“The 3x Rule” – Is Your Assistant An Expense Or An Investment?
An average assistant is an expense. An Ops Boss™ (or Ops BO$$) is an investment!
Agents often worry about what to pay their assistants.
If I told you that one year I generated $515,000 in income for my team owner as his COO, would you hire me or agonize about what to pay me?
The “average assistant” is hired when a real estate agent runs out of time and needs help. Their paperwork falls behind, they have sticky notes everywhere, their clients calls aren’t returned promptly and they just can’t keep up with everything. So they hire someone to help them “get organized”.
An Ops Boss™ is hired by a real estate agent who thinks bigger. They know if they hire a higher level professional (and pay a professional level salary), their new employee will become a MULTIPLIER. When we teach “BE A BOSS! 10 Secrets of a Mega EA”, our attendees learn “The 3X Rule”.
The 3X Rule says that an Ops Boss™ should, through their creation/execution of systems, generate three times their salary in Gross Commission Income for their agent/team.
So, if they earn a $50,000 salary, they should generate $150,000 in Gross Commission Income for their agent by implementing/executing systems. That takes the hire from being an expense, to an investment with a Return on Investment! Because an average assistant is paid for TIME, and an Ops Boss™ is paid for RESULTS.
3 WAYS YOUR ASSISTANT CAN GENERATE A RETURN
1. Reviews And Referrals
If your assistant handles your listing clients and/or your contract-to-close process, their goal should not just be to provide stellar customer service. That’s an “average assistant’s” goal. Their goal should be to have a SYSTEM that generates Reviews & Referrals, so there is EVIDENCE they have given stellar service. (They are not paid for time, they are paid for tangible results.)
PS – The BEST time to ask for referrals is DURING a transaction, not after closing!
Your assistant should create, maintain & grow your database. AND the system to “touch” your database. That might be through emails, phone calls, newsletters, client events. An “average assistant” does the activities. An Ops Boss™ knows the numbers. An Ops Boss™ knows how many people are in your database (databank!), along with how many gave you referrals/repeat business last year. They have a goal to increase both the number of people in the database AND the percentage that refer. And the goal is backed by a touch system that THEY manage. All you do is make calls when they tell you to, and show up to client events & shake hands (or chat on Zoom!).
An Ops Boss™ also puts their own personal sphere of influence in your database, and has a goal to refer you a certain amount of business annually.
An average assistant does marketing. An Ops Boss™ does marketing AND tracks the results. For example, they might track “followers” added if you’re working on brand awareness. Better yet, they track how many leads their marketing efforts have generated and how many of those turned into closings.
The 3X Rule is about being PURPOSEFUL in using your systems, not just to “get organized”, but to produce RESULTS. We call that “BOSSY”!
Christy Belt Grossman is CEO & Owner of Ops Boss Coaching™, and a Director on the Board of NARESP (National Association of Real Estate Professionals). Prior to that, Christy was the COO of one of the nation’s first real estate teams to sell $1 Billion. The 3X Rule is a peek into the type of conversations we have in our classes & our coaching calls. Ops Boss Coaching™ provides classes, coaching and an annual conference focused on real estate operations professionals.