I get this question a lot, “how successful do I need to be before I hire an assistant”? The majority of Realtors are salespeople and few possess the skills necessary to manage people. There is significantly high turnover due to this as well as the constant ebb and flow of a Realtor’s income.
Only 14% of all real estate agents actually use an assistant according to the most recent National Association of Realtors report. Typically only the largest and most successful agents in each market employ an administrative assistant yet, in my opinion, an assistant is necessary for every agent to be successful. See the article I wrote for Inman News about how agents are incapable of being both great on the sales end of the transaction as well as on the administrative end.
In order to take your business to the next level, you need to make hiring a support team a priority. Here are a list of signs that you are ready to hire your first assistant:
- You make $60,000 in annual income
I’ve put it out there. I actually provided a magical number that you probably won’t find anywhere else on the internet that so clearly defines when you should hire an assistant. I believe that once you make $60K, you should hire a part time assistant for $20,000 per year. You’ll get back 50% of your day as well as a more narrowed focus that should result in at least a production increase of $30,000 in annual income. This will offset your cost of hiring an assistant as well as improve your reputation in the industry.
- Your family is complaining that they never see you
Sometimes it’s not about making more money but getting back your life. Real Estate can be an overwhelming occupation that requires crazy hours and consistent weekend and evening appointments. Balancing work and family is a constant challenge. If you feel that hiring an assistant will free up time which you can dedicate to your family, then that’s as good a reason as any.
- You so despise the little details about a transaction that you aren’t properly servicing your clients
Agents are notorious for checking out of a transaction once it goes under contract and moving on to new business. There is little focus on communication, followup with other transaction parties or anticipating upcoming tasks. As a result, agents can quickly earn a bad reputation which will lead to lost clients and lost dollars. If managing the little details of a transaction is something you despise, it’s important that you protect your business with the right hire.
- You know what you are capable of and are willing to take a calculated gamble
There’s nothing like taking an old chance on yourself and swinging for the fences. If you have a strong track record with building businesses or executing well with sales, then you should feel confident that you will master real estate in a short amount of time. There is nothing wrong with hiring an assistant early on in your business as long as you pay attention to your monthly profit and loss statements and execute an aggressive plan to generate income that covers your costs. I admire those who take calculated risks.
Whether you’re hiring a part time assistant, virtual assistant or full time employee, your business will significantly benefit the moment you take this step. Don’t be afraid, trust your gut and go build the business you always wanted.
Looking for help keeping your transactions streamlined and organized? Try Nekst. Nekst allows you to create a custom Real Estate Checklist and make sure you never miss another deadline. Assign tasks to your Real Estate Assistant and even share the Real Estate client portal with your buyers & sellers to keep everyone communicating and on the same page throughout the process.