The concept of "Virtual Assistant" (VA) makes terrific sense for the real estate industry. Given the volatility of agents' income, only a small percentage are able to commit to a regular, even part-time, staff. When times are good, they need even more help than that staff can provide. When times are bad, the ongoing payroll expense freaks them out. VAs eliminate those problems by working only when and where they are needed.
In a moment we're going to talk about how to make the VA concept work better, but first, here's an eye-opening exercise for agents. Ask yourself, how much money do you want to make this year? Let's say you want $100,000. There are two very instructive ways to look at this:
- Divide that $100k by a years worth of 40 hour weeks and your average pay comes to $49.75/hour.
- Acknowledge that the only time you're really earning money is when you are making presentations or interventions to make or save deals. Add up those hours and divide them into $100k and you'll see that you are extremely well paid for doing the things that count. The rest of your time is simply unpaid busy work.
Either way you look at it, a successful agent's time is worth an awful lot. Just know that if you don't actually spend your time the way that really successful agents do; then you're odds of ever becoming one are pretty slim.
So now that (hopefully) the agents are more open to the idea of getting some help, let's look at what both agents and VAs can do to help each other get together, more often.
Increase Virtual Systems and Skills
In order to be able to take advantage of VAs agents must, of course, be using Web based systems that VAs can support them on. Systems like:
- Top Producer
- ZipForm/WINForms
- DocuSign
- Relay
Also it is important for both agents and VAs to know more about these systems:
- Agents need to better understand what the systems are capable of
- VAs need to better understand how to make the systems do their tricks.
Develop Job Descriptions
Few agents really analyze how they fritter away their most valuable time. They assign this $50-$500/hour person (themselves) to do $25/hour jobs. And, truth be told, many times they are not nearly good enough at the tasks to even compete for those $25/hour jobs.
If agents want to have more successful VA relationships they need to make lists of how they spend their time. Once they have a list, they need to sort the list into similar types of activities like:
- Phone Related
- Data Entry
- Graphics
- Marketing
- Transactions
- etc.
One reason for the sorting is that it is highly unlikely to find one VA who is stellar in all those activities; but you could find several VAs who are stellar in at least one of those activities. Since you'll be plugging and playing your VAs as you need them; why not have a star performer for each category of tasks?
Another reason for sorting is to identify the areas that are wasting the most of the agent's time, so the agent can focus on getting a VA to help with those tasks first.
A third reason for sorting is, the sorted list becomes the basic VA job description. And that description will make it much easier to select the right VA.
Improve Selling Skills
My guess is that the majority of VAs, coming from mostly administrative backgrounds, have not been exposed to much sales training. That's a shame because good sales training teaches people how to listen carefully for wants and needs, then effectively explain how their products and services provide benefits by addressing those wants and needs.
Without even basic sales training; many VAs find themselves in the midst of numerous opportunities, but are not able to effectively "sell" their services.
Unfortunately, some VAs react to the very idea of "selling" with disdain. Given that VAs are, in reality, either fully independent or semi-independent entrepreneurs; they need to get over that, or be doomed to an ever-insufficient volume of work. VAs need to learn more about how they can specifically help agents; and increase their skill and comfort in explaining their value.
VAs and real estate agents are really made for each other. So, let the connections increase!
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