As a property deal sourcer, your time is your most precious commodity and how you use it is critical to your success. If you find yourself spending hours on low reward tasks such as online research and scraping data from Rightmove you need to review how you’re working.
Using these steps, you can develop a better way of working and utilise the help of a virtual assistant or VA:
1. Work out your own hourly value
The first step is to calculate exactly how much you’re worth, as in how much your time is worth per hour. As an example, if your value is £50-£75 per hour, you simply shouldn’t be entertaining the thought of doing tasks that you see to be worth less than that. So if you’re re-organising data in spread-sheets, this is not good use of your time. You should look to outsource this work.
2. Concentrate on high income generating tasks
It is the high income generating tasks that will drive your business forward, so you need to prioritise them. The more time you spend on formatting spread-sheets and similar menial tasks, the less time you have to concentrate on the most important tasks.
3. Work out which jobs can be outsourced
When you look at all of the jobs that you need to get completed, work out which ones could be outsourced. So tasks like cleaning spread-sheet data, building your website, preparing letters etc. All of these types of jobs can be outsourced. We go into more detail around this in the Beginners Guide to Outsourcing.
4. Be mindful of limitations
Some tasks are perfect for outsourcing to overseas VAs. However, you need to be mindful that things like their accent can impact tasks such as calling potential investors. Even if you’re working with a VA who has a very high standard of English, there may be problems related to their accents. Be wary of this when you’re thinking about the types of tasks that you delegate. In property sourcing, you probably shouldn’t be outsourcing the tasks like negotiating and closing deals, certainly not at the beginning.
5. Avoid offering commission-only work
It can be tempting in sales based roles to offer commission-only jobs but this can turn out to be demotivating for the employee. They need to feel valued and part of the team, so it is usually better to offer a basic rate of pay plus commission and then spend time developing them. Once they are trained up they can make big money from commission and that is when it works out well to have commission-only pay structures.
By following these 5 steps, you will be able to build a cost-effective team who can complete your property sourcing tasks so that you can concentrate on higher income activity that grow your business.
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