Real estate business

Leverage time or money to escape plateaus in your real estate business

With all the technology, tools, tasks, and toys a real estate agent can take advantage of, the challenge is how to integrate it all and operate efficiently. What agents often forget is that real estate is a business, and in business there are only two things you can really leverage: time and money.

Time and money are both precious and finite commodities that dictate what you can accomplish both personally and professionally. Yes, you can design your own website and your own marketing tools. writing blogs; create flyers; photograph your ads; track and maintain all of your leads; keep in touch with former clients; and manage your current customers and transactions yourself. The question is not whether you can do it, but rather, are you able to do it at a high level of quality, consistently and continuously growing your business? Eventually, you and your business will reach a plateau where you simply cannot do anything else without sacrificing the quality of something else. This is where leverage comes into play.

What is leverage?

Leverage, by definition, is the ability to use something to exert force on something else. Time and money are the ultimate form of leverage – spending time to save money or spending money to save time. Do you spend several hours a day or week on non-income generating or low-income tasks? No matter where you are in the world, there are only 24 hours in a day. If you’re happy working more than 80 hours a week, then you have more power, but that’s not a sustainable or healthy long-term business model. It’s not healthy for you, your family, friends or loved ones, and eventually something will break. Some agents might not want to exceed this plateau and settle for a production of 3 to 5 million dollars. For those who are not happy with this cap and want to take their business to the next level, leverage is a necessity.

How does leverage work?

If you can hire someone for $10 an hour to do a bunch of tasks, those tasks probably aren’t the best use of your time. Instead, you use your money to hire someone to do these tasks for you. By paying someone $10 an hour to do these tasks, you free up more time to go out and make more contacts, show more homes, or list more properties. These three income-generating tasks should earn more than the $10 an hour you pay someone to do the other tasks that don’t produce as much income. You leverage your money to give yourself more time to earn more money. This is how leverage works.

What can you take advantage of?

You will need to assess your business model, budget, current tasks and activities, and your own interests and desires. Think about all the things you do daily, weekly, or monthly, and figure out if there are any tasks you can give up and assign those tasks to someone else. Here are some of the common tasks that agents often do themselves that can be easily outsourced:

Administrative work

The saying goes, “If you don’t have an assistant, you are the assistant.” As in the example above, if you can hire an administrative assistant to offload some of the workload, you can spend more time on things that will generate higher revenue. Depending on whether your assistant is licensed or not, they may design your newsletter, create marketing materials, meet with inspectors or photographers on your ad, answer phone calls, call back prospects, and manage the database, among other things.

Advertising by e-mail

Do you rely on email templates from a company or brokerage to convert leads for you? Nothing can do a better job than something that looks and sounds like you and has a local touch – something email templates don’t have. Personality is important, but so are headlines, calls to action, and appropriate timing. If you don’t know how to design them, hiring a professional might be the way to go. A company called Happy Grasshopper provides a product called “Position Me” where they interview you, find out your region, business model, and personality, and then craft your follow-up campaigns accordingly. It’s a great product run by a fantastic team and they do a great job.

Photography

Do you take your own announcement photos? A picture is worth a thousand words and the photos in your ad can speak volumes about the quality of your business. This is another area where hiring a professional can really pay off. Not only can a professional photographer save you time from having to go out and take pictures, they can usually take much better pictures and have better technology in this area than you. It will make your marketing even better, which can mean selling homes faster and making you and your business look even more professional.

Transaction Coordinators

How many transactions can you handle at once before the dates and numbers start to get a little fuzzy in your mind? Usually, you get the call while on your way to an appointment or viewing properties, and you don’t have immediate access to your files. A professional deal coordinator can be a lifesaver – and a deal saver. They are always in the office in front of a computer. They have systems in place to handle phone calls, information and follow-up, which ensures that transactions go quickly, smoothly and without confusion, while always keeping you informed of what is happening and dates. important to come. These are often done at a flat rate per transaction, and the time and frustration this saves is usually well worth it for a busy agent like you.

Buyer’s Agents

Are you generating – and converting – more customers than you can handle? This is a big problem to have in your real estate business, and one that can be easily solved by hiring a buyer’s agent. You can now forward some of these leads to the buyer’s agent or buyer’s assistant in exchange for a split commission or a referral fee. Now, as a team, you can handle more customers and provide your prospects with top-notch customer service that you might not have been able to provide before when you were running around like a chicken with your head cut off. It could also allow you to focus more on growing your SEO business.

Website work

Many agents have created their own website using a low cost platform such as WordPress. What most have failed to do, however, is continue to add great content, keep up to date with SEO best practices, and provide a great user experience for those they have. intend to use their website.

A website can be a real estate lead generation machine, but too often it’s nothing more than an online business card – a card that doesn’t look or work as well as it does. ‘she is. Consider hiring a professional developer to redesign your site if you want them to do a good job of generating leads.

Just need to boost the content? Consider hiring for some blogs to write. You can check out sites like Fiverr for generic blogs, or consider hiring a local journalism, marketing, or English student who can give your blog posts a local feel and can also provide a different voice or perspective. to your Blog.

It can be scary to let go of the reins so to speak, but your time is precious. For a week, write down everything you do in your business and figure out what you could outsource to give yourself more time to spend on things that will make you more money or allow you to spend more time with your family and friends without harming your real estate business.

Brian Rayl is a Dallas realtor with Keller Williams and the co-founder of Home Value Leads, where he teaches agents how to generate real estate leads quickly and profitably.

Email Brian Rayl.


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