Troy Palmquist offers strategies to help you leverage your resources and create more time for the things that matter most right now
Like many agents, you may have spent last year retrenching, scaling back, working on systems and processes, and diving deeper into your database. Now, the action plan starts to take place to hit those annual goals.
For some agents, the goal may be to hire their first employee and get back some of their time. “Trading money for time,” or using your financial resources to essentially “buy” more free time by delegating tasks to others, is one of the first steps to scaling a business and prioritizing balance between your professional and personal lives.
How much is in your annual budget that you can allocate to this new hire? What is the return on investment that you are expecting — two or three times the cost? How many transactions would be required to get back to breakeven?
Maybe you’re not looking to fill the time you’ve gained from your new hire. Maybe for you it really is all about getting the time back — not doing additional work. How much are you willing to pay to have that time to spend with family and friends, on wellness and self-care, on hobbies or other interests?
Many people spend their business-building years eating junk on the go, drinking too much, and sleeping too little. Maybe you need to trade money for time that would allow you to get a checkup, hit the gym, work with a nutritionist or begin therapy. Taking care of your business starts with taking care of yourself; maybe it’s time to make yourself a priority.
Consider a specialist vs. a generalist
While the old advice was to hire an administrative assistant or virtual assistant who can do many different tasks, consider whether you’d get more bang for your buck from a specialist. Maybe you need a full-time video editor, social media manager, transaction coordinator, buyer’s agent — the possibilities when trading money for time and expertise are virtually endless.
Consider professional vs. personal help
Maybe you feel like you’ve got your office life covered, but your home, which should be a haven, is falling apart. For you, trading money for time may be more about having a housekeeper, a pool cleaner, a landscaper, a personal chef or a service that handles your family’s laundry.
How much time do you get back by outsourcing some of these activities? What is your hourly rate vs. the hourly rate of a competent service provider to take care of these tasks?
Your money-for-time checklist
Want to be sure you’re making a good trade? Here’s how to determine what to spend your money on when you’re buying back your time.
Make a plan for the problem or need that is most pressing and most frequently top-of-mind
Determine how much time you are currently spending on that problem or need
Make a plan for what you will do daily with the time you are saving
Determine whether you’re expecting a financial return on investment and determine how you will track it
Remember to build in time and energy for getting your new assistant, freelancer or service provider up to speed so that you don’t get discouraged during the early stages of your planning.
Learning from the experiences of others
In his recent Teams Report, RealScout’s Andrew Flachner said that they had “found that the most common early hires were marketing, transaction management, and admin.” As you start to put together your plan, ask colleagues and mentors for guidance on roles that they have hired for. Different roles may result in different outcomes and different timeframes for searching and onboarding.
In a recent LinkedIn post, I posed the question, “As a team leader, what was the first role or position you hired for? Did you hire someone locally or choose a virtual assistant, and how did this decision impact your team’s growth?”
Here are the responses:
Joey Bergandi: “First role was a VA! Focus on online presence first.“
Ed Kaminsky: “The first position as an agent I hired was a personal assistant to handle anything that was taking my time away from connecting with my clients. When scaling as a team leader, finding a great sales leader, team motivator was the first hire.“
Kenny Truong: “Hired a virtual assistant my second year in business!! Was a game changer to load her up with all the great marketing ideas and projects I learned from conferences.“
Dylan Nonoaka: “Transaction coordinator. Local licensed agent, so they could also be an assistant for licensed activities.“
Where to find the help you need
There are great freelancer platforms and virtual assistant companies out there, depending on your needs and your budget. From finance to bookkeeping to graphic design and editing, whether hiring a personal assistant or marketing coordinator, some of these placement companies even have areas of specialization built into their model, including specialists in the real estate industry. These include:
- Office Beacon: Offers services for listing management, transaction coordination, appointment booking and CRM updates
- MyOutDesk: Offers services for administrative tasks, inside sales and prospecting, real estate marketing, lead generation and follow-up, and transaction coordination
- Transactly: Provides industry-leading transaction services and tech-enabled transaction coordinators.
Another great resource comes from newer agents in your office or those who have seen production drop. They can be a very valuable resource for buyer showings, open houses and many other activities.
Finally, don’t forget to equip your new hires with the tools they need to create their own leverage. For large teams or brokerages, or for teams that aspire to grow their brand, MAXA Designs is a great alternative to hiring a full-time graphic artist while still creating and maintaining a beautiful brand with an array of professional-level content and resources. It’s a really easy platform for agents to use or have your admin or VA do the work in the platform on the agents’ behalf. (Author’s note: This is a product that I have personally used and couldn’t live without.)
Whether you’re leveraging a tech option, an in-house staffer or an outsourced service provider, the answer to many of your frustrations and worries lies with giving up the DIY lifestyle and asking for the help you need. Trade your money for more time and see how it boosts your business in 2025.
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Troy Palmquist is a visionary in real estate and proptech, known for his innovative leadership and strategic insights. As the founder of HomeCode Advisors, he helps proptech companies and real estate teams navigate today’s market with cutting-edge solutions. Previously, Troy served as Director of Growth for eXp California and VP of Growth and Product Marketing for eXp Realty. He also founded boutique indie brokerages The Address and DOORA, both of which redefined client-centric service and agent empowerment. A contributing author and frequent speaker, Troy frequently shares his expertise on technology, growth, marketing and industry innovation. Email Troy at troy@homeadvisors.com.
This column does not necessarily reflect the opinion of HousingWire’s / RealTrends Verified’s editorial department and its owners. To contact the editor responsible for this piece: nate@hwmedia.com.
