Outsourcing has been a practice of big-name companies in the business world in general. Companies like Kellogg’s, GE, and United Technologies, to name a few, have been outsourcing for years. Research shows a DIRECT CORRELATION between a business’ income and the number of in-house employees they have.
Why is it that the Real Estate industry has not taken its cues from these big, successful companies and followed suit?
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Surprisingly, despite the results and apparent realities that outsourcing has brought to these large companies, and their contributions to each one’s success, smaller businesses seem hesitant to adopt these practices for themselves. Real Estate is an industry in which a bulk of the daily, repetitive, and tedious tasks can be delegated—however, is that the nature of this field has always been that a REALTOR ® usually wears multiple hats, taking on all the responsibilities in the business seems like the only option.
Real Estate Virtual Assistants are not a new idea by any means. However, over the past decade, hiring Virtual Assistants has become more accepted as a viable business practice that saves Real Estate entrepreneurs on overhead costs and gives them the leverage they need to focus on dollar productive activities that grow their revenue and reach and increase their bottom line. MyOutDesk clients reported in 2018 that our Virtual Assistants had saved them over 55 million dollars in overhead costs.
As you can see in the infographic above, only 15% of REALTORS ® Have a Virtual assistant, and only 3% have at least 2. 82% of REALTORS ® do not have a Virtual Assistant. So, where do you fall in this category?
There are many factors to consider when hiring a Virtual Assistant, and if you do not have one, you may have many reasons you made the decision. It all boils down to a couple of things: First, what do you want for your business, and second, what is your time worth?
If it is business growth you seek, then the second factor comes into play; what is your time worth? For example, Steve Murray, president and founder of Real Trends, told us in a conversation that he decided to hire an assistant because he was a $1000 an hour guy, and he realized that he had to stop doing $10 an hour work. Within a few months, he began to see substantial growth in his revenue because he decided to focus only on the things that affected the outcomes of his business and delegated the rest.
If it is the cost that you are worried about, then you should consider what it would cost you to hire in-house (overhead costs) and what it would cost your business to someone without experience or the level of skill you need to run your systems and work with your processes. Then, think about it as buying back your time for a fraction of the cost.
Do you feel like exploring this step? Let us help you figure things out and find a way to bring you the leverage you need to grow your business. Schedule your Double My Business Strategy Session, and one of our Real Estate experts will walk you through a roadmap to success.