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How Do You Get More Leverage in Your Business?
Manage episode 152446264 series 1059568
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Leveraging yourself and your time is an important part of growing any real estate business. Do you have leverage in your business? Here’s how you can find that out.
First, figure out your hourly rate. If you assume that it’s possible to have a GCI of $150,000 in Park City, which is reasonable for our price point, and on average people work 49 weeks a year and 40 hours per week, it gives you a total number of 1,960 hours. Divide that from $150,000 and you get an hourly rate of $76.50
So, as you are doing things like managing your transactions from contract to close, making your own marketing flyers, and writing your own blog content, ask yourself if you could hire someone else to do this type of work for less than $76.50 an hour who would be competent enough to do the tasks. Of course, the answer is yes.
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More leverage equals more success.
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Why don’t more people hire out this type of work on their teams?
They have plenty of excuses, whether they say it takes too much time or they don’t trust another person to do it. Just think about what you could do with either that extra money or extra time by hiring the work out. That’s how you get leverage in your business.
At a certain point, you’ll have to look into hiring a personal assistant or creating a team and hiring a buyer agent. But for now, look at your hourly rate, and see if you would be able to hire some competent help so you can leverage your business and make more money and be more successful. If you have any questions for me, don’t hesitate to give me a call or send me an email. I would love to hear from you.
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