When we first launched our real estate business, Goodegg Investments, we were doing everything ourselves, from taking investor calls to building email automations to data entry to real estate market research to posting on social media to researching events to attend, and everything in between.
As the business grew and saw more and more success, we often wished we could wave a magic wand and clone ourselves. Over time, as the income for the business started to stabilize, we entertained the idea of hiring a virtual assistant.
However, what would we use a VA for? Which aspects of the business made most sense to hand off to a VA? And how could we find a reliable VA that was open to learning our systems and was also within our budget?
A virtual assistant for real estate can be a game-changer, managing leads, streamlining admin tasks, and supporting investor relations to free up your time to focus on the things you do best. In this guide, we’ll dive into the practical ways a virtual assistant can transform your operations and deep dive into their roles, advantages, and how to find the right one for your business needs.
Key Takeaways
Hiring a real estate virtual assistant increases productivity by handling routine tasks, saves up to 40% on labor and overhead costs, and offers the flexibility to efficiently scale operations during peak periods.
Real estate virtual assistants are versatile, providing crucial support in marketing, operational assistance, investor and sales support, and administrative tasks, which allows real estate professionals to concentrate on raising capital, growing their database, closing deals, and expanding their business.
When choosing a real estate virtual assistant, consider their skill sets and cultural fit, evaluate US-based versus overseas options based on needs and budget, and explore pricing models to find the right match from top providers like Wishup, MyOutDesk, Virtudesk, Time etc, and Zirtual.
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The Power Of A Real Estate Virtual Assistant
In the competitive real estate syndication space, every minute counts. Real estate virtual assistants can be the secret weapon that propels your business forward. By taking over time-consuming tasks, they can boost your productivity significantly, allowing you to concentrate on critical activities like investor calls. But the benefits don’t stop there.
When it comes to running a successful business, controlling costs is crucial. Real estate virtual assistants can help you achieve that. They can save businesses up to 40% on labor costs by offering an economical alternative to traditional employment. And with virtual assistants, you also save on overhead costs, as there’s no need for additional physical space or employee benefits.
But what if your business grows or the workload fluctuates? That’s where the power of scalability comes in. Real estate virtual assistants provide the flexibility to scale operations efficiently, accommodating additional work hours during peak periods without long-term commitments.
Boosting Productivity
Imagine having more time to prepare for important meetings and appointments without worrying about routine tasks like paperwork or incoming calls. That’s the kind of productivity boost a virtual assistant can deliver. They take over time-consuming tasks such as appointment scheduling and managing calls, allowing you to focus on high-impact work.
Moreover, by delegating these tasks to a skilled virtual assistant, you can leverage their specialized skills for tasks like data entry and marketing campaigns. This not only increases productivity but can also lead to more closed deals and higher commissions. It’s no wonder that many real estate professionals find that the financial return from hiring a real estate virtual assistant often exceeds the cost.
Cost Savings
One of the most compelling reasons to hire a virtual assistant is the potential cost savings. By hiring a virtual assistant, you can save on expenses typically associated with full-time employees such as social security, health insurance, and unemployment benefits. Additionally, there’s no need for payroll paperwork and management, reducing administrative costs even further.
Plus, there’s the cost savings of your time, which is likely very valuable. Rather than spending your precious and limited time on menial tasks like data entry, you can hand those tasks off to VAs, thus freeing your time to focus on higher value tasks to grow your business.
But the savings don’t stop at labor costs. Since virtual assistants operate from their own premises, there’s no need for additional physical space, utilities, or employee-specific benefits. This significantly reduces overhead expenses. In fact, services like those offered by Time etc claim up to 90% savings compared with hiring full-time assistants.
Scalability
In the real estate syndication industry, workloads can fluctuate dramatically, making scalability a vital feature. That’s where real estate virtual assistants shine. They provide the flexibility that allows businesses to scale operations efficiently and adapt to varying workloads.
During periods of high demand, hiring virtual assistants on an hourly basis allows for scaling up without long-term commitments. They can quickly adapt to new tasks and responsibilities as the business grows and workload increases. This kind of flexibility is invaluable in the dynamic world of real estate.
Adding New Skill Sets To Your Business
If there are areas of your business that you know you should be focusing on, or important tasks that don’t fall within your strong suit, leveraging a VA can be a great way to add that skill set to your capabilities.
For example, you might hire a VA to take over your social media marketing strategy, or one to do basic underwriting. If you’ve signed up for an online course or program like the Real Estate Accelerator, you can even have a VA go through the program and implement everything into your business.
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Key Functions Of A Real Estate Virtual Assistant
Real estate virtual assistants can perform a wide range of business services, including:
Lead generation – helping you find new investors
Helping you create lead magnets
Social media management
Data entry – helping you track key datapoints in your business
Managing your CRM and investor database
Assisting in investor services support, like tracking wires and PPMs
Helping you schedule calls and meetings
Researching real estate events you should attend
Pitching you to be a guest on podcasts
Taking a first pass at underwriting potential deals
Organizing your inbox and providing other administrative support
And so much more!
This makes them an integral part of your business, supporting various functions and ensuring smooth operations.
For instance, virtual assistants can support in the following real estate tasks:
Marketing support, aiding in campaigning and prospecting
Comprehensive administrative support including bookkeeping and customer service
Enhanced sales support through specialized training in areas like transaction coordination and prospecting
In essence, real estate virtual assistants can handle a multitude of tasks that can free up your time, allowing you to focus on what you do best. You can even hire an executive virtual assistant to focus on everything from handling office management duties, making travel arrangements, handling calendar events, organizing reports and documents, answering phone calls, setting up meetings, screening investors, and many more similar duties.
Marketing Support
In today’s digital age, marketing plays a pivotal role in any business, and real estate is no exception. Virtual assistants can provide comprehensive real estate marketing support, to help with investor lead generation – including social media management, content creation, and email campaigns.
Not only can they create and manage various marketing materials, but they can also design and execute targeted email campaigns, craft expert copywriting, and generate content that resonates with potential investors, thus boosting your overall marketing efforts.
By maintaining and updating your website with market data and fresh blog posts, they ensure your online presence is up-to-date and relevant.
Operational Assistance
When it comes to the daily operations of a real estate business, virtual assistants can be a game-changer. They facilitate efficient scheduling by organizing appointments, client meetings, and calls. Additionally, they can streamline your operations by coordinating home showings and arranging necessary services like inspections or repairs.
Managing databases systematically is also a crucial part of a real estate VA’s responsibility. They handle essential documentation tasks, ensuring that transactions are supported with orderly and precise paperwork. These operational tasks, although may seem insignificant, can make a huge difference in the smooth running of your business.
Sales Support
In the world of real estate syndications and raising capital, investor relationships are paramount. Virtual assistants can contribute directly to investor relations activities by managing CRM updates, setting appointments, and performing tasks such as investor pre-qualification and coordinating investor documents (like accreditation status and signing PPMs).
By conducting regular follow-ups, providing updates on investors’ progress through the investment process, and handling basic investor queries, they help sustain ongoing investor relationships and a positive business reputation. This way, they play a pivotal role in:
Lead generation – assisting with finding new investor leads
Supporting investors through the investment process (aka, transaction coordination)
Educating investors through creating relevant content
Social media management
Researching potential markets, partners, etc. that you are considering
Freeing you up to focus on finding the right deals and opportunities and connecting on a deeper level with your investors
Administrative Tasks
Administrative tasks, although seemingly mundane, are crucial for the smooth running of any business. Real estate virtual assistants ensure efficient calendar management, such as booking meetings with clients and avoiding double bookings. They handle communication responsibilities, including responding to email and live chat inquiries, prioritizing messages, and proofreading and editing contracts and agreement papers.
In addition, they perform critical document and data management tasks such as data entry, CRM database maintenance, and overseeing bookkeeping and expense tracking. They also engage in miscellaneous administrative duties like making travel arrangements, arranging client gifts, conducting research, organizing financial data, and ensuring day-to-day task management.
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learn moreHiring The Right Real Estate Virtual Assistant
Now that you understand what a virtual assistant can do, how do you go about hiring the right one? The first step is to understand your needs. Knowing your needs before hiring a real estate virtual assistant is essential to ensure they can effectively integrate and address specific gaps in your business.
Next, you need to have a step-by-step hiring process. This ensures you find experienced virtual assistants who are adept at performing tasks accurately and efficiently. To do this, you’ll need to:
Identify your needs
Evaluate the skillsets of potential hires
Conduct interviews
Set clear expectations
Let’s delve deeper into each of these steps to give you a clear roadmap for hiring the right real estate virtual assistant.
Identifying Your Needs
Identifying your needs is the first step towards hiring the right real estate virtual assistant. You need to determine the most time-consuming tasks and areas where you need the most help to assess the specific type of VA support your real estate business requires.
This involves determining which expertise area of a virtual assistant—administrative, marketing, operations, sales, or customer support—is more aligned with your business needs. This will help ensure that the virtual assistant you consider hiring has the right skill set to handle the specific tasks and functions you have identified.
Evaluating Skillsets
Once you’ve identified your needs, it’s time to evaluate the skillsets of potential hires. This involves verifying their core competencies and traits to ensure they can manage the range of tasks required in the role efficiently. For instance, a real estate VA should possess the following skills and traits:
Administrative skills: to handle paperwork, appointments, and tasks diligently
Effective communication skills: since they are often the primary contact for clients and partners
Self-motivation, independence, and proactivity: to work efficiently without constant supervision
Resourcefulness: to find solutions and handle unexpected situations
Attention to detail: to ensure accuracy and quality in their work
By assessing these skills and traits, you can find a virtual assistant who is well-suited for the demands of the real estate industry.
Conducting Interviews
The interview process is a crucial step in hiring the right real estate virtual assistant. It allows you to verify their skills, experience, and how well they fit with your company culture.
Ideal candidates for a real estate virtual assistant position need to:
Be organized
Be adept at creating and managing systems
Be able to work swiftly with attention to detail
Show initiative
Solve problems efficiently
Having a flexible set of questions tailored to the candidate’s background can ensure a thorough evaluation of candidates.
Setting Expectations
Once you’ve found a suitable candidate, it’s important to clearly define their responsibilities and expectations to facilitate seamless integration into your business. This involves providing constant and constructive feedback to ensure that the virtual assistant’s performance aligns with your standards of quality and efficiency.
Incorporating virtual assistants into the business planning process and discussing the company’s vision and goals with them ensures that they work in synergy with the team. This is essential for setting clear expectations and improving their working efficiency.
Comparing Real Estate Virtual Assistant Services
When it comes to choosing a real estate VA, one size doesn’t fit all. Different services offer different benefits, and it’s essential to understand the differences between US-based and overseas virtual assistants, as well as the various pricing models.
US-based virtual assistants may offer advantages like native language proficiency and understanding of local real estate markets, but they tend to be more expensive. On the other hand, overseas virtual assistants offer services at competitive rates and provide a range of skilled services accessible from a global talent pool.
Pricing models also vary. Some services offer hourly rates, others provide monthly retainer packages, allowing for flexibility based on the volume and type of work required. Now, let’s take a closer look at these factors.
US-Based Vs. Overseas VAs
When deciding between US-based and overseas virtual assistants, it’s important to weigh the pros and cons. Hiring an offshore virtual assistant can lead to cost savings of 60-70%, contrasting heavily with the higher rates of US-based virtual assistants influenced by the cost of living.
However, a US-based experienced virtual assistant may be preferable if your business requires a high volume of client-facing work, or if there is a need for occasional face-to-face (or Zoom-to-Zoom) interaction with investors.
Ultimately, the decision should be based on your business needs and budget.
Pricing Models
Understanding different pricing models is crucial when hiring a real estate virtual assistant. Hourly rates vary depending on the role, with:
Administrative assistants ranging from $15 to $50 per hour
Marketing assistants ranging from $20 to $50 per hour
Sales assistants ranging from $40 per hour
In addition, some companies offer monthly retainer packages, especially for full-time assistants. For example, Summit VA Solutions offers specialized real estate virtual assistants starting from $1500 per month. Some companies also offer flexible plans to cater to both short-term projects and ongoing support.
Top Real Estate Virtual Assistant Providers
Now that we’ve covered the basics of what a real estate VA can do and how to hire one, let’s look at some of the top virtual assistant services in the market. There are many, many VA services and marketplaces out there, so please do your own research.
In this guide, we’ll include our thoughts on the following VA providers:
Wishup
MyOutDesk
Virtudesk
Time etc
Zirtual
Each of these real estate companies offer tailored services to meet the unique needs of real estate syndicators and business owners.
While all these providers offer top-notch services, it’s important to choose one that aligns with your specific needs and budget. Each provider has unique features and benefits, so it’s worth taking the time to explore each one in detail.
Let’s delve deeper into each of these providers and see what they have to offer.
Wishup
Wishup provides a personalized approach to virtual assistants by assigning dedicated assistants based on the specific needs of real estate business owners. Their VAs are trained to tailor their services to the unique demands and business practices of their real estate clients.
Operating on customer-centric values, Wishup focuses on delivering high-quality and efficient service to enhance client satisfaction in the real estate domain. This ensures that you get a virtual assistant who is not only skilled but also understands the intricacies of your business.
MyOutDesk
MyOutDesk is another top provider of real estate VA services. They offer dedicated virtual assistants who are trained in various aspects of real estate operations. This ensures that you get a virtual assistant who can effectively handle your business tasks and help you grow your business.
Whether you need help with lead generation, transaction coordination, or marketing, MyOutDesk has you covered. They also provide comprehensive training and support to their virtual assistants to ensure they deliver top-notch service.
Virtudesk
Virtudesk stands out with its cost-effective solutions for real estate agents looking to outsource tasks without sacrificing quality. They offer competitive rates starting from $9.55 per hour, making their services accessible to various real estate business scales.
Their virtual assistants are trained to offer a wide range of services, from administrative tasks to marketing support, making them a one-stop-shop for all your real estate VA needs, including working with a real estate agent.
Time etc
Time etc provides U.S.-based virtual assistants specialized in handling various tasks for real estate agents. Their services include:
Email management
Scheduling
Administrative tasks
Content marketing
Social media activities
They ensure customer satisfaction by guaranteeing contentment with VA services for the lifetime of the client’s account. With a tailored matching process, Time etc ensures that entrepreneurs are paired with virtual assistants that meet their specific needs.
Zirtual
Zirtual is a VA service we’ve personally used for several years. Zirtual provides U.S.-based virtual assistants who are tech-savvy and have a comprehensive understanding of the property market. They are equipped to address the specific challenges faced by real estate business owners.
Zirtual’s multi-step vetting process ensures that their virtual assistants possess the skills required for the real estate industry, reducing the need for extensive training. By delegating small, time-consuming tasks to Zirtual’s virtual assistants, real estate agents can avoid backlogs that impede the growth and management of their real estate portfolios.
Summary
In conclusion, virtual assistants can be a game-changer for your business, whether you’re a real estate syndicator, capital raiser, or real estate agent. From boosting productivity and saving costs to providing scalability, they offer numerous benefits.
By handling various key functions such as marketing support, operational assistance, sales support, and administrative tasks, they can free up your time, allowing you to focus on what you do best.
Hiring the right virtual assistant involves identifying your needs, evaluating skillsets, conducting interviews, and setting clear expectations. And with a variety of top providers to choose from, you’re sure to find a service that fits your needs and budget.
Frequently Asked Questions
Why do real estate professionals need virtual assistants?
Real estate professionals need virtual assistants to delegate tasks and ensure their business runs smoothly. Virtual assistants can handle administrative and financial responsibilities, allowing real estate business owners to focus on high-priority tasks.
How much should you pay for a virtual assistant?
You should pay between $15 and $30 per hour for a virtual assistant, but for high-skilled tasks, the rate may go up to $50 to $75. Keep in mind the quality of service you require when determining the hourly rate.
What are some of the key functions of a real estate virtual assistant?
A real estate virtual assistant can handle a variety of tasks, including marketing support, operational assistance, sales support, and administrative tasks, making them an invaluable resource for a real estate professional.
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Get access to our proven system – including our exact email templates, scripts, and more – so you can raise capital for your own deals.
learn moreNext Steps
If you’re raising capital for real estate and are thinking of hiring a VA, we’re here to help! Whether you’re trying to systematize aspects of your business to hand off to a VA, trying to find the right VA fit for you, or just aren’t quite sure what a VA could do for you, we’re happy to share our experience.
If you’re looking to expand your capital raising capabilities but feel like you’re spinning your wheels, we can show you everything we’ve done in our business to successfully raise over $125M over the last 5 years.
If you’d like support with any of this, including marketing, branding, investor call scripts, how to effectively raise capital, how to get calls with multiple investors every week on your calendar, how to automate your marketing funnel, and more – we’re here to help!
Through our Real Estate Accelerator program, we’ll give you all the resources, tools, and vendors we’ve used to help our coaching members successfully launch their own funds, so you don’t have to reinvent the wheel.
