What Commercial Real Estate Agents Wish They Knew Sooner: 20 Outsourced Tasks s That Drive Productivity and Profits
Let me tell you a story about John from Commercial Real Estate – I think his story is all too familiar.
I’m a social guy. I build networks, and I enjoy meeting new people. I try to keep in touch with the people I meet at conventions and conferences, and because of that, I know someone from almost every industry you could think of. Sure, I can’t remember all the names, but I do remember faces, and most of all, I remember our interactions.
There was this one particular guy I met at a recent convention—fair skin, brown hair, firm handshake. Let’s call him John. He works as a commercial real estate agent and approached me about his interest in trying outsourcing for the first time. The problem was, he didn’t know exactly what tasks he could give to a virtual assistant (VA).
That stuck with me—it’s the thing that keeps most entrepreneurs from outsourcing. The questions, the uncertainty; they’re a bit intimidating, and soon enough, you’re back to sticking with the traditional ways of running your business. Some worry about how much a VA might cost—assuming that the convenience and productivity boost must cost an arm and a leg. However, contrary to this belief, a VA can range from $6 to $12 an hour, depending on the tasks assigned to them. Most brokers even say that VAs basically pay for themselves, with all the deals that they land for the business.
The commercial real estate market is booming and set to hit a whopping$118.80 trillion worldwide by 2024. With this growth, entrepreneurs are on the lookout for smart ways to cut costs and boost efficiency. Enter outsourcing—it’s all the rage. The worldwide business process outsourcing market was worth $245.9 billion in 2021 and is expected to keep growing at a solid 9.1 percent annually until 2030.
In the fast-paced commercial real estate world, time is money, and every decision can make or break a deal. Amidst the hustle and bustle, entrepreneurs like John find themselves grappling with an ever-growing to-do list, a challenge that begs the question: Which tasks can I outsource?
Well, that conversation prompted me to share a list of tasks and functions commonly outsourced in the commercial real estate industry:
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Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent–not subsidiaries or divisions of other companies–as of December 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine rankings were calculated to four decimal places.
Marketing
- Publishing blog posts on the website
- Creating templates for tour/property survey presentations
- Writing and submitting press releases
- Creating GIS MAPS and 3D renderings for real estate project deliverables
Sales
- Researching lists of target companies for decision-maker contact information
- Data scraping for targeted lead/local marketing opportunities
- Collecting data on lenders and buyers for projects and emailing prospects
- Assembling client presentations and sales books
Administrative:
- General administrative support
- Managing invoice and documents
- Assisting with maintenance of active brokers license
- Updating lease agreements and policies
- Client and tenant communication
Finance:
- Balancing bank reconciliations
- Reviewing general ledgers
- Assisting with bill payment
- Collecting and organizing account statements
- Preparing financial underwriting reports for commercial real estate transactions
Operations:
- Filtering and creating contact lists based on the CRM
- Scraping, gathering new data, and updating lists in the CRM
- Ordering and pooling information from government websites
- Assisting with corporate filing, registration, and licensing compliance
- Transcribing and documenting processes, procedures, workflows, and templates
Human resources and recruiting:
- Assisting with integrating new brokers to the firm
- Verifying references and investigating backgrounds of potential real estate agents and brokers
- Sourcing potential talent from commercial real estate groups on social media
- Managing COBRA administration for departing brokers
- Assisting with quarterly performance reviews for brokers
Outsourcing tasks in the commercial real estate sphere to VAs isn’t merely a time-saver; it’s a strategic move that transforms your workflow. Imagine the productivity bump your firm could achieve by shedding administrative burdens to let your core team focus on strategic decisions. Outsourcing is not just a budget-friendly tactic; it’s a game-changer. I figured I had to get the word out so people like John can maximize and revolutionize their commercial real estate businesses.
Now that you know what a wide range of tasks you can outsource, you can start integrating a VA into your team. Once you determine which type of VA best fits your needs, you’re on your way to experiencing the highest levels of productivity and efficiency.
If you’re someone like John, don’t wait another minute. Figuring out how to start outsourcing might seem challenging at first, but take it one simple step at a time, and the next thing you know, your business will be sprinting ahead of the pack.
Originally published in INC Magazine on April 24, 2024
