So many times we agents just spin our wheels, working on so many tasks that someone else could easily do, and many times do better. In comes the phrase that business coaches love to share, “Are you working ON your business, or just IN it?”
When we work on our business, we are doing revenue generating and business growth activities, such as:
- networking with potential referral and client resources
- reaching out to our sphere and database
- going on listing appointments
- showing homes
- attending CE courses and conferences
- setting goals and working strategies to meet them
This is opposed to working in our business on non-revenue generating activities, such as:
- inputting data and uploading media for listings
- scheduling inspections, closing, final walk-throughs
- completing documents and sending for signatures
- inputting data into the broker’s compliance app and uploading docs
- tracking timelines and chasing documents down
- creating flyers, social media posts, postcards, emails, newsletters etc for marketing our listings and ourselves
I can’t tell you how many agents I’ve heard say that their business exponentially increased when they hired a transaction coordinator and social media manager to manage all this for them! But don’t take my word for it…poll your medium to high producing colleagues and see just how many say there are only pros, no cons, to hiring this out. The revenue you will generate by passing off these ‘busy work’ tasks will far surpass the cost of doing so.
Even if you are making as much money as you ever wanted to make, it can greatly impact your work-life balance. As they say, work smarter, not harder. What’s your family time worth to you? How about a little time for yourself for a change?
What if you’re a new agent? Many agents will say you need to manage your own transactions when you’re new, so that you learn. I respectfully disagree! Most new agents don’t know the contracts, don’t have a grasp on what documents to use and when, and put their clients at great risk by missing important but often overlooked deadlines. And let’s face it, most new agents don’t have a mentor or thorough training on how to work a contract start to finish. In contrast, a licensed and experienced transaction manager will know your state’s contracts and documents well and have an established system in place to track every possible contingency, deadline, and document. New agents will watch and learn, while still remaining in control. A great transaction manager will make that new agent look like a rockstar and true professional, not only to their client, but to their colleagues as well. And only successful agents understand the importance of that!
No matter where you are in your real estate career, having the right mindset and implementing the strategy of having a great transaction manager and marketing admin can be the impetus you need to meet and surpass your goals.