When to Make Your First Hire
Now that you’ve been in real estate for a few years and you understand the business – you’ve closed some important deals, you’re sure this is the career for you – it’s likely crossed your mind that perhaps you’d like to grow your business.
How do you know when it’s time to make your first hire?
To begin with, remember, growth is not for everyone. Growing your own business, building a team, expanding to different locations…it’s not for everyone. However, if and when you have no more capacity…no more time in the day to do what you need to get done…it’s probably time you brought in some help.
Don’t panic. Yes, the first hire is absolutely the most difficult…the scariest. However, once you’ve done it, you’ll likely wonder why you didn’t do it ages ago. The majority of agents find their first employee typically gives them a 4X return on their investment.
Most of us wait way, way too long to take that first step toward growth, and we find ourselves in so much pain by the time we do it, we don’t follow the hiring process very well. Here’s a tip: The majority of agents find themselves burning out at about 50 units. They’re working 18 hour days and they’re exhausted. If that’s you, consider making your first administrative hire.
How do you do that?
Here’s my suggestion: Put a yellow pad next to your phone. Every time you do something you really never want to do again, write it down on that list. I call it a “Stop Doing” list. I can guarantee you that, at the end of two weeks, you’ll have a complete job description.
While everyone’s list will be somewhat unique based on their own wants and needs, there are some common qualities you’ll want to look for in your admin assistant:
- Customer service priorities
- Communication skills
- Organizational skills
- Time management capabilities
- High-tech skills
Once you have that first hire and get those things off your plate you don’t like to do anyway, you’ll find you have time to do the things that really matter!