Most top-producing real estate professionals agree on one thing.
You have to have a team to reach the highest levels of production. Otherwise, you waste way too much time on low-value activities, including paperwork, scheduling and putting listings on your website. A team also helps top producers gain back a personal life — to spend more time with their friends and family or just doing other stuff they enjoy.
So if you want to make more sales and generate more revenue, here’s how you can figure out if it is time to hire others, including assistants, marketers and other sales associates.
How Many Transactions Do You Do Each Year?
Some real estate business consultants say you should add at least one employee for every 50 transactions you do per year.
Or if you want to do a little more homework, you can figure out how much you net, on average, for each transaction you do. Then you can determine the cost of a real estate assistant and how many more transactions you have to do to pay for the help.
There is also a third, more sophisticated, way to pinpoint whether or not you can afford to bring on an assistant.
Take out your tax return from the previous year.
Determine Your Profit.
Figure out how many hours you actually worked.
How Much Did You Make Per Hour?
For example, assume you make $125,000 for year and worked 2,000 hours per week. (40 hours per week for 50 weeks.) You actually earned $60 an hour. Now think about all the activities you do yourself — putting together listing packages, sending mailers, sending emails, completing paperwork, scheduling appointments, etc.
Are these really the best use of your time? Could you hire someone to do them for you at a much lower rate?
If the answer is yes, you are costing yourself cold, hard cash by NOT hiring others, particularly an administrative assistant. Any activity that you carry out that is not a “$60-plus-an-hour” activity is costing you money, or at least the opportunity to make more money.
Instead of wasting your time on the low-payoff activities, you can focus on the tasks that matter most to your bottom line, including generating leads, securing new listings and negotiating contracts.
Define the Support You Need
After you determine that you need to make a hire, you can list all the activities you need that person to carry out. Most will probably fall into the administrative category — preparing mailings, coordinating photo shoots and floor plan measurements, handling paperwork, designing a brochure or scheduling an appointment.
Also, you need to have a process for finding someone that matches the job description. This can be time-consuming and frustrating if you’ve never done it before. Many times it involves hiring someone that has a different skill set and personality than you. It’s tempting to hire someone you like, instead of someone who is the right fit for the job. So make sure you have a written job description and stick to it.
How to Avoid the Hassles of “Training Time” and “Bad Hires”
Many agents also drag their feet on hiring others because they fear the process of recruiting, interviewing, training and managing the new hire will be more trouble than it’s worth. Or even worse, they’ll invest time and energy hiring and training and then the employee will turn out to be a dud.
The best way to avoid these pitfalls is to work with someone who has experience and follows a well-defined hiring plan. If you’re located in the Vancouver area, we’d love to help you out. We have over 15 years of experience recruiting, hiring, training, and managing real estate assistants. We can sit down with you and help you pinpoint exactly what you need in a support person, find them, and then train then for you. You get the help you need fast and with minimal effort or lost production time.
— Mary Faraj
To learn more, call us at 1-877-959-4879 or fill out our contact form and we’ll get in touch with you.
Tags: Admin Assistant, Real Estate Assistant