5 Tasks You Can Delegate to a Virtual Assistant To Save Time As A Real Estate Investor
How to Scale Effectively & Reduce Your Administrative Overhead
Happy Thursday, fellow Hybrids!
In today’s newsletter, I will explain how hiring a Virtual Assistant & delegating tasks across 5 categories can save time and allow you to scale your real estate business effectively.
This issue is dedicated to our two VAs, Bianca & Kate, who have become integral parts of our team.
(Today’s issue takes ~4 minutes to read)
Over a 9-month period in 2022, my wife & I acquired our 6th, 7th, & 8th rental properties.
Until that point, I had been managing all the day-to-day operations myself.
But the more properties we acquired, the more "administrative maintenance" we had to keep up with.
It can easily become a part-time administrative job, which is not what I was looking for when I started investing in real estate.
But there is a solution that can unlock extra time for you and help you achieve your real estate investment goals:
You Can Hire a Virtual Assistant!
A virtual assistant is a contracted employee who offers administrative services to clients from a remote location, usually a home office.
They are also magic genies who give you the gift of time.
Some disclaimers & considerations you should think through before hiring a VA:
Privacy: Do not share any sensitive data you’re uncomfortable with. If that data is required to do your tasks, you should know that going in.
Compensation: Average rates in 2023 range from $5-10/hr. I’ve heard of many happy people who hire $5/hr VAs; however, I’m wary of big warehouse-style employers who cut corners on working conditions to achieve those rates.
Management: If you hire an employee, you should be prepared to manage them, provide feedback, and delegate effectively. If you don’t have experience with these skills, you may waste more time than you save.
Related Reading: 9 Pitfalls When Hiring Your Virtual Assistant & How To Avoid These
Where Can You Find a VA?
These days, hundreds of companies provide VA services, and you should spend time researching & interviewing companies/managers to find the right fit.
I work with Accelstone for my VA services and couldn’t be happier with my experience. Here are some reasons I recommend Accelstone:
Advisory management & delegation support. Their founder, MJ, is readily available to talk through workflows, help deliver feedback, and offer technical solutions that save time on both sides.
No minimum hours requirement. Use them as much or as little as you’d like depending on your business needs. Even though they’re paid hourly, the team won’t hesitate to propose process improvements that save you time & money.
They work US business hours. Many VA firms based in SE Asia work during US overnight hours. Accelstone works based on 9am-5pm EST business hours.
Tools & tech stack. Accelstone has access to paid subscriptions that are a helpful tech stack.
They offer the first 4 hours of billable work free! Set up a discovery call with MJ and uncover your administrative pain points. Then try out one of your workflows free of charge to see if it’s a fit before you commit.
Our VAs are highly skilled, communicative, and driven to solve any problems I throw at them. I can’t overstate how much of an unlock it’s been to have them on our team.
You can find more details here if you’d like to work with Accelstone. Mention my name, and you’ll get a permanent 10% discount.
Other common sites to look for or solicit VA services are Upwork, Fiverr, and Support Shepherd.
How can a VA help you as a Real Estate investor?
Here are five categories of tasks our VAs took on that changed the game for us:
#1: Research & Analysis
Whether at the market, neighborhood, property, or tenant level, building out a real estate business requires an enormous amount of research & due diligence.
Examples:
Researching a list of high-rated vendors in each of our markets
Pricing out materials for a repair/rehab
Running high-level deal analysis on new prospective properties
#2: Administrative Tasks
These are the low-hanging fruit. Think of all the administrative things you spend time on that don’t move you closer to your long-term goals.
Examples:
Tracking projects & driving accountability for key deadlines
Keeping your calendar organized & up to date
Manage file storage system (Dropbox, Google Drive, etc)
#3: Marketing & Advertising
It takes a lot of time to manage listings & market your vacant properties. This is a perfect category for delegation.
Examples:
Draft & prepare listings when properties become available to rent
Post listings across several mediums (Facebook, Craigslists, Zillow, etc)
Coordinate and arrange for photos & create other marketing assets
#4: Property Management
Again, look for tasks that take time but don’t involve complex decision-making.
Examples:
Schedule repairs & coordinate timing with tenants
Drafting & sending lease documents
Prepare move-out & turnover process when leases end
#5: Bookkeeping & Financial Reporting
This was one of my biggest time sinks and the easiest to procrastinate on. Teaching our VAs to use Stessa saved us from a major headache during tax season.
Examples:
File all receipts for rental expenses
Categorize all expenses in your bookkeeping app (I use Stessa)
Run monthly reports to show portfolio performance
Hiring a VA changed the game for us. I hope it can for you too.
Remember, a VA is a human, just like you are. Their ability to help you meet your needs highly depends on you giving good instructions.
If you’re overwhelmed or don’t know where to start, book a call with MJ at Accelstone, and he’ll talk through your unique situation. I’m certainly glad I did.
See you next week.
-Aaron
Other Related Resources:
How to Delegate: The Sweaty Startup Podcast w/ Nick Huber
How to Effectively Manage Your Virtual Assistant
How to Share Confidential Info With Your Assistants Like A Pro