Hiring a Personal Assistant in your real estate business
One of the best parts of hiring an assistant is that they become your 'second brain', saving you from those little mistakes that happen when we suddenly get busy with multiple listings and sales happening all at once.
This Agent Advice guide is all about making sure you value your time correctly. Even if you already have an assistant, it's worth going through the exercise at the start of this article to work out your current hourly rate. This will help you make smarter decisions with your time no matter what stage your business is at.
Also, if you do already have an assistant, scroll to the end of this article where you will find tips on improving your working relationship. Particularly by increasing your assistant's autonomy and encouraging feedback.
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Your time has a dollar value. Have you worked it out yet?
Divide the gross income you earned over the past quarter (the last 3 months) by 13 (that's the number of weeks in a quarter). Then divide it by how many hours you approximately work in a week.
Be realistic here, don't sugar-coat it. Whether you work 60 hours or 25 hours a week, let's use that number.
Let's say you earned $50k (after office splits, but before expenses) in the last quarter. Divide that by 13, then divide it by 40 (hours per week), and your hourly rate works out to $96 per hour.
That is what your time is worth right now, based on your recent track record.
Tip: Use numbers from the last 3 months, not the last year. Your last quarter is more indicative of your current activity level. In real estate, a year ago might as well be a lifetime ago.
