What is the biggest mistake new brokers make?
“Should I hire a manager?”
The real question is usually not IF but WHEN. It is about income preservation and smart business! This depends on the type of office and your personal production.
Boutique office has under 10 agents. Self-managed works. Why? Because 80% of a manager’s time is spent on RECRUITING – or should be. If you are not actively recruiting real estate agents, managing an office is an easy part time job.
How do I pay for a manager?
One extra deal is all it takes. You should not be running an office, you should be closing deals. If you have to spend 160 hours per month being the office manager, you are giving away 150 hours. You could spend 6-10 hours closing one more deal and pay for that manager for the month.
When is the best time to hire a manager?
Best time to hire a manager is before you open the office. Opening an office is filled with tasks, forms, appointments, ordering signs, licenses. If you have a manager doing all of this, you are free to continue getting listings, and they have time to recruit agents for your office to get you making a profit fast!
It takes time. Plan for it.
A good manager is hard to find. Allow the time. The last thing you need is to quickly hire someone, then within a couple of weeks of training them, giving them access only to find they are not qualified, not a good match, not up to the expectations you have.
Get in the black FAST. Your job is not to run the business. You are not going to work in the business, but ON the business. Your job is to grow a company, not to manage and run it. Your job is to have a company that runs by itself with or without you and brings in income.
Do you have additional questions on this topic or want us to start a new discussion for FREE Broker School? Join the #freebrokerschool conversation – Leave your comments right here on our blog and continue the conversation. We want you to have any real estate tools you need at your disposal.
FREE BROKER SCHOOL – “Everything you need to know, but no one else will ever teach you!”
Free Broker School and RIO Genesis are part of RIO Genesis Software Solutions, the industry’s premier Real Estate Brokerage Software.
FreeBrokerSchool.com is a resource to give brokers the advantage in running their offices. Hey – they know how to sell properties well, but they don’t always know all of the ins and outs of running a successful real estate brokerage. These videos are designed to give you the inside scoop from industry leader and success tornado, Mike Krein. You can’t take notes fast enough when he starts giving tips. These videos allow you to watch one nugget topic at a time, digest it and implement it to add to your success.
Subscribe to ALL episodes that will include the PDF presentations, as well. It’s free. It’s https://freebrokerschool.com
Learn more about RIOGenesis Software.