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.
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