The job of a real estate agent has become more complex than ever before. In fact, if you wrote out a job description for a single agent with every single task and activity, you would be gobsmacked at how many there are. Technology was meant to make our lives easier, but if you think about it, it has introduced a lot more tasks and activities that we now need to be constantly on top of. The fact is, if you want to be a successful real estate agent, you will need to create a team or at least get some support.
As I’ve mentioned before, there are only 6 High Dollar Productive Activities in our business and these tasks and activities, if done correctly, will return you hundreds of thousands of dollars in gross commissions. The only problem is we can never find the time to do them as we are swamped doing $20/hour admin work or $50/hour processing work. If you are unsure of what the 6 High Dollar Productive Activities are and how they can help you become a million-dollar agent, make sure you register for our upcoming FREE Real Estate Brilliance Webinar coming up in your city.
The reality is, those who spend the most time doing the 6 activities that give the highest return are the most successful agents in our business. The other amazing thing is that they seem to have the best lives and the most time off with their families. This goes to show that one of the best investments you can make in your real estate business is a PA.
So where do we begin?
There are a number of advantages in hiring a PA. Not only does hiring a PA allow you more time to focus on the high dollar productive activities, they will give you the ability to grow your productivity, make more money, offer better service, become proactive instead of reactive, create a bigger profile, will give you peace of mind, and will also keep you accountable.
In outlining some of the advantages, I would say that if you already have the resources to do so, go hire a PA straight away. I have worked with rookie agents who have started with PA’s from the get-go and have fast-tracked their success very quickly. However, this may not be possible for most of you out there. So, a good rule of thumb is to get yourself some training and coaching so that you can adopt a system into your business that will help you start listing and selling CONSISTENTLY.
How to save for a PA?
A good way to save for a PA is to take 10-15% off every gross commission as salary sacrifice and put it away in a separate account. When you reach $10k, you now have enough for approximately 3-months’ pay. In fact, you should continue to salary sacrifice not only to pay your PA but to pay for marketing and coaching and training as well.
My personal opinion is that at around $200k in gross commission you should have some consistency and a full-time administrative person should be hired. This way you can now focus mostly on the high dollar productive activities, managing buyers, and making sales. If done correctly, this too will get you very busy and before you know it you will be swamped with listings and sales and will need further help.
This usually happens at around the $350 – $400k mark and is when a Buyer Manager is needed. A buyer manager will take care of all the buyer activity and enquiries, qualify them, and even write up offers to be given to you to be present and negotiated with the seller. A great Buyer Manager will also have the time to build relationships with buyers that you now no longer have the time to do. This is called a TRIPOD System and works extremely well. A team with three specialised members with a carved-out job description and ideal working weeks can write up to $1-2 million in gross commission.
The most exciting thing about the tripod system is it gives the team leader, i.e. YOU, more income and time off than you have ever had. In fact, at this point, the only thing you should be doing is the 6 high dollar productive activities and that is it!
If you’ve found yourself asking:
- When should I employ a PA?
- What type of PA do I hire?
- How do I find a PA?
- How do I interview a PA and what questions should I ask?
- How much do I pay a PA and how do I do it?
- How do I manage a team?
- How do I train and keep my team motivated?
- When is the right time to take on a second or third PA?
Then I’ve got great news for you. At Real Estate Brilliance, we’ve answered these questions for you! If you register and attend my upcoming FREE half-day Real Estate Brilliance webinar, you’ll discover not only how to manage yourself, but how to manage your team, so make sure you click the button below and register today!
All the best with building your team!