As you plan to bring on new people, evaluate which job responsibilities you should delegate, share and keep in your care. It’s best to start slow, adding one role at a time, while learning what you really need operationally and financially.
In this blog, we will review three of the most common team member titles, job descriptions, and compensation models. This is to help you compare your needs with the current industry standards and hire appropriately.
This administrative position will help you organize, track, manage and coordinate any area of your business. Your assistant can be licensed or unlicensed, depending on your needs. A licensed assistant can answer questions for clients and even show homes.
An assistant is often suggested as a good first hire because they can free up the time you currently spend on administrative work, allowing you to focus more on profit-building tasks. A team assistant will not directly generate income for your business but may indirectly help you grow by allowing you to serve more clients.Compensation
A full-time assistant will require an hourly wage or salary, plus benefits, and will require a larger investment than . Real estate assistants often make between $30,000-$45,000 a year, plus bonuses and benefits, depending on your market. You’ll need to withhold income tax, state taxes, Social Security and Medicare taxes.
These payments can add up to 15 percent or more to the cost of their total salary. You’ll also have to report all of this to the IRS. Additionally, you may need to provide office space, workers’ compensation, errors and omission insurance and health care benefits. You may be required to include them on your auto insurance policy.
Some agents prefer to focus their own work on listings, and need help representing buyers. Since buyers often require more of your time and attention than sellers, hiring someone to manage the buyer side of your business could make a lot of sense.
Buyer’s agents show houses to clients and convert showings to sales on properties of interest to the buyer. A buyer’s agent will also understand the current marketplace and financial implications of investing in various neighborhoods. They will help buyers narrow their search based on needs and lifestyles and can bring new perspectives to your clients.
And though the buyer’s agent only focuses on buyers, the right hire can bring a more diverse understanding to your business as a whole. He or she can serve as an advisor to you and other agents.
A buyer’s agent is typically paid a small salary plus commission. The commission for buyer’s agents is typically up to 50 percent, after expenses are paid. Splits may be adjusted to differentiate between team-generated leads, which may generate a 40/60 split, and agent-generated leads, which could be a 60/40 split. The selling point for this position is that a buyer’s agent is more likely to make more money in a team setting while handling the side of the transaction that they prefer.
In order for a buyer’s agent to be successful on a team, the team must have a high-producing buyer’s agent. Buyer’s agents should show properties and close deals, with the help of the team’s lead generating marketing efforts and administrative assistance. Your compensation models should hold agents accountable for their productivity.
A listing specialist can either bring in the listing or step in once the listing agreement has been signed. A listing specialist will represent the seller and oversees all aspects of the seller’s transactions, from initial contact through closing.
The listing specialist may prepare all materials and documents for the listing as well, including marketing materials, listing agreements, disclosure statements, market analyses and online property profiles. The specialist will also conduct the necessary research to advise on the sale price of the property, and work with the sellers to take photos, stage the property and make repairs.
Like a buyer’s agent, listing specialists may be paid a small salary, but the role is largely based on commission, up to 40 percent of the net profit. Base salaries for your listing specialist should depend on the experience level of the agent and your local market. Salary compensation should be strategic to inspire productivity.
Like the buyer’s agent, generating their own leads and closing deals is a main priority. They should be held accountable for their productivity and compensated appropriately.
Grow Your Team
Plan to start slow as you hire new team members, and grow your team by one position at a time. Pay your team members competitively and based on their productivity to retain them and support your financial success. To learn more about how to fill out your roster and create accurate and useful job descriptions, start your seven-day free trial of AgentEDU today and watch the full course, Team Members Job Description and Compensation.
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