has a bit more potential, with an upper limit of $56,000 a year. They’re looking for Spanish-speaking TCs who can handle clients in multiple Western and Midwestern states – but like the other posting, it’s for a 1099 employee. This means that the prospective employee gets no dental, health, or vision benefits – just the salary (paid per transaction) and E&O insurance.
Keller Williams’ transaction coordinator salary
The Keller Williams posting is thankfully a bit better than Transactly’s salary. There is no note about it being a 1099 position or about benefits, so it’s tough to say which it is. That said, the salary listed is from $50,000 to $70,000 a year, making it considerably more pay than what Transactly would offer. However, they prefer that their transaction coordinators have their real estate licenses.
Interestingly, there’s another posting that explicitly states health, vision, dental, and paid time off, but the salary on that one is $40,000. The second posting also states that a real estate license is expected, along with a few more requirements (like recruiting skills, MLS experience, and a track record of success). Maybe better pay and benefits are an either/or thing for Keller Williams.
Redfin’s transaction coordinator salary
While we don’t have a salary amount for Redfin transaction coordinators, we do know their base pay average is $22 an hour. That means they make $176 per business day if they’re working 8 hours, and that adds up to $45,936 a year for 261 working days.
It showed that some employees receive a cash bonus of $7 and commission sharing of $8 on average, but even if those bonuses were per hour (which seems very unlikely), the daily take-home pay would be $296 and the yearly salary would be $77,256. According to the Glassdoor posting, they also provide medical insurance, maternity and paternity leave, vacation, and PTO. That sounds pretty good – but just wait until you hear what we offer our transaction coordinators!
Transaction Coordinator Salary By State
We thought we’d also provide a current (at time of posting) representation of what salaries are so that you can get an idea of what transaction coordinators make in different states. Read on to know some specifics about TC salaries.
The average base salary in the US according to Indeed is $43,332 a year, with the most common benefits listed as AD&D insurance, disability, 401(k) matching, life, vision, dental, parental leave, health insurance, and PTO.
Average TC salary in California
Since California is one of the most expensive states to live in, it seems logical that transaction coordinators in California would make considerably more money than TCs in other states. This chart shows that the average salary for a CA transaction coordinator is $43,041. Transaction coordinators on the low end can be paid as little as $34,942 a year, and on the higher end, they can make as much as about $52,105.
Sacramento transaction coordinators make $46,792 a year on average.
Average TC salary in Florida
In Florida, the TC salary is much lower than in California. Transaction coordinators in Florida can expect to be paid a median salary of $36,606 with a lower limit of $29,717 and an upper limit of $44,315.
Tampa TCs make $41,958 a year on average.
Average TC salary in Texas
Texas transaction coordinators make an average of $38,282 a year. The bottom 10% make $31,078 and the top 90% make up to $46,344. If you work in Houston, though, you could make up to $42,767 on average each year. Austin transaction coordinators make even more on average, with $51,210 a year. Austin is actually considered the highest-paying city for transaction coordinators.
Average TC salary in Illinois
Chicago, Illinois transaction coordinators make an average of $18 an hour, which adds up to $38,812 a year. However, transaction coordinator salaries range from $20,986 on the lower end and up to $60,386 on the upper end in the state. Overall, Illinois transaction coordinators make less money than the national average.
Close Concierge’s Transaction Coordinator Salary
At Close Concierge, our transaction coordinators make six-figure salaries – that’s double what most transaction coordinators are paid. In addition to a higher salary, we hire all of our coordinators as full-time employees, so they get great benefits. Some of these benefits include:
- One year fully-paid parental leave
- Profit-sharing for all employees
- A voice: all employees get a vote in our hiring decisions
- Medical, dental, and vision coverage
At Close Concierge, we value our TCs
Here at Close Concierge, we take care of our transaction coordinators because we know the value they add to any transaction. Transaction coordinators have a direct impact on how a real estate agent is seen by their clients, so when they do a better job, the real estate agent can provide better customer service and is more likely to get referrals.
As JD Esajian says in his article on customer service in real estate, the “goal… is to send customers away happy and keep them coming back for more. Done right, real estate customer service (helps) build trust, brand loyalty, a positive reputation, as well as produce referrals.”
He goes on to say, “customer service in real estate is without a doubt a critical element to success. Because the majority consists of interacting and communicating with people, it will remain a key component. Providing extraordinary customer service will cultivate meaningful relationships built on trust, while strengthening your reputation and creating brand loyalty.”
Better paid employees work harder
Studies show that employees who are paid better may work harder. A study on nursing homes showed that the patients were healthier after the employees received a pay raise, which means the workers were more diligent about the work. Another study in the same article showed that employee performance went up when they made more money.
There was a study conducted in 2013 as well. This study featured three groups: one group that had no change in pay, another group that was hired for a higher amount, and a third group that was hired with the same pay as the first, but then was “gifted” a higher salary. The study showed that those in the “gift group” worked harder and was motivated to do a better job. Most transaction coordinators are paid around $43,000 a year, so working for Close Concierge may be seen as a gift in itself, resulting in employees that do a better job.
Another advantage of our pay structure for TCs is that our coordinators will want to stay. According to this Student Money Adviser article, employees are happier when they’re paid more and they won’t want to leave. They focus more on the job and, since they’re being paid well, they’ll stick it out long enough to really become good.
The article says, “The outcome: happy employees that will stay longer than just the time it takes for them to learn their job. The turn(over) is low, which means employers don’t lose time and money rehiring people. The less time and money spent recruiting candidates and training them, the better the company will do.”
And just how much is that employee retention worth? $1,500 or more. Some studies even predict that when a business replaces a salaried employee, it costs 6-9 months’ salary on average. Losing employees can cost companies in a number of ways, including:
- Lost productivity
- Lost engagement
- Customer service/errors
- Cultural impact
Losing an employee costs businesses a lot of money. At Close Concierge, we go out of our way to let our employees know that we appreciate all their hard work. We want to keep our employees, so we make sure we compensate them well. By retaining our employees, we keep costs low for our real estate agent clients, too. In fact, our clients only need to pay $1,000 a month for a skilled and experienced transaction coordinator. It’s beneficial for all when we give employees the best we can offer.
Our Skilled TCs Take Care of You
Are you a real estate agent or broker who’s interested in Close Concierge? If you love the idea of being hands-off in your transactions rather than doing more of the menial real estate work, a transaction coordinator could be your solution! Our top-of-the-line transaction coordinators will happily take care of scheduling that inspection, and they even work weekends, unlike most transaction coordinators.
Our flat fee is most appealing to high-performing real estate agents who close more than 2 contracts a month, since the flat fee allows you to direct your attention toward more client-facing work and get those contracts signed. Our flat fee structure actually rewards top agents because our cost will never budge. You get more bang for your buck because we’ll charge you $1,000 whether you close 3 transactions a month or 5 a month. If you want more money in your pocket for less, contact us today for a demo!
Want to Come Work for Us?
Are you an experienced transaction coordinator who would love to work for a company that values its employees? Here at Close Concierge, we’re grateful for our employees and the positive impact they make on everyone around them. There’s no way we could do what we do if not for the amazing contributions of our transaction coordinators. We’ve experienced a lot of growth and are actively hiring, so now is the perfect time for you to apply!
If you’d like to work with us, please contact us today to find out more about being a Close Concierge employee. We’d love to hear from you and see if you’d be a good fit for our team. If you’re chosen, you’ll be able to reap all the wonderful benefits we’ve listed here!