As the CEO of a large real estate brokerage, I love meeting with agents. I especially love meeting with those agents who are at the point in their career where their business is growing beyond their ability to handle it effectively and still have some semblance of a life. It’s a scary and exciting time for them. They want to build a team but are often concerned about their ability to “support” a buyers agent. This is the perfect time for them to add a team member but not the kind they were thinking of.
If you find yourself in this position, then I will tell you the same thing I tell them. Your first hire should not be a buyers agent.
Your First Hire On Your Real Estate Team
Your first hire should be someone who can save you time and help streamline your business without breaking the bank. More time, means more opportunities to close more homes with less effort. To accomplish this, your first hire should be a transaction coordinator followed by a marketing assistant (or virtual assistant). In today’s technology driven world, these hires do not have to be full time employees. In fact, you can hire them to only work when you have work that needs to be done.
Imagine, if handling the transaction paperwork and workflow takes up 30 percent of the time spent on each sale and yet only costs $350 or roughly 5% of the commission, then it should be a no-brainer. A transaction coordinator’s minimal cost gives you more time to nurture your current clients, thereby improving your chance of receiving future referrals. They also give you more time to work on your marketing and generating more opportunities. You will need these extra sales if you want to establish the foundation required to build a team of agents beneath you.
Hiring a virtual assistant and transaction coordinator before hiring your first buyers agent will allow you to focus on the core of your business. Once your business is running smoothly and you want to add someone to increase your closings and generate passive income, you’ll be ready to hire a buyers agent.
However, buyers agents require administrative support. That’s why they’re on your team and paying you a hefty split. In return for that split, it’s your job to provide the leads and the administrative support required so they can focus on what they enjoy most. Buyers agents should only focus on their two main tasks; showing homes, and closing the sale. If they are inundated with other tasks, these tasks can negatively impact their performance. Let them focus on making you money and let a transaction coordinator focus on the non-revenue generating part of the transaction. Your agents and your clients will thank you!
With a virtual assist who specializes in marketing support or covering other key support tasks, you can focus on generating leads for your agents and your agents can focus on closing homes and making you money.
Hiring a virtual assistant can help remove time consuming tasks like paperwork, creating and distributing marketing, scheduling inspections and repairs, and even handling your laundry… okay, maybe not your laundry but it was worth a shot.
As I mentioned earlier, a transaction coordinator is the FIRST hire any high producing agent should make, especially one who is looking to build a team. More often than not, transaction coordinators are licensed agents but generally prefer to work with the paperwork rather than on lead generate or showing homes. As your first hire, and one of your most important, they will help you focus on the three most important tasks; generating leads, motivating your team, and taking back your life.
Written by guest writer and On Target client, Josh Harley.
Josh is the founder and CEO of Fathom Realty, a fast-growing, 100% commission brokerage with a focus on servant-leadership while providing their agents equity ownership in the company.