One of the hardest parts of my job is the negotiation of a candidate’s salary. My commission is not dependent on how much they are paid, so there are no personal gains for me to try to get the candidate more money. I work hard to get assistants the best possible salary out of principle and based on my solid understanding of economics, business and employee retention.
The money discussion with realtors often begins from the moment they ask for our help with hiring. The buzz around the Chairman’s Club, the golf course, or the agent open house often revolves around assistants and what one realtor pays their staff, versus another. In some ways, paying more for an assistant is looked down upon, as if ‘overpaying’ an assistant somehow reflects on the rest of the profession.
Realtors often tell me that they only want to pay a nominal base salary for an assistant. Well, that’s great, but that’s not the salary of an assistant. That’s more in line with what a front desk receptionist makes. Granted, some realtors are recruiting from front desk to fill their needs but that doesn’t necessarily translate into the best hire. It’s like hiring a maid to be a nanny. Both have different skill sets, areas of strength and responsibilities. Sometimes the transition from one position to another is doable, but it costs months or years in training and mistakes before the assistant is up to speed.
So why undervalue an individual who comes with the exact skillset, experience, and personality that supports your business growth? Assistants are not an expense line item: they are an investment that allow a realtor to reduce their administrative workload, tasks that otherwise take time away from servicing additional clients.
The big question is what is the going salary for a licensed/unlicensed real estate assistant?
I’ll break this down so that it is easy to remember.
Most realtors expect to pay their assistant the same salary as a front desk administrators, but that’s not fair. Here’s why: Realtor assistants don’t work 9-5, nor do they pass off their desk to the next employee. They own and manage the desk entirely on their own. The workload is more, the demand is greater, the stress is higher, and the accuracy needs to be on point, despite multiple and often competing priorities. Among other tasks, realtor assistants run out to measure properties, or write home descriptions, as well as run errands for preparing for open houses.
Someone who sits at the front desk answering calls, typing offers, broker loading listings and so on, who can pick up and go on lunch pretty much whenever they want, while the next front desk administrator covers the desk, never has to experience the demands and stress that a realtor’s assistant goes through. This is why many front desk administrators never survive as a realtor’s assistant. Most quit or are fired within the first year. While money isn’t the only motivator for an assistant to stay on the job, it IS an important part of the package and should not be undervalued.
An appropriate pay scale is based on years of experience as an assistant (not a Front Desk Administrator), and not just real estate experience. For guidelines on salary, please contact us.
Why pay that much?
Think of it this way: Hiring qualified staff is a battle of supply and demand. There are over 3000 realtors in the GTA who are producers, meaning that they sell/buy over 30-40 homes per year. That volume of business creates a huge load for one person, so hiring a competent, committed, hardworking candidate who is flexible, accurate, and personable is a tall order. The supply of viable candidates in the industry is simply not large enough to go around. This is why some realtors have to hire inexperienced candidates and invest the time, energy and money in training them.
Why is there a shortage of candidates?
The bottom line is that some real estate assistants get burnt out and leave the position or industry altogether. Some move on to become realtors themselves, to potentially earn more money for the amount of work they are currently putting in. Some get fired because they lack the accuracy, attention to detail and work ethic. Either way, it’s a tough job and not everyone can last.
So is the inflated salary of an assistant just another real estate bubble?
No. Assistants are the hub of the realtor’s business without whom the realtor would not even be able to go on vacation and relax, knowing that the office is taken care of. They are the support that allows realtors the ability to take on more clients and offer a higher level of service.
We are happy that the realtors we work with understand the value these candidates bring to their business: they understand that they sometimes are a diamond in the rough but worth every penny.
