Recently we all saw the headlines and observed what is known in the industry as The Shift. The real estate market has shifted and so does your business.
Real Estate Market Downturn is part of a cyclical and ever-changing general economic conditions reflecting potential business losses. It is a period where Realtors are hedging their businesses against market fluctuations and mitigate potential losses through various financial and marketing strategies.
Now you ask, how does having a Virtual Assistant become an Investment in times of Real Estate Market Downturn?
Let’s remember that Real Estate will inevitably go through cyclical market conditions that will eventually affect the business financially. And while most investors would lean on mitigating measures and proactively face the crisis, others would diversify their inbound along with their outbound cash flow.
Understanding the concept of “Investment versus Expense” mindset serves as the versatile fact that having a Virtual Assistant is indeed an Investment.
Investment versus Expense
Expenses are the ordinary and something common like office rent and mobile phone expenses that are paid each month. Once all of it is paid, it’s gone.
Your investment is your brand – and it is your gift in your practice.
Bringing in a Virtual Assistant to your team is definitely an investment. All the invested time and cost you have spent in labor and in someone’s skills help you focus on the things that are most important to you and your business. So, we have come up with 5 Reasons why a good VA can be an investment in a downturn market.
- COST. The cost of a Virtual Assistant compared to an In-house assistant. No doubt that the cost of the VA is 3 sometimes 4 times is less than the cost of having a full-time in-house employee. Besides the wages you pay to your employee, you also must pay the payroll taxes and Social Security, provide infrastructure and equipment. When you hire a Virtual Assistant you only pay anywhere from $8 to $10 an hour and have no headache about other auxiliary expenses.
- LEVERAGE. Your Virtual Assistants act as your relationship manager with your clients. You can’t be everywhere at the same time and you need to concentrate on working with clients instead of chasing down paperwork. While you are working with one client, somebody needs to hand hold others and nurture potential clients. Your VA can do that successfully.
- NEW BUSINESS. Cut “shiny thing” lead generation tools and platforms and stick to the basic of cold calling, data mining and lead nurture to stay ahead of the competition. We all know how much Realtors spend on zip code impressions and what an average cost per lead is nowadays. The ROI is simply not there anymore. Your VA can handle calling the neighborhood, prospect for leads and get you future clients that you need to maintain a steady pipeline of business. The more leads and appointments you have, the more deals you close.
- EASILY ACCESSIBLE. Personal Assistant that can be with you no matter where you go. As you are not tied to your office, you can travel and be anywhere in the country or the World and still have access to your VA. As your VA is working from home, he or she is not going to get stuck in traffic or be late. If you have steady internet connection, you can always have access to your VA who can handle tasks on demand. Therefore, if you decide to give up your office and work from home in order to save on office rent, you don’t have to part ways with your assistant. Your VA will always be available, and work would not be interrupted.
- ASSISTANT WHO NEVER BECOMES A COMPETITION. This is a big one! We all know that sometimes an in-house assistant who we trained and taught everything we know can decide to become an agent and become your competition. It happened too many times. Your Virtual Assistant can never become your competition. As your VA simply cannot get licensed in your State because she or he is located in a different country, your VA will cherish the opportunity to work for you and be the best assistant and not even have a thought of becoming a licensed agent. Therefore, you can have a piece of mind and safely train and teach your VA to be the best fit for your company.
We have to remember that the downturn in the real estate market is never permanent. As a business owner, we must make sure we don’t waste time and money. We have to spend our time on business development while giving all the other small tasks to our trusted VAs. Therefore, in a downturn market, having a knowledgeable and dedicated Virtual Assistant is always going to be an investment of resources in order to have your business operating smoothly.