Rising prices of property in combination with consistently high demand from investors have established profitable conditions for real estate agents. However, increased competition and improved technology have pushed the agent to work harder than ever before to close deals. It is a conundrum that places the agent in a position where he has to find the best option for maximizing productivity without increasing his risk. The best option is to outsource to third parties. Here are 5 reasons why real estate agents prefer to outsource.
A career in real estate can be a lucrative profession. One deal can land an agent a windfall of income in commissions. But processing a sale through a funnel takes time. In some cases, the period from initial contact to final sale would take 4 months.
The industry has also become increasingly competitive. More people are entering the field and this raises the stakes even higher. Agents have to be efficient when it comes to managing their resources.
Outsourcing presents a more cost efficient way to get more tasks done for the following reasons:
The agent’s level of productivity is contingent on effective time management. A typical day could find the agent inundated with a multitude of tasks. But if the agent frequently finds himself taking phone calls, answering e-mails or booking appointments, he will not end up with many productive days.
The real estate agent should delegate administrative and support tasks to the Virtual Assistant. This frees himself from having to take phone calls in the middle of a meeting or getting stuck behind the computer responding to e-mails.
The agent should be on the road meeting with clients in person. The more hours spent showing off properties, negotiating contracts, expanding the network, attending auctions and open houses the greater the probability of landing a sale.
So what is the end result when you implement a strategy that reduces cost and increases productivity? When you improve work efficiency while enhancing productivity, you create conditions for greater profitability.
In business, you have to spend money in order to make money. You cannot do everything yourself. And even if you could, you shouldn’t because you end up wasting valuable time.
Real estate agents know that given the sheer number of tasks they have to do, delegating work is the smartest option. Outsourcing is the best course of action because of its ability to streamline costs without compromising revenue generation.
Marketing is one of the most crucial aspects of the real estate profession. This is how the agent promotes his services, generates leads and builds his network. But for marketing to be effective, it has to be approached with strategy and purpose.
There are many marketing tools and techniques that you can use to promote your business but not every one of them will yield success. For example, if you want to use content marketing as your primary strategy, you just can’t post and distribute blogs and articles without giving much thought on what it should be about.
If you want your content to generate traction, it should have the following qualities:
Without these qualities, it will be difficult for readers to patronize much less find your content. The truth is, crafting great content takes time. And as discussed earlier, the agent’s time is best allocated to handling tasks that contribute directly to his bottom-line.
By outsourcing content writing to a Virtual Assistant, you can be assured of high quality blogs and articles. You can easily find virtual assistants with the experience and ability to write great content. Most importantly, they will have the time to focus on writing consistently amazing content.
The biggest advantage of hiring regular full-time employees is the availability of shared space collaboration. It is easier to manage an employee that shares the same space as you. Close collaboration makes it convenient to monitor work and track performance.
But shared space collaboration is a double- edged sword. It can also be one of the biggest disadvantages of hiring a full- time employee.
For one, the agent has to adjust to another person’s personality and work attitude. Often times a clash in personalities can lead to conflicts and create a stressful work environment.
Second, should lean periods persist the agent may ultimately come to a decision to streamline costs. In cost cutting, the first asset that gets cut is manpower.
Terminating full- time assistants can be a complicated and expensive process. The agent has to observe labor laws, the provisions of the contract and of course, pay out separation benefits.
By outsourcing work to virtual assistants, the agent frees himself up from these types of situations.
Sure conflicts can still arise when working with virtual assistants. But these can be resolved through the availability of software programs that allow virtual face- to- face meetings.
The low touch approach reduces the risk of clashes or work frustrations boiling over. The agent will only reach out to the VA whenever he needs assistance.
It is also easier to terminate an outsourcing contract which is generally a Client to Service Provider agreement. Usually there are provisions in the contract that allow for pre- termination. These include:
In these cases, the other party will be given 30 to 90 days prior notice before termination of the agreement takes effect.
Outsourcing is a business development strategy that has been proven effective in various industries including real estate. It is a great representative of the Lean approach to management and offers the agent a process that reduces cost while improving the ability to generate more income. Real estate agents prefer to outsource because it brings them closer to achieving profitability.
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Read MoreMore businesses around the world are outsourcing services to virtual assistants. From small- scale businesses to Fortune 500 companies, many have discovered and acknowledged why contracting virtual assistants is a good business strategy.
Virtual assistants are Internet- based professionals who are contracted to handle a specific task or set of responsibilities. They work from a remote location; usually from home and are generally considered self-employed or proprietors of a business that offers virtual assistance services.
Read MoreOver the last 15 years, outsourcing has grown to become an important component in business development strategy. What was once viewed as a stop- gap measure to address cost reduction has evolved into a process that can actively contribute to revenue generation.
The exponential growth of outsourcing corresponds with increasing turbulence in the global economy. Political regimes are changing; new foreign policies are being enacted and economies are re-aligning their resources.
Read MoreThere is a growing trend among companies to integrate a remote staff member within their work force. In 2011, Yahoo! CEO Marissa Meyer introduced a remote worker plan where 10% of staff worked from home. A few years later Meyer increased the distribution to 15%.
While Meyer chose not to maintain the program, other companies such as United Health Group, AETNA, IBM, AMEX and Xerox started their own remote worker programs.
Read MoreContracting the services of a real estate virtual assistant can help with those non dollar productive tasks. From taking and making calls, preparing contracts, updating lists, arranging inspections and marketing.
If you can’t manage time efficiently, your productivity will suffer and ultimately affect your agency’s profitability.
There is an option that will enable you to exponentially increase your productivity.
Read MoreThe Virtual Assistant was once the best kept secret of successful entrepreneurs. However once Tim Ferris, Michael Hyatt and James Schramko shared how their online employees allowed them to grow their businesses, others wanted to experience the same successes as well.
But as with most professions, not every candidate who signs up can get the job done.
Increasing demand for virtual assistance work has blown open the doors of opportunity for those who want to cross over to the online profession.
Read MoreIf you want to maximize the benefits of outsourcing, you may want to outsource to Philippines. It has been the primary destination for global outsourcing since 2013 and its industry continues to grow at an annual rate of 20%. If you want to know “why”, here are 7 reasons you should outsource to the Philippines:
High Literacy Rate – At 98%, the Philippines has one of the highest literacy rates in the world. This is quite an achievement considering the Philippines is essentially a developing economy.
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