Hiring an Assistant - WHEN? HOW?

[MileHighAgent.com]

Over the past year I've had success in the Denver Real Estate market. I've had months with 6 closings and months with 1 - so of course, my commissions fluctuate accordingly. In the months in which I've had 6 I've felt like I desperately needed help and in the months with 1 closing, I was glad I didn't have an Assistant to pay.
In Denver (I'm not sure how it is in your market), an Assistant needs to be licensed to be effective (show properties).
I am hoping to engage the Forum to get your advice on when I should hire an Assistant and also the best way to pay an assistant based on my fluctuation Commissions.
Also, please let me know revenue generating tasks your Assistant might be doing that don't involve showing homes (don't require a license).

[els]

Have you thought of a virtual assistant? VAs can be hired on a project-by-project basis so when you don't need an assistant, you don't have to pay for one.

They can perform administrative support (listing coordination, database management, MLS Maintenance & Updates, Realtor.com enhancements, etc), marketing support (creating and distributing flyers, just listed/just sold cards, letters, mailing campaignss, etc). A VA can handle all of the little stuff so you have more time to spend on the important, revenue-generating tasks.

Evy
ELSvirtualsolutions.com

[Copywriter]

Just a thought... With a VA you never have to worry about "training the competition."

[els]

Just a thought... With a VA you never have to worry about "training the competition."

So true!! You are also dealing with a business owner, so the VA will really work hard to do a great job. Each job a VA does represents her business and brand.

Evy
ELS Virtual Solutions

[kensmith]

They key is that the assistant can take care of the bs work and you can do more of the revenue generating activities. How much time do you spend on advertising stuff, getting links, responding to web leads, and so forth. It really adds up and when you take all the crap out of your day you can do more of the productive stuff.

Most agents wait to long to get an assistant and end up missing a lot of business. It takes maybe 6 or so extra deals a year to cover the cost of an unlicensed assistant in most markets so if you feel with some extra time you could add that little bit go for it. Naturally run the numbers for your market, but 6 is a number more than a few agents told me in the past and it works in my market.

One other thing, make sure to get out there and network, show homes, or other activities that can lead to more business if you get an assistant. Many agents think that they can relax a little as their schedual is cleared up a little, then wonder why they are having money issues.

[Thesa]

I have my assistant create my postcards, set up my newsletter, prepare mailings, order home inspections, water tests, prepare flyers, fill flyer boxes, keep my calendar, map out showings, prepare sellers updates and so much more... none of which require a license.... it frees up a ton of my time and generates a good deal of business.

[MileHighAgent.com]

Thea, Can I ask how you pay your assistant? Per hour or a % of your commissions?

[Thesa]

she is paid a flat monthly salary (20 to 30 hours a week $1000 a month plus cell phone) - at the end of each quarter we compare the commissions from the previous year same time frame - if they increased (which of course they did this year since this is our second year) she receives a bonus based on the increase... for example this quarter commissions were up $20,000 over last year for the same time frame.... so.... she got a $1000 bonus .5% of the increase.

The first year we went by closings at the end of the month and it was .25% of each closing so for every $10,000 earned she got a $25 bonus.

[els]

The good thing about hiring a virtual assistant as opposed to a regular in-office assistant is the ability to increase or decrease the monthly hours at will.

For instance, I charge my clients by the hour. So if their business is slow one month as opposed to the previous month, they don't have to use my services for that month. My clients also get a discount off the hourly rate if they sign up for a monthly retainer plan.

A virtual assistant can do pretty much most of the work a regular assistant other than actually visiting the property.

A VA is great for agents who just can't justify hiring an in-office assistant yet.

Evy at ELS Virtual Solutions

[JohnHoward]

I’ve decided to hire an assistant this year also. I’ve reached the point were I can not do everything that it takes from showing to closing. I checked my deal file yesterday afternoon and I have 18 sales in contract and there are several them that I am on both sides. It does not make a lot of sense to spend my time on transaction management when I should keep my focus on putting deals together and listing presentation. I am having her manage the transaction, mailings and setting my appointments. My goal is for me to spend more time on securing listings and being more efficient working with Buyers. So far it appears that it may work out for me, but there is some training that you have to do for the assistant that eats up your valuable time.