Planning To Hire For Your Real Estate Brokerage Business? Read This
Real estate is a dynamic sector and getting it right can take your brokerage business to new heights quickly. One of the prime ways to achieve the right growth is to build a team that together can grow the business. In today's time, a brokerage business is no more a one-man show, it needs the right people at the right time and place. Especially if a broker is planning to expand business, they need to hire more people. Now, here are some questions which most brokers ask:
When to hire?
When you have the budget. Yes, that's the answer to this question. The day you feel that you are able to manage the salary of an employee, begin hiring. On the other hand, if you have sufficient seed capital to go for hiring at an initial stage itself, take it as an investment.
In a services-based business, your staff is your greatest asset.
Whom to hire first?
This is yet another question which lingers on the minds of fast-growing entrepreneurs in the real estate business. It all depends on your needs and priorities. For instance, if it is becoming really hectic for you to manage sales, client servicing and paper work, then you can hire someone to help you with the latter first.
That way, you can get away from tasks that are not vitally important; ensure more time for sales and client servicing; and grow your revenues. Just try that the person you hire for managing paper work should be able to multitask. That means, he or she should be able to manage the general administrative works in the office, take incoming client calls in proper way and coordinate well.
When to hire sales and marketing manpower?
Once you feel that you have made a mark in the industry and know the ins and outs of the business, you can hire sales and marketing personnel to bring in more business, go for it. Often times, property brokerage business owners make a mistake of hiring sales and marketing staff too early. They believe that this move can increase their revenue. This approach can backfire.
Managing these folks can be a challenge for you unless you know the potential challenges, opportunities and threats of operating in a specific market. You new hires should not become unguided missiles damaging your reputation in the market.
It is better to focus on go slow and steady in this case, and set certain systems and processes to standardize activities such as lead generation, sales pitches, tele-calling scripts, follow-up methods, site visits and negotiations.
In fact, you can also consider developing a team of freelancers who can generate leads out of their network. The possibilities of converting such leads are much better than leads generated from cold-calling, etc. That way, you can grow your revenues without increasing your fixed costs on salaries.
Hope these tips would help you in making it big in your business. We will be continuing this series and release many more articles in the coming times. Stay tuned!
Here is a quick list of articles that provide you useful insights on how you can grow your real estate brokerage business.