BiggerPockets

I'm a big fan of Gary Keller's books / models / systems (although I'm not a KW agent). I know he is a big advocate of hiring on help when you need it. I am reaching out to RE agents who have started a team for their services, or hired on a buyers agent.

The reason I ask is that I have more leads that I can handle / manage. I probably have enough leads for 2-3 buyers agents right now.

How does the pay split typically work between me and them? Also, since I am not a broker, how does this work out?

Ideally I would like to only work with lead generation and listing appointments, and higher commercial deals. I'm thinking a buyers agent might be a good investment to my RE business.

Thoughts?

Danny -
I hope to reach that point here in the next few months. Had great personal success last year and really doubling (or quadrupling (sp?)) down on lead generation. I talked with my broker and the owner of our RE/MAX office about the process of hiring a buyer's agent as well as the fees/splits associated with that. That helped give me a great game plan with some actual numbers to work with.

Jamie -
Would you recommend a buyer's agent first or assistant first? MREA says assistant first, but it is so tempting to hire a buyer's agent first. I would love to do it by territories. What do you think?

How are you generating most of your leads?

How long have both of you guys been in the business?

So as tempting as it might be I need to ad an assistant. Did you hire a licensed assistant? or one to just cover paperwork? How did you structure pay? salary or commission? 1099 or w-2?

Sorry for all the questions guys - it's great to learn from people that have and are doing exactly what I want to do.

@Danny Day
-I'm sure you have a mix of marketing that brings you in your leads. What areas do you focus in and how did you determine that.

@Jamie Cox
- Thanks for the info. I hope to have on hired by the middle of summer and a buyer's agent shortly thereafter. What are some of the things your assistant does? Does she manage active files only or do some marketing for you as well? Is she a licensed assistant?

Conventional ways (besides referral from previous clients, friends, etc) to create leads are out the window in this market.

Print ads, monthly random mailers wasted my money last year. My direct mail did not get my phone to ring one time.

I went back and looked at where my leads were coming from the past year, on deals that I closed.

My main source of leads in 2011 was an internet web forum, kind of like biggerpockets. It is used mostly by Houston residents and I answer real estate questions. I got a TON of business of that site for free. Another good site to use I've found is www.city-data.com.

Zach, I don't want to publicly post where I'm generating everything from right now. Since we are in seprate markets, message me and I will share details.

Danny

im not going to even start getting into all the reasons "why" unless a real buyer wants to PM me to ask.

The easy, short and 100% honest answer to "when should you hire a buyer agent" is NEVER!!!!! the soul and only reason for signing a buyer agency agreement with a realtor is to protect that realtors commission and "lock" the buyers ass up with a ball and chain!

As an office manager, having seen many of these situations I would advise you to put into writing any deal that you make with another agent regarding a team situation to avoid hardship down the road. Good luck!