The real estate business can be a lucrative profession given that property is an investment with steady demand. But for many real estate agents, they end up working “for” instead of “on” their business. They function more like employees than proprietors. If this message resonates with you, it may be time to hire a real estate Virtual Assistant.
Virtual assistants are highly- skilled, independent or self-employed professionals who are contracted to provide administrative, technical or creative work. They are no longer just hired for secretarial or personal assistant services. You can find a Virtual Assistant to manage all types of work in any industry.
The Value of a Real Estate Virtual Assistant
A real estate Virtual Assistant can help you oversee the 3 key areas of responsibilities in the property business:
1. Administrative Support
- Website Management
- Preparation and Review of Contracts
- Calendar Management
- E-mail Filtering
- Preparation of Presentation Materials
- Appointment Setting
2. Marketing Support
- Update of all Social Media Accounts
- Design Marketing Collaterals from Templates
- Update all Online Listings
- Lead Generation
- E-mail Marketing
3. Sales Support
- Leads Conversion
- Sales Follow Up Calls
- Referral Generation
- Phone Handling
- Customer Support Services
How many of these tasks do you manage on your own on a daily basis? Filtering e-mail alone can take up precious hours in the morning.
The Costs of NOT Hiring a Real Estate Virtual Assistant
If you have not hired a real estate Virtual Assistant, you may fall under one of these three categories of running a business:
- Hiring a Full-Time Assistant
- Doing Everything 100%
- Doing Nothing at All
When you hire a full-time assistant, you are obligated to pay him or her full wages plus benefits every month. The estimated cost of hiring a full-time employee is 1.5 to three times his or her basic salary.
On the other hand, hiring a real estate Virtual Assistant or any independent contractor for the matter can save you up to 30% in employment costs.
If you are handling 100% of back office and support services for your business, you will not have enough time in the day to focus on the tasks that matter. These are the tasks that contribute directly to the growth of your real estate business.
Eventually, it will get to a point that work becomes overwhelming. You may end up inadvertently missing or foregoing some tasks that could result in undesired consequences for your real estate business.
These consequences include missing appointments or meetings, important calls, failure to respond to crucial e-mails and inquiries or the prompt settlement of bills.
Collectively, these incidents could add up to missed opportunities that could translate to significant amounts of foregone income.
5 Benefits of Hiring a Real Estate Virtual Assistant
There was a time when only small business owners or executives hired virtual assistants. It was a great option to reduce hiring costs while assuring higher productivity.
But today, even the largest companies in the world are hiring virtual assistants. They’ve finally caught on to the benefits remote workers present to business. In fact, the popularity of virtual assistants has given rise to new terminologies such as “telecommuter”, “freelancer” and “home based worker”.
According to Global Workplace Analytics, more businesses in developed economies such as the United States and the United Kingdom are integrating virtual assistants in the work force.
Whether you hire a Virtual Assistant, a telecommuter, a freelancer or a home based worker for your real estate agency, you should expect to reap the same benefits. The terminologies may differ but the function remains the same.
Here are 5 benefits of hiring a real estate Virtual Assistant for your agency:
- Reduce Costs – As discussed earlier, outsourcing work to virtual assistants is more cost effective than hiring full-time employees. You don’t have to pay them mandated benefits or annual salary increases. As independent contractors, they are responsible for their own cost of business.
- Increase Productivity – With a real estate Virtual Assistant onboard, you would have more time to meet with clients, expand your listing, show properties, trial close warm prospects, negotiate sales contracts and make sales presentations. These are the tasks that directly contribute to your business’ bottom-line.
- Lower Attrition Rate – Remote workers are generally happier than office-based workers. This contributes to a more positive work culture and greater contribution to productivity.
- Improve Quality of Work – Even if you are familiar with some of the tasks, it would always be a good idea to outsource these to a real estate Virtual Assistant. Not only do they have the requisite skills to do the job, but they have the time to focus and ensure the quality of work.
- Relieve Stress – As a real estate professional, your plate is overloaded with things- to- do almost every single day. You may end up compromising your health by being stressed out more often. With a real estate Virtual Assistant taking up the reins, you can have more time for rest, family, exercise and perhaps finally push through with that long delayed vacation.
Hiring a real estate Virtual Assistant is not the “lightning in a bottle” or magic potion that will guarantee the success of your agency. But having one or a few onboard your business will definitely increase productivity without breaking down your budget.
In the profitability equation, any strategy that lowers cost and increases the potential for revenue is a definite step in the right direction.