Ian S. Hoover
As a real estate agent turned brokerage owner, I’ve always prided myself on my independence. When I first started my business, I had one goal in mind: maximize profit. To me, that meant keeping every dollar I earned and avoiding the expense of hiring help. I figured, why pay someone a salary when I could just do it all myself? It seemed like a smart move at the time—until it wasn’t. Looking back, not hiring help early enough was one of the biggest mistakes I’ve ever made in my career. Here’s my story, along with some hard-earned lessons and resources to help you avoid the same pitfall.
The DIY Trap: A False Economy
When I launched my brokerage, I was juggling everything—listing properties, managing rental units, negotiating deals, and handling the administrative grind. I own a portfolio of rental properties, so on top of my brokerage work, I was also dealing with tenant issues, maintenance schedules, and a mountain of bills. I told myself I didn’t need help. After all, every dollar I paid someone else was a dollar out of my pocket, right?
Wrong. What I didn’t realize was that my refusal to delegate was costing me far more than a salary ever would. Late fees started piling up because I hated checking the PO box and paying bills on time. With multiple properties, those late fees—on utility bills, property taxes, and vendor invoices—added up fast. According to a 2023 study by the National Association of Realtors (NAR), small business owners in real estate lose an average of $2,500 annually to inefficiencies like these. For me, it was probably double that, given the scope of my rental portfolio.
Beyond the financial hit, there was the mental toll. I was drowning in tasks I despised—calling utility companies to fix billing errors, chasing down contractors, keeping my books straight for my CPA. These weren’t just time-sucks; they were energy drains that left me irritable and less focused on what I’m actually good at: closing deals and growing my business.
The Turning Point: Hiring Help (Way Too Late)
It wasn’t until I hit a breaking point—missed deadlines, frustrated clients, and a personal life in shambles—that I finally caved and hired an assistant. I’ll admit, I waited way too long. By the time she came on board, I was already playing catch-up with late payments, disorganized records, and a backlog of neglected tasks. But once she started, the transformation was almost immediate.
My assistant took over everything I hated doing. She checks the PO box religiously, pays bills on time (saving me hundreds, if not thousands, in late fees), and keeps my rental properties humming along by scheduling vendors and contractors. She calls utility companies to sort out disputes, follows up on closings to ensure nothing slips through the cracks, and works with my CPA to keep my books in order. Yesterday, I was double-booked with appointments, and she stepped in to handle an errand I couldn’t reschedule. It wasn’t glamorous, but it had to be done—and she did it without hesitation.
The financial impact has been undeniable. Let’s break it down: If I was racking up $200-$300 a month in late fees across my properties (a conservative estimate), that’s $2,400-$3,600 a year. My assistant’s salary is partially offset by those savings alone. Add in the time she frees up for me to focus on high-value tasks—like landing new clients or negotiating better deals—and the return on investment is off the charts. A 2021 report from the Small Business Administration (SBA) found that delegating administrative tasks can boost revenue by up to 20% for small business owners. I’d argue it’s even higher in real estate, where every hour spent on busywork is an hour not spent selling.
The Unexpected Perks
What’s surprised me most isn’t just the money saved—it’s how much more enjoyable my days are. I used to dread the grind of paperwork and phone calls. Now, I can focus on what I love: meeting clients, touring properties, and strategizing growth. My assistant doesn’t just handle tasks; she anticipates problems. She reminds me of deadlines I’d otherwise forget and catches mistakes before they snowball. After years of working with her, I’m convinced I’ve only scratched the surface of what she’s capable of. She’s not just an employee; she’s a partner in keeping my business—and my sanity—intact.
The Lesson: Hire Sooner Than You Think You Can Afford To
If there’s one takeaway from my experience, it’s this: Don’t wait until you’re drowning to hire help. I thought I was saving money by doing it all myself, but I was actually losing it—both in dollars and opportunities. The moment you can afford to bring someone on, do it. Focus on the tasks that bring money in—selling properties, building your network, closing deals—and let someone else handle the busywork.
Not sure where to start? Here are some resources to guide you:
- Hiring Tips from NAR: The National Association of Realtors offers a guide on hiring support staff for real estate professionals (available at nar.realtor). They recommend starting with a part-time assistant and scaling up as your business grows.
- Virtual Assistants: Platforms like Upwork (upwork.com) or Fancy Hands (fancyhands.com) let you hire remote help for specific tasks at a fraction of the cost of a full-time employee.
- Time Management Tools: Apps like Trello (trello.com) or Asana (asana.com) can help you identify which tasks to delegate before you even hire someone.
- Cost-Benefit Analysis: The SBA’s small business calculator (sba.gov) can help you crunch the numbers to see how hiring impacts your bottom line.
Final Thoughts
Running a brokerage and managing rental properties is no small feat, and trying to do it all solo was my biggest misstep. Hiring help didn’t just save me money—it saved my business and made me a better agent. So take it from me: Don’t let pride or penny-pinching keep you from building a team. Hire as soon as you can, delegate the grunt work, and watch your profits—and your peace of mind—soar.
