Administrative tasks are also referred to as non-essential tasks not because they are unimportant. They are called such because admin tasks are not directly related to the core functions of the business.
Thus, if you are spending too much time attending to admin tasks, you may not have a productive workday.
What tasks are we talking about? Here are the most time- consuming admin tasks.
According to a study conducted by the McKinsey Global Institute (MGI), workers spend 28% of their workweek managing email. Therefore, if 48 hours constitute an average workweek, an average worker spends 13.44 hours per week or 2.24 hours per day going through his/her Inbox.
How much can you accomplish in 2 hours? If you believe The Ultradian Rhythm theory which states that you can maintain 100% focus for 90 minutes before requiring a 20 minute rest period, then you can possibly accomplish 1 to 2 essential tasks in 2 hours.
Outsource email management to a Virtual Assistant. You will have more time to attend to tasks that will grow your real estate business.
For example, the negotiation process in real estate can be finished in an hour. You can bring a prospective buyer to visit a few properties. If you plan to attend an auction, 2 hours should be enough time to go through the entire event.
Phone Handling/ Cold Calling
Can you imagine being in the middle of a presentation and having your phone ring incessantly?
Even if you placed your phone in silent mode, the vibration will surely be a distraction. Prospects that are used to attend market presentations will have an idea that you are getting distracted.
It may not happen all the time, but attending to phone calls is a time waster and will contribute to having an unproductive day. Unfortunately, you can’t help it. Whenever your phone rings or vibrates, you will be compelled to answer it.
Another phone- related task that consumes time is cold calling. In real estate, you must constantly build your leads list. Lead generation is one of the key activities and cold calling remains an effective approach.
However, it is time- consuming and if you’re not “lucky”, you could end up spending the entire morning without reaching anyone in your contacts list.
You can easily find virtual assistants who are experienced in handling phone calls as well as making cold calls. Many of them were secretaries, receptionists or telemarketing agents in a brick-and-mortar office before making the transition to the virtual world.
Updating Client Database
In real estate, it is important to keep your CRM or Client Relationship Management database regularly updated. The information contained in your CRM will help your sales strategy.
You will be kept abreast of the current status of each prospect and have an idea of which ones are better or “warmer”. Knowing who the high- value prospects are will guide you in allocating time and energy so you can generate better ROI on your efforts.
Updating your CRM will take time because you have to be accurate with the information. Erroneous entries in the CRM will be costly. You may end up foregoing a potential closable prospect because the entry for status was wrong.
Managing and updating databases are standard skills in the virtual assistant’s toolbox. You can be assured that the CRM is regularly updated with accurate information.
Preparing Reports/ Documents
Preparing reports and documents are part of the real estate business. Before meeting with prospects or clients, you have to make industry reports or sales presentations using PowerPoint or a spreadsheet program like Excel.
These reports have to be clear, comprehensive, and professional-looking. In a sales meeting, your PowerPoint presentation could influence the prospect’s level of interest.
In real estate, contracts are part of the business. You have to go through sales contracts, memorandum of agreement, letters of intent, and leasing agreements.In property management, you need to have all the documents from prospective tenants validated. In addition, you also have to perform due diligence.
These processes of preparing reports and reviewing documents will take away more than half of your time. It would be better to delegate these tasks to real estate virtual assistants.
They can do the research and create professional-looking PowerPoint slides and Excel spreadsheets that can help you come up with a successful sales presentation.
Real estate virtual assistants are also very experienced preparing and reviewing all the different types of contracts and agreements used in the industry. They know which websites to use for validating tenant documents in the fastest time possible.
Just like your CRM, you have to keep your client records organized and properly filed. In this day and age of digital technology, file organization is done online. There are many online tools that you can use to keep your records organised.
However, if organisation is not your specialty, it would be best to leave it to the experts.
Virtual assistants are familiar with file organisation programs such as Ascencio System’s OnlyOffice, Microsoft SharePoint Online, and DocuWare Cloud. They also know how to manage file sharing programs like DropBox, Accellion, Asana, and SalesForce.
Data Entry is another one of the most time- consuming admin tasks you can do. If your business goes through a large volume of data and figures, you need someone who can be dedicated only for data entry.
The job may be monotonous but it carries a lot of importance to the company. Data is used for developing business strategies. If the data is not updated, the business will not be able to adapt its strategies or revise the current one to conform to the latest trends in the industry.
Likewise, if data entry is not precise or accurate, the company will have misleading information as a reference for strategy design.
In order to avoid costly mistakes in data entry, outsource this task to qualified agents who have the experience, expertise, and level of professionalism to get it done for you in an accurate and timely manner.
We touched on the importance of research when preparing presentation materials. Research is also important to keep yourself updated on the latest developments in the property market. Information on trends should always be kept current so you will know the best areas to focus your resources.
Research needs to be comprehensive and accurate with information collected only from reputable resources. Statistics, figures, and other data- driven information must not only be gathered but also validated for better accuracy.
For the reason that you should not rush research, you should outsource this task to a real estate Virtual Assistant who knows where to find the best resources.
A real estate Virtual Assistant can also help you prepare a Comprehensive Market Analysis (CMA) so you have an accurate basis for pricing the properties in your listing.
The real estate industry is very competitive. There are many real estate agents and agencies vying for the same clients and properties as you. It is important to stay visible to the market and this means constantly working to enhance your online presence.
You can utilise different online marketing strategies to increase your visibility. These online marketing strategies include social media marketing, blogging, and registering your business in various search engine directories. All of these activities are time- consuming.
For example, social media marketing will require you to post content multiple times per day. If you don’t want to curate content, you will have to create it. Writing blogs and informative articles will take time. Of course, if you have a website, its contents have to be regularly updated.
To keep your online marketing campaign on-going, delegate this task to a qualified Virtual Assistant with the proper knowledge and experience.
In fact, you might want to assemble a digital marketing team consisting of an SEO professional, social media marketer, graphics artist, and content writer. A team of virtual assistants can help produce better results through more focused efforts.
Time is a precious and valuable commodity in business, especially if you are in real estate. Having more time spent on productive activity will allow you to see and capitalise on opportunities in the market.
Outsourcing time- consuming admin tasks will also get you to streamline costs and efficiently manage your budget. Collectively, delegating administrative or non-essential tasks to virtual assistants can help you achieve business profitability.
Join me in my upcoming FREE half-day Real Estate Brilliance Webinar and learn how to delegate tasks and to spend more on productive activities.