Deciding to hire someone, whether a buyer agent or an admin assistant, is always accompanied by a lot of hesitation and anxiety; after all, you will now be shouldering someone else’s salary and livelihood, which is a big responsibility.
There is a very positive angle to this decision as well: by hiring the right person for you and your business, you will be partnering up with someone who can help your business grow and become an amazing ally for years to come.
Let’s break down the process into a series of small steps to set your new hire up for success and ensure their contribution to your bottom line is positive from day one.
So, when should you consider hiring someone for your business?
- Your business has plateaued; you are at a steady transaction rate of at least 15-20 deals per year and have been unable to produce more (not due to a lack of desire but instead a lack of time).
- You are a jack of all trades and a master of none. You are doing your bookkeeping, social media, setting appointments, lead generation and doing the follow-ups, which makes you a one-person show and is likely the reason you’re feeling stuck in your business.
- Things are falling through the cracks. When opportunities are left on the table, or you know there was a task you didn’t complete to its full potential- congratulations! You have a great problem! You need to hire help to satisfy all those clients you worked so hard to get.
- No work-life balance. If you feel like you are always working, it is probably because you are. Hire someone, even if on a part-time basis, to help with specific tasks of your business that are not your favourite and carve out some time for yourself. It is vitally important to take breaks.
Now that you have made the decision to hire let’s go through the steps of getting you to think like a leader and no longer as a solopreneur.
Build out your business plan, write it down, and set SMART goals (specific, measurable, attainable, relevant and timely) for your business. What is the target for the number of transactions? When will you evaluate if you are successful? Create your milestones and build out the steps to get there.
Set metrics and key performance indicators for your employee. Make sure to clearly articulate your expectations of them and overall business goals to your new hire. They will be better equipped to support you when they understand the short-term and long-term business objectives.
Create your business vision, mission and value statement, which are important not only to have and communicate to your clients but also to your employees and business partners. This will ensure that the individuals joining your team will build a culture aligned to your business’s core and attract more people like them.
Once the perfect fit has been selected, protect that newly formed relationship by designing a solid pre-boarding and onboarding plan. This will consist of a great “Welcome to the Team” email expressing your excitement and consistent communication before day one with basic info like dress code, lunch times, parking and directions and anything else you wish to share before they start.
Remember that 12 per cent of hires never start on their first day as they experience buyer’s remorse, which causes them to change their mind for one reason or another. A strong onboarding plan will ease this anxiety and help you keep your new hire for longer.
Kate Teves is the founder and COO of the HR Pro, a recruiter and a Human Resources Professional who focuses on the real estate industry by finding incredible people to support solopreneurs, teams and brokerages. She also helps leaders and managers build HR processes and design a culture and mindset that facilitate business growth and employee development.
