Construction activity in the U.S. new-home market soared to the highest level in more than a decade amid shortages of labor and lots, with builders rushing to increase single-family housing starts as they take advantage of rising prices amid a surging economy.
Here, we will go over how to scale your real estate business in today’s market. This article is mostly geared towards real estate agents or brokers that want to scale operations.
The big picture
Demand among buyers might be cooling in the face of high home prices and a lack of inventory, but it still remains elevated compared to last year. That gives builders “strong incentive to keep building,” said Danielle Hale, chief economist for Realtor.com.
“It’s easier to find a new husband than to get a new house these days.”
The housing market is one of the hottest growing markets in today’s economy. There is a lack of houses to buy due to the fact that there are shortages everywhere, and if you are not a developer or planning on buying a lot and building a house, it’s not likely that you will be able to get a house with enough time. The second largest challenge is that the market is significantly more competitive in today’s market because many real estate agents, or brokers, are going into real estate full time and these agents or brokers do not have the experience to provide you with anything special or different from all the others.
Here’s the thing: Most agents or brokers have not yet been able to scale their business like they want, and as a result, many agents are losing deals. You can be the one that scales your business and gets those deals. As we mentioned above there are shortages everywhere, therefore you can offer something different from other agents. Clients will want you more because of it. This means that you can charge more for your services because you have a true competitive advantage built around something other than just being another agent with experience and education.
But how do we up our game? With virtual assistants. Here’s how.
Full-Time Real Estate Virtual Assistants in Today’s Market
If you are an agent or broker and want to scale, it would be wise to get a full-time virtual assistant. A virtual assistant (VA) will allow you to have more time during the day to handle more clients. It will also allow you to focus on deals rather than activities that do not make as much money.
For example, if you want a VA that only handles digital ads for you and does it all day long, theoretically they can do 20–30 ads a day with your input and this would yield about 5–10 leads that need some sort of follow up with the time that is left over. It may seem like a lot of work for one person, but if you account for how much time it takes to deal with follow-up emails or phone calls for each lead, it is a great value.
Virtual Real Estate: How a productive team in 2021 looks
Don’t box yourself! Outsourcing opens up your world to talent that’s more affordable and probably more fit with your needed skill sets, saving you tens of thousands from additional office space, and other significant expenses related to in-house hires.
“Outsourcing makes the hustle better — because you’re not burdened with many/growing expenses that you’ll need to figure out how to cover and hit profit”
Focus on your growth & scale your operations
ENVISIONING OF A NEW REALITY FOR YOUR BUSINESS
Simply put, MyOutDesk equips entrepreneurs & business owners with tools, strategies, and virtual employees – and when combined, businesses have a competitive edge and find growth while efficient systems and processes are put in place.
MyOutDesk proudly provides additional free business growth guides, books, and strategy calls.
See what we are about, and schedule a Double My Business Strategy Consultation with us. We’ll take the time to learn more about your business and offer solutions to foster top talent and lower operational costs for your company.
Growing Your Business With A Virtual Real Estate Transaction Coordinator
As a real estate professional, you’re already familiar with what a transaction coordinator does, and why it’s crucial to your real estate business. Staying on top of administrative TC functions – like overseeing the escrow process — is essential to your success.
You can be more effective in real estate if you’re not bogged down by paperwork, repetitive administrative tasks and troubleshooting bureaucratic red tape delays and issues. A virtual transaction coordinator can take care of these tasks and ensure that sales paperwork and its administration run smoothly and your clients are receiving excellent customer support.
With a virtual transaction coordinator, you can become more efficient & effective in your role of selling homes – while your transaction coordinator handles all the repetitive tasks involved with closing a transaction – like gathering documents and signatures, calling clients, and stakeholders, completing paperwork, following up on contracts & requirements, and putting together a broker file for each completed transaction.
Sample tasks for your virtual transaction coordinator include:
- Goal setting – review goals and schedules to provide progress updates and help you stay on task
- Seller/Buyer prospecting and servicing – complete required paperwork, gather estimates, and help find/choose service providers
- Escrow management – open escrow and coordinate the many necessary functions of this process through closing
- Documentation management – draft routine documents (i.e. Seller’s Disclosure Packet, addendums, waivers) and review forms for accuracy, signature verification, and missing information
- Transaction and closing coordination – manage the cumbersome appraisal, title/escrow and mortgage loan processes
- Client coordination and communication – operate as a point of contact for your clients to ensure their needs are met and they receive the attention they deserve throughout the buying/selling process
- Scheduling coordination – oversee scheduling for clients, service providers, and lenders to help ensure essential tasks are being completed
- Research – perform background and inquiry tasks, as needed
- Tailored support – provide administrative support personalized to your specific requirements
In addition, MyOutDesk Virtual Assistants can also:
- File & systematize information collected for client documentation
- Input & sync data collected across multiple software systems
- Perform third-party verification procedures for loan-level data
- Coordinate personal & administrative tasks
- Manage calendar & appointments
- Coordinate travel arrangements
- Complete orders & fulfillment
- Solicit & nurture 5-star client reviews
- Process client documents & follow-up accordingly for incomplete information
- Assemble agent audit reports
- Compile, format, and summarize information for documents and presentations
- Coordinate website & account configuration necessary for loan processing
- Team task management
…and so much more.
ENVISIONING OF A NEW REALITY FOR YOUR BUSINESS
Experience The Difference
MyOutDesk can save you up to 70% on employment cost
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Did You Know? MyOutDesk’s origin story is set during the last global financial crisis of 2008. Yes, that’s right — our business started by scaling businesses with virtual assistants during a recession! Pioneers of virtual assistant services, our first client in 2008 went from five to seventeen VAs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.”