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So, you’ve started to advertise to hire an Acquisition Manager. Here’s an overview of the process that I’ve outlined in detail on the Acquisition Manager Application Checklist (links to resources for our Real Estate Investor Bronze Members).
First, the candidate for the Acquisition Manager job has completed the Employment Application and faxed it over to you.
You should take some time when you receive that fax to review the application and call the candidate back. I have a series of questions I have put together for this Initial Call With Acquisition Manager that you may want to consider using. I recommend printing out a copy of the question and making notes as you speak to them on the phone as it is especially helpful if you have several you are considering for the job.
Next, if that call goes well, you will want to schedule a formal interview. I have a series of questions that you may want to print and use during the formal interview as well on the Acquisition Manager Interview Questions page.
If that goes well, call their references and perform a background check and decide whether you will hiring them or not.
If you decide to hire them, you may want to then have them fill out your employment agreement and the other necessary paperwork so they can get paid before you start training them.
Until my next post,
James
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
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As we continue with our themed articles on how I am hiring my Acquisition Manager (links lead to exclusive resources for our Real Estate Investor Bronze Members) to assist me in buying investment properties, today I’d like to take a moment to share with you the ad that I have been running that has gotten me several good candidates so far.
I will be discussing the ad, but to see the actual ad and some updated information on my results with it, you can via it Acquisition Manager Wanted Ad.
For the title of the ad, I’ve used: Real Estate Acquisitions Manager Wanted. Since the title of your ad can have a huge impact on the number that see it and my title is, in my opinion, not the best in the world, I will be experimenting with some additional variations as I renew the ad to run again.
In the ad itself I might be over-describing the job by explaining that we are looking for someone to give a pre-approved, scripted presentation to buy houses.
I explain what my definitions of full time (10 presentations per week) and part time (5 presentations per week). I also go on to explain some of what they can expect to get out of it including training on how to buy houses and personal development.
I explain what the base compensation is: $1,000 commission on each property purchased plus incentives based on profitability of that deal. I stress that it is a commission only job and there is no base salary.
I talk about the level of experience that is required (none) and the type of experience that would be helpful (in-home sales and real estate).
I try to screen out people that are going to have a problem with a background check as that is an automatic disqualification.
I then give them my fax number and ask them to fax me a resume for consideration.
So, that, in a nutshell, is my ad to hire an Acquisition Manager.
Until my next post,
James
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
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Maybe you are a new investor that does not feel your skill set is strongest in the negotiating and salesmanship needed to buy properties. Or, perhaps you’re an experienced investor and understand the importance of leveraging you time. In either case, you may be considering hiring a professional to acquire properties for you based on your specific buying criteria and, of course, subject to your final approval of the deal once they have a signed contract.
I am in the process of hiring what I am calling an Acquisitions Manager for two markets that I am interested in buying in myself right now, so I will share with you a brain dump of some of the things I have on my to do or capture list that relate to hiring an acquisitions person.
Feel free to use the following list as a starting point for some of the things that you may need to do to hire your own sales professional to acquire properties for you. In future updates, I imagine I’ll be sharing with you additional information relating to this that you can use to improve your own buying or hiring a person yourself.
- Prioritize this list.
- Get Employment Application.
- Describe position and duties in detail – the more the better (Psycho-cybernetics).
- Take description of position and format it to a job description.
- Post job description on CraigsList, Kijiji, Backpage. Any others?
- Define deal analysis for them of specifically what I want to buy so they can use that to submit offers.
- Get purchase contract for them to use to make offer to sellers.
- Prepare sample filled out purchase contracts for them to model.
- Prepare my Credibility Pack for them to use.
- Prepare and give them presentation binder for sales presentation.
- Give them Property Information Form to use when talking to sellers on the phone for the first time.
- Give them a written set of expectations.
- Have them sign and Employment Agreement. If you are hiring yours as an Independent Contractor, your system may be slightly different than mine. Consult your attorney and accountant for the pros and cons of each.
- Teach them how to handle the most common objections.
- Teach them how to set the appointment.
- Teach them who to call.
- Teach them how to submit a deal for us to approve (the package).
- Business cards for Acquisition Manager.
- What extra marketing will you do for your Acquisition Manager?
- Overview of sales process for them.
- How will you train them to your presentation? We are using my own materials and purchased training materials.
- How do you get them reporting back to you.
- Daily checklist for them added the Real Estate Investor Cookbook.
- Have them role play and give me several sample presentations before going out on a live appointment.
- Have them get testimonials and referrals during the presentation.
- Have them get photos of the property as part of the package.
- Setup payroll for them.
- Have them complete a W4 to prepare to pay them.
- Setup evaluation system for them so they can get feedback on their work.
Of course, this is a first pass, rough draft list, but hopefully it will help you understand my initial thought process and give you a springboard for hiring your own.
An updated version of this checklist as an exclusive resource for our Real Estate Investor Bronze Members can be found at How To Hire An Acquisition Manager.
Until my next post,
James
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
