First, a warning. While the information in this article might seem daunting to someone considering a real estate business, I want to emphasize that it is a fun, interesting, exciting, and rewarding career!
Is it hard? Yes and no. Like anything, once you learn it, the real estate business becomes easier. The trick to being a great real estate agent is managing complexity. You don't have to be a wizard, but you do have to balance competing demands and create balance for yourself.
Just for fun, I sat down to create a list of the daily, weekly, and monthly activities I do in order to meet my productivity objectives. Once you get involved in real estate, you'll probably have a different list, but at least this will give you a "day in the life" kind of picture of what it's like to be a real estate agent.
This is, as mentioned, a sample of what I try to do in my own real estate business. There are innumerable other permutations and tasks that might be involved, depending on how and where you like to do business. The point, obviously, is that a real estate agent’s life will be very busy. The more real estate sales you make, the more compressed your time will be to do all those other non-transaction activities.
This can and often does lead to real estate agent burn-out. You want to keep making money, but you only have so much you to go around. That's when it's time to consider hiring a real estate assistant.
When does that point hit for most agents? There’s no hard and fast rule. Most real estate agents these days will use at least a transaction coordinator—a special type of assistant who handles the details of the real estate file during a transaction. Beyond that, it varies.
I’ve known agents who needed at least some part time help when they had two transactions per month. Others were averaging three transactions per month before getting help. Agents doing three or more transactions per month will likely have a full-time assistant working with them.
When your business gets going and you get busy with clients, remember that you are the agent, not the assistant. You need to stay front and center with clients. Almost any of your other tasks can be delegated.
The trick, remember, is to manage the complexity. Start with systems. Work with your mentor to create the right filing, time management, lead management, and other systems you'll need early on. This will enable you to focus on getting business, not on recreating the wheel every week. As busy as I get, I wouldn't trade this career for the world. Go for it!
Be consistent. Be bold. Be smart. Linda Schneider is a real estate business coach for smart real estate agents who want to be more powerful in their business. Drop by RealEstateBusinessCoaching.com for more about selling skills and real estate marketing ideas to take your business to the next level.