I spoke with an agent recently who found herself with more business than she could handle. She needed help but didn’t know who to hire on to her team first. So what’s the best use of your first hire?
First, hire someone who can do the work for you that doesn’t necessarily have to be done by you. There are so many backend and administrative aspects of the real estate business, so finding someone who can take care of those tasks for you will free up your time to focus on your money-making activities. Those tasks don’t need to be done by you; people don’t care who mailed your postcards or made your call lists. As long as you’re keeping in contact with them, they don’t care who tackles the backend tasks.
“As a rule of thumb, don’t hire someone until you have three months of their salary put aside.”
Many object to this because they’re concerned about paying the new hire—perhaps they don’t make consistent money to be able to guarantee they can afford the hiree’s salary. The key here is to operate with a budget. As a rule of thumb, don’t hire someone until you have three months of their salary put aside. You will need to pay them, and in those first three months, you’ll have to work even harder to train them. After that period, however, their contributions will pay for themselves as your time is freed up. You might even see an increase in productivity and money starting to flow.
Even if you only hired someone part-time, it would still help you concentrate on maintaining your relationships with your clients, negotiating deals, showing properties, and so on.
If you have any questions about managing your real estate business or would like more tips and tricks on how to increase your productivity, don’t hesitate to reach out. We’d love to have a discussion with you.
