Welcome to Real Estate Backstory, your weekly update for all the latest news, trends, and changes in the Atlanta area and surrounding markets. This week, we cover a range of topics that are essential for anyone interested in buying, selling, or investing in real estate. The following is a synopsis of the latest episode of “The Real Estate Backstory.” You can watch the video in its entirety below.
Many real estate agents often find themselves stretched thin by handling multiple tasks at once, such as generating leads, answering phone calls, following up on paperwork, and more. It is at this point that hiring an assistant may become necessary. In this blog post, we will discuss the pros and cons of hiring an assistant in the real estate industry, as well as important factors to consider before doing so.
Delegating Tasks and Understanding Limitations
The first step before hiring an assistant is to understand what tasks can and cannot be delegated. The GAR form provides clear guidelines for what licensed and unlicensed assistants can and cannot do. Before hiring an assistant, identify high- and low-revenue generating tasks. High-revenue generating tasks should be focused on generating leads, while low-revenue generating tasks can be delegated to the assistant.
Identifying High- and Low-Revenue Generating Tasks
Identifying high- and low-revenue generating tasks is crucial when deciding whether to hire an assistant. Real estate agents are often excellent at engaging with people, but not so good at paperwork. An assistant can be hired to delegate these tasks to, allowing agents to focus on generating revenue. Lead generation, appointment setting, and administrative tasks can be delegated to assistants.
Brokers Need to Sign Off on Hiring an Assistant
Brokers need to sign off on an assistant’s hire, as the activities that the assistant performs will fall under the purview of the broker. Before hiring a transaction coordinator (TC), brokers need to see and sign the GAR form, which vet the TC if they work for multiple brokerages.
Benefits of Hiring an Assistant
Hiring an assistant can significantly benefit a real estate agent’s business. An assistant can allow agents to delegate lower-revenue generating tasks, allowing them to focus on lead generation and high-revenue generating tasks. Hiring an assistant can increase productivity, provide a more professional image, and create more time for personal and professional development.
In conclusion, hiring an assistant can be a game changer for many real estate professionals. It’s important to understand the tasks that can and cannot be delegated and to identify high revenue generating tasks that should remain with the agent. The broker must also be consulted and sign off on the hiring of an assistant, as the assistant’s activities will fall under the broker’s purview.
Watch the entire video for more information here: