Hoss Pratt 7 articles

Related Articles

Share Report

Hiring a Real Estate Super Star

  • Posted by Hoss Pratt
  • March 19, 2012 4:14:12 PM MDT
The world’s most successful investor has issued his annual shareholder letter and in it declared that THIS IS THE TIME TO BUY REAL ESTATE! Warren Buffett’s unconventional reasoning makes perfect sense though. As he puts it, "People may postpone hitching up during uncertain times, but eventually hormones take over and while 'doubling-up' may be the initial reaction of some during a recession, living with in-laws can quickly lose its allure." What this means for the real estate industry is that you could very soon be busier than you have been in a very long time. This may be a great problem to have, but it is a problem nonetheless. That’s why I have written a new series on Hiring Superstar Talent to help you leverage and grow your business. The first article in the series will teach you very simply, how to recognize the right time to hire and what you should do before you decide to make your first (or next) hire.

If you don’t have an assistant, you are one

Why would a successful real estate agent, a top-producer moonlight in a $10 an hour position? This may sound like a ridiculous question, but even successful agents often fall victim to this. The only thing more bizarre than the question is the answer.


Believe it or not, many agents are afraid that they can’t afford to give up the $10 an hour position to make $50, $100, or even $250 an hour. In this four-part series, you’ll learn how to best leverage human capital and overcome the fear of hiring by discovering the four keys to a truly great hire:

• Maximizing yourself and recognizing when it’s time to hire
• The secret to hiring loyal, talented leaders
• How and Where to find Superstar talent
• The no-fail method for a successful hiring process

Some of the reasons that agents avoid hiring an assistant are fears that they won’t be able to “afford” an assistant and doubts about whether they even need an assistant.
You shouldn’t fear the financial commitment as long as the time you are saving is being allocated in appropriate ways. If you hire an assistant and start spending that time on the golf course, shopping, or doing nothing, you are on the fast track to financial difficulties. If however, you hire a superstar assistant to free up more time for you to do the biggest revenue producing activities such as prospecting, lead generation, or listing appointments you can feel good knowing that you are on your way to growth and higher levels of success than you dreamed possible.

Maximize Your Time

First things first, are you doing all you can with the time that you have? Do you have so much business that you no longer have time to focus on lead generation?

Let’s be clear, lead generation is one activity that you absolutely must not let slide. It is the lifeblood of your business and if you neglect it, your business will suffer the effects of the real estate roller coaster that most agents are caught on.

If you find yourself in a position where you are too busy to continue to generate new leads, you should delegate the $10 an hour work to an assistant: administrative tasks, making appointments, managing the transaction process, etc. Having someone manage your existing business will free you up to grow it.

Here are the three steps you must follow to get from point A to point C.

Point A—is the idea, the conception. What do you envision for your business? If your goal is to have $20 Million closed volume within the next 12 months, you’ve got your starting point.

Point C—is the end result. You have reached your goal, achieved balance in your business and life, and are reaping the rewards of your efforts.

Point B—is the part that everyone wants to skip! This is where all the money is actually made; it’s what you learn in the process, and where you develop your value.
Many agents are tempted to hire someone so they don’t have to experience the pain or discomfort of growth. They think that if they have someone else do the grunt work, they will be able to get to point C faster and with less sweat equity.
This is a mistake.
The cultivation period is absolutely the most important part of this entire process.
Do not try to shortcut this crucial stage; this is where you grow in knowledge, experience, and leadership ability.

When you master the art of prospecting, you become better at articulating your value and thus become a better salesperson. When you are a better salesperson, you gain confidence and naturally become a better leader.

When you are a better leader, you will be a veritable talent magnet! So spend the time honing the skills that make a great agent, these are your Key Performance Indicators (KPIs). Master prospecting, conversion, listing appointments, and buyer interviews, all the actual revenue producing activities. Whatever you do, don’t hire to avoid learning a skillset unless it is the $10 an hour work.

When you get to the point in your business when you are asking yourself if it’s time to hire an assistant, answer this question: Have I already maximized myself, my skill sets, and am I incredibly good at the skill I am considering outsourcing? If the answer is yes, congratulations… It’s time!

Leave a comment below and share your story of when you knew you needed an assistant or what you are doing right now that you should be delegating to an assistant.
In the next article, you’ll learn the secret to hiring loyal, talented leaders. When you are looking for a superstar, you must understand that true talent is going to have high expectations and plenty of options. I’ll show you how to highlight what you do differently than everybody else and why they would never want to work for anyone else.

  • David Janis
    David Janis Great article! I'm in the process of hiring my first assistant and yes it is scary. My only limit to production right now is time and my customer service is starting to suffer.
    Taking the leap and looking forward to the rest of the series
    April 16, 2012
  • Stephanie Sabo
    Stephanie Sabo Ditto to what David just siad. I'm in the same process and my customer service is starting to suffer as well. I was just about to post an ad for an assistant but would love your input in the next article as this is all new to me. So I'm lookiing for to ...  more
    April 16, 2012
  • Wayne Palmer
    Wayne Palmer Ditto, Ditto, Ready for some help as I've just thrown a personal real estate business into the growing market. However, I will not be hiring an assistant as my wife retires next month! I think Warren is correct because the market is flooded with invent...  more
    April 16, 2012