One of the first questions many real estate business owners wrestle with is when to hire employees. When a real estate business owner gets started, they usually do every task that is necessary for their business themselves. After all, when you are just getting started it may take a little while to start paying yourself, much less another employee. Hire too early and you may not have the income to support that employee; hire too late and you could be turning down projects simply because your own schedule doesn’t have the capacity to handle any more work.
Unfortunately, the more successful your real estate business, the more work there is to do – it’s a simple reality – and if you don’t hire people to handle some of the work, your business growth will stagnate and even falter when times get tough.
There are a few important reasons for hiring employees:
Once trained, they free your time to find and earn new business
They bring another qualified perspective on the current issues
They support your business goals even when you aren’t around
Delegating some of the tasks on your plate and empowering another person to do it may seem like an easy thing to do, but it’s often hard for business owners who have started their real estate business from the ground and aren’t confident they can trust another person to do it as well. When you delegate some of the tasks you normally do, and surrender some of that responsibility, it can bring a lot of benefits into your life.
The following are tips for hiring employees for your real estate business at the right time.
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1. Identify What Tasks You Can Delegate
Learning to delegate is just that – a learned skill. It doesn’t come naturally, especially for small business owners. The following will help you determine which tasks you can/should delegate and which you should keep for yourself:
Assign yourself the tasks you do best and give the rest away. If your best skill is negotiating the sale of a property, but you sincerely have trouble with bookkeeping for example, that’s a task to delegate.
Do not assign tasks to another if you can’t clearly define the task. The time you will lose by working on the task (and perhaps writing a description for next time) will be offset by not having to rework a task the second time.
It takes strong leadership skills to effectively delegate tasks, and you shouldn’t wait too long because the more work that gets done means space for more new work. Deciding what tasks to outsource and what to hire an employee for may come down to whether the work lies within your main areas of strength and whether that function is needed on a regular basis.
2. Outsource If At All Possible
When you have a number of tasks that you can’t (or don’t want to) do, and you want to have those tasks handled by someone else, you may not need to hire an employee. You may find it much more useful to outsource instead.
As a real estate business owner, you probably already outsource many tasks related to the maintenance and upkeep of a real estate property – HVAC experts, painters, landscapers, handymen and more. In fact, many other regular services can be outsourced these days or done by freelancers. Those services may include handling the legal issues of your real estate business, accounting and bookkeeping, marketing and website design, and more. Even virtual assistants can be hired on a freelance basis – and online!
3. Hire the Best Employee You Can Find
Smart investors say the invest in the people behind a company as much as the ideas, and when it comes to your real estate business you can do the same. The following are some of the most useful hiring tips when it comes to hiring the best employee you can find:
Be overly clear about the job description. Outline what the employee will be expected to do on a regular basis, what you expect from them, and how you want them to interact with others in the company.
Get – and call! – at least one personal reference in addition to professional ones. How a person acts in their personal life has significant relevance on their character, their attitude, and their approach to others.
Trust your gut. If you can’t put your finger on why you don’t quite like a particular candidate – don’t hire them. Even if they have all the qualifications and skills you need and answered every question with precision. You didn’t get to this position in life by not trusting your gut, so don’t make that mistake now.
In the end, if business is booming and you’re struggling to keep up, it’s time to get busy and hire someone to handle a portion of the workload.