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How Much Are You Really Earning?
By
Michelle Spalding |
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Have you ever stopped and thought about how much you’re paying the person who handles your administrative work? Sending faxes, filing papers and making follow-up calls? Are you the CEO and Administrative Assistant in your business?
Did you know it is estimated that the average experienced real estate agent or real estate investor spends approximately 19 hours managing a transaction from contract to close? The time spent managing the transaction has significant financial implications you, as a business owner as well as the amount of money you’re earning.
Let’s assume you plan to make $75,000.00, per year or about $37.50, per hour based on a 40 hour work week. If you spend 19, of your hours, managing a transaction the cost to you is in excess of $700.00, per transaction! Not to mention the lost opportunity costs because of the time spent in the office, on the phone (generally on hold), sending faxes, emails or filing.
Hiring an assistant is an excellent way to help you spend more time on income generating activities. An assistant or coordinator with experience in real estate can instantly impact your business. Managing an employee however can have it’s own unique challenges.
Thanks to the internet, there are virtual assistants and virtual support companies that specifically assist real estate professionals. While rates and services vary, let’s assume you are opt to have a coordinator manage your transactions from contract to close.
With an average fee of just $325.00, per transaction, generally payable at closing, you have immediately given yourself a raise of almost $400.00, for each transaction closed!
Hiring a transaction coordinator, either virtual or in your office will immediately provide you:
• The ability to focus on your core business, selling homes
• Greater control into the transaction activity for you and your buyer/sellers
• Central location of information through a private secure website managed by your coordinator
• A budget friendly to grow your business
In addition to giving yourself an immediate raise by having a coordinator manage your transactions, you will also be gaining more time in your day. There are so many things you could do with that additional time, such as take a vacation, enjoy a day on the golf course, work on calling all past clients to keep in touch, attend networking functions, volunteer, and the list goes on and on.
Opportunity doesn’t knock twice. Putting yourself in the path of opportunity and not at a desk or on hold is the best way to increase your productivity and earnings.
Now that were half way into the year, take a look and see where you are. Remember it is never too late to change direction and get the assistance you need to start building the business of your dreams.
For additional information on the services of nations leading online closing coordinating team, visit www.OnlineClosingTeam.com
Author's Bio
Transaction Management Consultants (TMC) www.ProTMC.com
Michelle Spalding is a transaction specialist from Orlando, Florida. She founded TMC in 2005, on the firm belief that outsourcing is the smartest and most efficient way to grow a real estate business. Since then she has created a team of closing coordinators who have been busy helping Realtors, Investors and Developers manage their deals from contract to close. TMC brings technology together with the outstanding service to provide it’s clients with a resource to help them focus on building their business, not the day-to-day activities that can hold them back.
An expert in systems, Michelle also consults with small businesses helping them find virtual resources and developing systems to grow their business. She also speaks nationally to various groups on the systems and strategies she’s created to effectively manage real estate transactions.
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