By Kris Weaver, Realtor, VOOV Partner, and Tom Ferry Events Speaker
As Realtors, you’re likely feeling the pinch of global inflation, a limited talent pool, and squeezed profits. But what if there were out-of-the-box solutions to not only scale up but also reduce operational costs and increase profits? Enter the world of real estate virtual assistants and the lucrative potential of joint ventures.
I gave a presentation at the Chicago Tom Ferry Summit in August 2023 about innovative real estate strategies. Here’s a quick summary. You can download the full presentation here.
Cost Comparison of Virtual Assistant Services
This graph compares the costs of In-office Virtual Assistants Company in Latin America to US labor costs and freelance costs. The savings are significant, showcasing the financial benefits of choosing an In-office Virtual Assistant Service over other options.
Pros and Cons of Virtual Assistants Options
Considering alternatives? Here’s a brief contrast:
- Direct Freelance: Flexibility, but often lacks accountability.
- Work from Home Virtual Assistants: More affordable, but possible challenges in communication.
- In-Office Virtual Assistance Companies: Best of both worlds – affordability and reliability.
Virtual Staffing Recommendations to Realtors
To fully leverage virtual assistants, treat them as integral team members. Communication, recognition, aligning them with your values and USPs, and utilizing accountability tools are key to productivity and control.
Ideal Virtual Assistant Company Features
Look for a company that offers:
- Robust security and high-speed internet.
- Stable internet with hardware management.
- Strong protections for sensitive information like credit cards and personal data.
Remote Employee Taxation
Hiring workers abroad isn’t straightforward for US companies. The article “Where do remote employees pay taxes?” highlights some key challenges. The issues are a local entity, red tape in EOR services, and the risks of worker misclassification.
Hiring through an EOR in the Philippines
EOR service providers are a cost-effective choice for becoming the official employer for your staff. This is particularly true in countries with complex labor laws, such as the Philippines.
Time Zone Consideration
Choose virtual assistant companies offering support during US business hours. Ideal locations include Central and South America, aligning closely with US time zones.
Finding Quality Virtual Assistants
Your options include:
- Freelance platforms like Upwork: Lower quality service.
- Work from Home companies: Medium quality.
- In-Office companies like VOOV Real Estate Staffing: Highest quality service.
The Power of Joint Ventures
Joint ventures help businesses make more money quickly, without getting too distracted or spending too much at the beginning. They also help businesses compete well in today’s market. Combining expertise with the right partner can enhance your systems and strategies.
Joint Ventures and Profit:
Moving beyond marketing agreements, joint ventures, particularly in Title and mortgage, can add significant percentages to your bottom line, ensuring legal compliance and optimal profitability.
Exploring JV Opportunities
Consider approaching your current title company for a JV, especially since Title-only JVs are easier to manage. Mortgage JVs, though more complex, can be equally rewarding with the right partners.
Counting Profits with JVs
JVs are living businesses with their costs and potential for high profits or losses, depending on production levels.
Examples of Real Estate JV Proformas for Mortgage and Title Companies
Download our insightful Mortgage and Title Services Joint Venture Proformas for a comprehensive understanding. You can email us at varealtyupdates@voov.io to get the proformas examples.
Three Steps to JV Success
Success in JVs boils down to picking the right partners, assessing feasibility, and conducting thorough tests before commitment. Get more information by downloading the presentation at the end.
Expert Guidance
Always seek expert advice when dealing with contracts. Both Mortgage and Title JVs have significant regulatory and disclosure responsibilities. Beware of partners who are not compliant, especially in title JVs.
Conclusions
We advise you to take advantage of the following key ideas:
- Quality virtual assistants can significantly boost your business.
- The quality of VA services varies; you typically get what you pay for.
- If operating at scale, a JV could be your next significant strategic move.
- More profitable businesses have a competitive edge.
Eager for more insights? Download the presentation with top Real Estate Assistance and Joint Ventures Tips.
Email us at varealtyupdates@voov.io for a free Mortgage and Title Proformas and Virtual Assistant Checklist.
Supercharge your real estate earnings today!