MyOutDesk virtual assistants keep businesses running strong during troubling times
That’s going to create some issues for those in the real estate industry, and there are already signs of things falling that way.
“You have to change what you’re doing in this moment, and most people aren’t going to,” says Daniel Ramsey, founder and CEO of MyOutDesk, which provides virtual assistant services for the real estate business. “The warnings are here,” adds Ramsey. “The stock market is down, interest rates are up and the Fed is committed to eliminating inflation at all costs.”
Getting ahead of the game
According to Ramsey, a virtual assistant can be a solution for keeping your real estate business running strong during troubling times.
“You’re going to have to focus on revenue-generating business, and that means giving up some of the administrative and marketing work that you’ve been doing because revenue has generally been easy over the last 15 years,” says Ramsey. “That means focusing on dollar-productive activities, driving listings, getting buyers and organizing your team, brokerage and agents now, not after the recession has landed.”
While there are several things real estate agents can begin doing to prepare themselves, Ramsey notes that knowing your numbers and understanding how much time is being spent on revenue generation and dollar-productive activities is critical.
“When you run into a recession, whether you’re a real estate professional or a businessperson, that’s the No. 1 area to focus on,” explains Ramsey. “You need to know how many of your people are focused on generating listings, how many are focused on getting referrals and how many are focused on the things that make revenue happen. You also need to focus on what isn’t generating money.”
A virtual assistant can help drive revenue by either being part of the sales process or removing tasks that can be delegated so that your agents can focus on generating revenue.
Leaning on virtual assistants
From there, Ramsey goes on to explain that examining the data is an important component, pointing out that there’s been a 100% increase in the number of price reductions this past June and July.
“The data that’s interesting for us is coming out of Idaho, which was the No. 1 market in the country in 2021,” says Ramsey. “Today, Idaho is the No. 1 market for price reductions in the country, with over 60% of all active listings getting a price reduction.”
This scenario is occurring in more and more places, requiring more conversations and activity on the entire real estate team’s part—so much so that you’re likely to double or triple the time spent in this area.
That requires a change in dialogue, scripts and perspective when talking to buyers and sellers, underscoring the importance of being prepared for these price reduction conversations and letting sellers know that their houses are no longer worth double.
“This is a place where a real estate virtual assistant is very helpful because you’re going to have two or three times the amount of conversations you had last year in order to list a house in this market,” says Ramsey.
Drilling down further, Ramsey goes on to explain that another key to success during this time consists of “cutting the fat, not the muscle.”
“From our perspective, that means not trimming back on marketing or content, but rather, doubling down and making sure you are producing a lot of good content that is focused on your ideal customers,” says Ramsey. “The problem is, everyone will start cutting and cut the muscle in their business, and revenue will drop. That will lead to more and more cutting.”
However, by knowing the company’s numbers, what everyone is focused on, what’s generating revenue and the things that are expendable, things don’t have to get troublesome.
“During a recession, real estate professionals are going to have to get back to work,” says Ramsey. “We’ve had it really easy over the last decade because prices have been up, a lot of people were buying and selling, interest rates were low and money was easy. We’re no longer in that space though.”
While there’s often a misconception about sourcing and utilizing a virtual assistant, Ramsey explains that outsourcing isn’t to replace your team, but to optimize your team so they can focus on the things they love doing and are great at.
“Businesses that can remove the monotonous day-to-day stuff that has to be done but isn’t mission critical from their U.S. team so that those people can focus on loving their clients, getting referrals, conducting open houses and all the other activities that drive revenue are the ones who will have leverage,” says Ramsey. “You don’t want your best salesperson typing out a contract, as that’s not their highest and best use. We want these people working on their most important projects inside their skillset.”
Solidifying your strategy
No matter what the market looks like, Ramsey notes that there are only three ways to grow a company.
“One is to get more marketshare, another is to raise prices, and the third is buying your competition or taking the best players from them,” he says.
When thinking through your strategy during a recession, Ramsey recommends going through all of the positions within your company and seeing which tasks can be automated, eliminated by optimizing the process or delegated elsewhere.
“A virtual assistant can help you know your numbers while tracking results for you and your entire team,” concludes Ramsey. “We use them in our database, in our leads, in our marketing and customer service. It can help any real estate business when needed most.”
For more information, visit www.myoutdesk.com.
