In this Realty Group, and he has perfected the art of Recruiting & Retaining Agents. He’ll break down how he’s done that for ¼ of the cost of other brokers while also seeing more than a 4x return on his investment., Long Doan breaks down the strategies that he uses as a Broker to attract Real Estate Agents to his business (Recruit Agent) and also provide services (Retain Agents) using a Virtual Assistant. Long is the Founder/CEO/Broker/Co-Owner of
Why should you watch? Long has grown from 8 Agents to under 400 Agents in 5 years; he’s the Number One Real Estate Broker in Minnesota and #118 in the Nation.
Why did you hire Virtual Assistants?
“We are very selective about who we take on, they are all productive agents, and they need support. We wanted to be the brokerage we needed when we were agents. We need to be able to provide that support and keep our costs down. If we don’t provide that support, our agents leave us; we have very high retention rates. Virtual assistants give us the ability to provide this environment for our agents.”
“We discovered that our task support was not very productive in-house and it ended costing us too much, so we decided to hire Virtual Assistants—they save us money on office space, they work remotely, so there are fewer distractions, they are more focused, and they are well educated and talented. Economically and productivity-wise, it is so much better for our business.”
Why Are Virtual assistants a good business decision?
“We are experiencing a market shift, and we are running a business. In running your business, you have to watch your profitability, your efficiency, and your growth, not just to survive but to thrive in this changing environment.”
“Consumer behavior is changing, Netflix wiped-out Blockbuster, Expedia is dominating the travel industry, people prefer services like Uber and Lyft, and 75% of people shop online. People are still shopping, watching movies, getting rides and traveling but they are doing it differently. People are still buying and selling homes, but they are doing it differently. As these things shift, so do the margins of your commission. How do you grow a business without sacrificing your quality of support and service? We discovered that hiring Virtual Assistants is one of the strategies you can use to stay ahead of the curb—more than 2/3rds of our staff are Virtual Assistants.”
How did you make it work for you?
“You need to remember, systems run businesses, and people run systems. MyOutDesk works for us because Virtual Assistants come pre-screened, pre-trained—all we have to do is train them on our specific business set-up. They are highly motivated, and they work hard. Is it difficult for business owners to run a business AND to find good people to work for you? It takes so much time, and we love how MyOutDesk takes care of that for us. We created a system where our Virtual Assistants can perform and do their best, and we have found people that fit perfectly.”
Who manages your Virtual Assistants for you?
“We have a team leader, and our team is very organized because we have a set-up that is systemized. We treat out Virtual Assistants like they are a part of the team and just like how we treat our staff in the office and because they feel like they are truly part of our team, they are more motivated.”
Tell us about your ISA
“Our ISA is so good that people come to a meeting and ask when they will meet her. Once we understood her strengths and talents, we were able to utilize them for our recruitment. We leverage people, and we leverage time. Because we have a well-working system, I no longer waste my time on canceled appointments and such. The work she does for me saves me 2-3 hours per day, and that is worth so much.”
What has this done for your revenue?
“So far, our revenue has increased about $350,000 a month, THAT is a return on investment.”
What is your advice for people who are considering hiring a Virtual Assistant?
“First of all, the new local is global. As long as someone can be trained, can execute your systems, it will work; it doesn’t matter where they are from. Know what tasks you need to delegate and know them clearly, this way when you hire someone you know what to teach them in order for them to be effective. Find the right people and manage them just like they are there with you. A big mistake some people make is that just because a Virtual Assistant is 1/5th or 1/4th of the cost, they can also only perform 1/5th or 1/4th of the job and that is just not the case. Lastly, know what type of personality and skill set you need and hire someone that fits those needs.”
“If you are serious about Real Estate, then you absolutely should hire a Virtual Assistant, regardless of the size of your business. If you do not need one full-time, then find another agent or agents to share one with. If you don’t have an assistant, you are one, and the costs of a Real Estate Virtual Assistant greatly outweighs the value that they can bring to you and your business.”