Month: October 2023

Business owners often have multiple roles to perform. From customer service to handling all
the administrative tasks, a business leader’s responsibility seems endless. Such a busy
routine and numerous responsibilities can make taking every job challenging for the owner.
In this case, as a business leader, you may want to consider an Administrative Virtual
Assistant.

This article will explore some of the most effective benefits of hiring an Administrative Virtual
Assistant. But before going into the perks of hiring these professionals, we’ll see what
exactly it is. And then, we’ll go through the benefits one by one.

What is an Administrative Virtual Assistant?

Administrative Virtual Assistant is a professional who remotely helps businesses with
administrative tasks. These individuals never collaborate physically but work like personal
assistants (PAs). Administrative VAs are often freelancers working for an agency dealing
remotely with several clients. These professionals have an hourly rate but are far less
expensive than hiring a personal assistant for administrative tasks.

Administrative Virtual Assistant has gained popularity since Covid because these VAs have
been flexible and consistent with their work. When a business hires an experienced
administrative virtual assistant, it is more likely to save as much as 78% in operating costs.
The reason behind the cost-effectiveness of hiring administrative VAs is that they only
charge for their productive time, enabling them to use their resources effectively.

Benefits Of Hiring An Administrative Virtual
Assistant

Hiring an Administrative Virtual Assistant can benefit your Business in many ways. These
professionals can save precious time, streamline administrative processes, build customer
loyalty, and perform many other tasks to help you achieve your business goals. Continue
reading for a thorough understanding of the benefits of hiring an administrative virtual
assistant.

Financial Sustainability For Your Business

When you hire a personal assistant, it can be pretty expensive for you. You’ll have to pay
monthly salaries and manage their medical insurance and other incentives. On the other

hand, Administrative Virtual Assistants are independent contractors. It means you’ll only
need to pay them for their working hours and not more than that.

As these professionals work remotely, you can hire them from any part of the world. You can
hire individuals who already possess the skills required, so you won’t have to invest in their
training. Therefore, hiring skilled administrative VAs can ensure the financial sustainability of
your Business.

Deliver High-Quality Work

Easy tasks like checking emails, managing your social media page or website, or answering
phone calls can be time-consuming. But have you ever imagined someone else working
these tasks for you? Imagine your productivity level if you had someone else to do these
easy tasks while utilizing your time on other essential things. Thus, hiring administrative
virtual assistants can enable businesses to deliver high-quality work.

Save Your Time For More Important Things

One of the most valuable benefits of adding an Administrative Virtual assistant is time-
saving. Sometimes, it gets tricky for a single person to handle all the tasks, like answering
clients and solving petty issues single-handedly.

A good option is to hire an administrative virtual assistant for numerous tasks, and the owner
can now concentrate on the growth of the Business. In addition, the company’s employees
won’t have to worry about being overloaded with work. Therefore, it is sensible for start-ups
and established businesses to hire a virtual assistant for their administrative tasks to ensure
smooth operations.

Track Your Business Progress and Identify Areas To Improve

Administrative Virtual Assistant provides you with a weekly report of your business progress.
This approach allows you to identify tasks in the information that took longer to complete and
then prioritize your tasks to achieve the most important ones on time.

There are numerous Virtual Assistant Companies, some of which have online portals. These
portals enable business owners to see what their Virtual Assistant is working on.

Build Customer Loyalty

Every Business aims to ensure customer loyalty. Therefore, every Business must interact
with their customers and build a good reputation by addressing their concerns. But, as we’ve
mentioned earlier, these petty tasks can only be handled independently, and as a business
owner, you would never want to talk to your clients in a quavering voice. Therefore, hiring an
administrative virtual assistant can help Businesses build customer loyalty.

Boost Your Productivity

An experienced Administrative Virtual Assistant can have a significantly positive impact on
the productivity of your Business. These professionals get their tasks done far quicker than
you could. In addition, hiring a VA will ease the burden of the existing employees.

Since VAs work remotely, they can save time on transportation and talk with colleagues in
the office. These professionals are only paid for the work they complete, and that’s the
reason they’re relatively more focused on their work.

Protect Your Business From Higher Risks

There comes a time in every organization when you’re unaware of the entire situation, and
you can’t predict what will happen next. Sometimes, you can indicate that the numbers are
pointing towards the growth but don’t know how it will happen.

Here, an Administrative Virtual Assistant’s role comes into play. You don’t have to hire new
employees necessarily, but a Virtual Assistant can be a perfect option for such a scenario.
Taking this step not only saves your money and time but also streamlines your business
operations.

Adapt To The Change Quickly

Administrative Virtual Assistants have flexible working hours. Unlike other permanent
employees, administrative VAs don’t work from 9-5. It doesn’t matter where your Virtual
Assistant is staying; even if you live in a different time zone, you can still utilize the skills of
your VA to operate your tasks. You can ask your VA to work for 8 hours a day. This
approach will significantly help you maximize the output and reduce the cost.

Hire The Best People Worldwide

Hiring a personal assistant for your physical office reduces your limit of hiring individuals who
live within your local area. These employees might not be a good fit for your Business, but
you still hire them to keep things going.

But if you’re willing to hire an administrative virtual assistant, you can hire these
professionals worldwide. These individuals work remotely and don’t need to live near your
office. So you have more opportunities to engage the ideal candidate for this role.

Better Work-Life Balance

Running a business can be stressful as well as challenging. If you start managing all tasks
by yourself, it might become difficult to separate your professional and personal life. You
won’t even be able to give enough time to your loved ones.

Therefore, hiring an Administrative Virtual Assistant can be significantly helpful in managing
all the micro and time-consuming tasks. This strategy allows you to focus on your business
growth and sustainability.

Frequently Asked Questions (FAQs)

 

What Is The Difference Between Administrative Virtual
Assistant and Virtual Assistant?

One of the significant differences between Administrative VA and Virtual Assistant is that
administrative virtual Assistant focuses mainly on business administrative tasks. At the same
time, Virtual Assistant tends to manage a variety of functions, including the personal needs
of their employers.

What Are The Different Types Of Virtual Assistants?

Some of the most common types of virtual Assistants include:
●  Administrative Virtual Assistant ( Schedule meetings, answer the calls and manage
communication with clients or vendors)
●  Data Entry Virtual Assistants ( Compiling and uploading data to CRM)
●  Social media Virtual Assistant ( Promoting products and services through social
media channels like Facebook, Instagram, Twitter, etc)
●  Book Keeping Virtual Assistant ( Maintaining account records)

Which Industry gets the most benefits from hiring Virtual
Assistants?

Many industries benefit from their Virtual assistants, but the healthcare industry is at the
top—virtual Assistants in the health industry schedule patient appointments and record and
file insurance claims. However, the skills these professionals possess also fit nicely into
various other Businesses like real estate.

Starting a real estate agent career can be exciting and less expensive. Getting a real estate
license is relatively more accessible than a traditional college degree. You’ll be able to
pursue your career as a real estate agent soon after passing your licensing exam. But have
you ever imagined how long does it take to get your real estate license? A simple answer is
4-6 months on average. But what are the essential factors that affect the process of a real
estate license? Read on to discover everything you need to know about how long it takes to
get a real estate license.

What Are The General Requirements For

Getting A Real Estate License?

Although the requirements for obtaining a real estate license vary from state to state, we’ll
review some of the more important and typical ones. These requirements include:

1. Age Limit:

Most states require an applicant to be at least 18 years old, while a few states have set the
age limit to 19 or 21.

2. Residency:

Another essential requirement for getting a real estate license is to be a US resident,
satisfying all residency requirements.

3. Education:

It’s essential to complete your state-required education. Most US states require applicants to
have a high school diploma or equivalent to meet the eligibility criteria for getting a real
estate license.

4. Criminal Record:

A criminal record is observed thoroughly, and you may be ineligible if you’ve been convicted
of a felony or any other crime.

5. Real Estate Licensing Exam:

You’ll need to appear for the real estate licensing exam and clear it to get your license.

How Long It Takes To Get Your Real Estate
License?

We’ve already mentioned in the beginning, on average, it takes 4-6 months to get your real
estate license, but the time required to get a real estate license is based on certain factors,
including:

Different States Have Different Policies:

Every state has set up different policies for getting a real estate license and becoming an
agent. In most states, completing your education program and passing the real estate exam
is essential for becoming a real estate agent.

You must register in an accredited real estate school to complete an education program. The
real estate school will help you provide all the information needed to pass the exam. You’ll
appear for the licensing exam once your real estate education is completed. Depending on
the state, different amounts of time are needed to obtain a real estate license. Sometimes,
you may get your real estate license soon after your studies.

Educational Requirement For Real Estate License:

Initially, you’ll be required to enroll in a pre-license course at a real estate school. During this
process, you will study several subjects, such as property law, contracts, and financing.
As a student, you’ll have to work hard to cover the essentials and practice for the licensing
exam by consistently taking sample tests. However, If you’re well prepared for the test, you’ll
likely pass it on your first attempt.

Online Vs Traditional Schooling System:

It depends on whether you want to take online or face-to-face classes. These educational
strategies provide the same education for the real estate licensing exam. Still, it depends on
your choice that might work best for you.

Online classes are flexible and easy to take, but you’ll have to stay self-motivated if you’re
willing to opt for online schools. On the other hand, physical classes can be a good option for
those who want extra guidance from their instructors. Online real estate classes can take as
little as three weeks and as much as a few months. Physical real estate classes usually take
six weeks and a little longer.

Real Estate License Exam:

After finishing your real estate schooling, You must appear for the licensing exam. The Real
Estate Licensing Exam is another essential factor to consider for how long it takes to get
your license because it will depend on how many tries it takes to pass your real estate
licensing exam. In addition, if you need to retake the exam, you’ll have to wait a few days or
even a week.

Generally, you’ll have two and a half hours to complete your exam. If you don’t pass it, most
states will provide an opportunity to retake the exam until you pass it. The eligibility
requirements differ in different states, but at least 60% is required to pass the exam in most
states.

Real Estate License Application Process:

You’ve completed your real estate schooling and passed the licensing exam well. The next
step you’ll need to take is checking your state’s commission to see whether E & O ( Errors
and Omissions) insurance is essential for you before applying for a real estate license. E & O
insurance is crucial for many people as it protects real estate agents from lawsuits and
losses caused by real estate affairs.

After deciding whether you need to secure E & O insurance, you’ll apply for the license, but
again, it all depends upon the state you’re living in. This process varies by state, and in most
of the states, you’ll be required to submit documents like your exam result, license
application, and application fee to the state’s licensing board.

There are certain states where the exam results are announced immediately after taking the
test, and you’ll be given a temporary license to start your career as a real estate agent. On
the other hand, most of the states need you to wait for the exam result, send your
application, and wait until your license is sent to the broker.

We’ve discussed some important factors that decide how long it takes to get your real estate
license. So it depends on the state you’re living in and its policies regarding real estate
license, time duration of your real estate schooling, and your licensing exam. All these
factors collectively decide how long it will take to become a real estate agent.

Frequently Asked Questions (FAQs)

 

What Is The Easiest State To Get A Real Estate License In?

The Easiest States to get a real estate license are North Carolina and other states like
Massachusetts, Alaska, and Mississippi. If you meet the basic requirements, like 18 years of
age and passing the licensing course, you can easily qualify for a real estate license and
start your career as a real estate agent in these states.

Can You Be A Real Estate Agent In More Than One State?

Yes, it is possible, but each state has a requirement that must be fulfilled. First, you’ll need to
check if the additional state has a reciprocal agreement with your state. Let’s take the
example of Colorada; this state provides partial real estate reciprocity for all the other states.
It means if you’ve already got your license in any other state, you can still become licensed
in Colorado, but you’ll need to pass only Colorado’s portion of the real estate exam.

What States Have The Hardest Real Estate Exam?

Colorado and Texas are two states of America that have the most challenging exams for
getting a real estate license. Applicants from these two states must study hard and undergo
the examination process to get their real estate licenses.

You might have observed two kinds of people in your surroundings: people who earn a
paycheck every few weeks in exchange for their work and services, called active income.
Another group of people who make a steady income and grow their wealth without doing
anything is passive income, which is considered the key to financial stability. Similar is the
case in the real estate industry, as it is also divided into active and passive real estate
investing.

In this article, we’ll learn about the basics of passive real estate investing, the differences
between active and passive investing and some of the different ways to start passive real
estate investing. So, let’s begin with passive real estate investing.

What Is Passive Real Estate Investing?

Passive real estate investing refers to the income generated from real estate holdings
without actively working or taking management responsibilities on your shoulders. This is an
excellent opportunity for those commercial investors more interested in getting their money
every few weeks without having to do anything.

Passive real estate investing enables investors to complete their daily property management
tasks without being personally involved while still receiving their cash flow. Investors only
have to transfer the necessary capital to the sponsors, and they’ll be responsible for
providing their services and executing your business plan.

What’s The Difference Between Active And
Passive Real Estate Investing?

Active and passive real estate investing differs based on the amount of time and effort
required to put into your real estate investment strategy. Suppose you want to invest in real
estate, but you need to be able to make an effort and take your management
responsibilities; then passive real estate investing might be a good option for you. But on the
other hand, active real estate investment requires you to manage your daily tasks
independently.

For example, if you’re willing to buy a rental property but want passive income from your
property. In that case, you must hire a property management company to look after your
property. You won’t have to deal with management tasks or collecting rent from tenants
because your property management company is responsible for handling all of that work.
That’s what we call passive real estate investing.

Things are the opposite with active real estate investing; there is no property management
company. Such investors need to handle everything from start to finish, including finding
suitable tenants, researching properties, bidding on and managing them. So, both types of

real estate investment have their benefits and drawbacks, and it’s up to you to decide which
one is right for you.

5 Ways To Begin Passive Real Estate Investing

Here are the five most effective ways to begin passive real estate investing.

1. Real Estate Crowdfunding

Real estate crowdfunding has gained popularity in recent years as it’s the simplest
way to begin with passive real estate investing. Crowdfunding sites or platforms pool
money together from different investors to buy commercial or residential properties
that generate income. This investment strategy allows investors (Shareholders) to
earn rental income and earn an appreciation price on the property when it is sold.

Real estate crowdfunding is a passive investment because property management
companies work with their network of managers to search for and manage tenants.
However, it is essential to note that crowdfunding platforms can vary depending on
how hands-off you can be with your investment.

2. Passive Airbnb Business

Passive Airbnb business can be an excellent side hustle in real estate that allows
significant cash flow without doing any work. This business is simple and easy to
understand. You’ll have to acquire an Airbnb rental in a pleasant and attractive
market. Next, consider installing a remote management system and hiring a rental
manager to manage different tasks.

Airbnb Business makes it easier for investors to manage their listings and
communicate with renters using its application. This strategy is highly implemented in
states like California, Arizona and Florida.

3. Real Estate Investment Trust (REIT)

Real Estate Investment Trusts are another passive real estate investing strategy that
is quite similar to crowdfunding. It’s a real estate company that buys and manages
income-generating real estate. There are certain legal conditions that apply to REITs,
such as paying out at least 90% of taxable income to the investors in the form of
dividends.

Many kinds of REITs are based on different industries, including health and retail. In
addition, there are also commercial and residential REITs that can generate a
passive income over time. You can start investing in REITs by using your online

broker to consider publicly traded REITs. Some REITs aren’t publicly traded, but you
can contact individual brokers to invest in non-traded REITs.

When you invest in Real Estate Investment Trusts, you’ll regularly receive dividends.
REITs are very liquid, as you can easily buy and sell shares on the stock market. It is
also a low-risk investment because REITs are very fluid. It means that investors can
always cash out their positions if they want to.

4. Real Estate Syndication

Real estate syndication is a passive investment where investors pool their resources
to invest in considerable projects, mainly commercial properties. This approach
enables investors to acquire properties and participate in real estate investing even if
they do not have the financial capacity to buy that property on their own.

Syndications are just like limited liability companies (LLCs), which allow investors to
become entity members. The lead investor or sponsor within the company is
responsible for all the management tasks, while investors provide the capital required
for the venture.

5. Real Estate Funds

Real estate funds are considered a broader form of mutual funds that provide value
through appreciation. It takes longer than that of REITs, and the shares of mutual
funds are traded and highly liquid. Real estate funds can be a good investment
opportunity for individuals who need more money for traditional real estate investing
and are just looking to start with it.

Pros And Cons Of Passive Real Estate Investing

Passive real estate investing has both benefits and drawbacks. Let’s review some of this
investing strategy’s significant pros and cons.

PROS

Portfolio Diversification

Passive real estate investing enables investors to gain exposure to different properties and
eventually provide an opportunity to diversify their portfolio.

Low Risk Involved

It involves low risk as you’ll not be liable. You don’t have to do any management tasks;
therefore, you’re not responsible for whatever problem arises on the property.

No Landlord Responsibilities

Another benefit of passive real estate investing is that passive investors only need to provide
capital investment, and the company takes care of the rest. It means you won’t have to
engage in the maintenance and operational processes of the property.

Saves Time

You don’t have to appear for daily decision-making meetings and details of property
management. With passive real estate investing, you can focus on other essential things.

CONS

Higher Fees

Passive investors need to pay management fees to the companies, which is slightly higher.
However, the costs vary depending on their investment strategy.

Slightly Lower Returns

Returns on passive real estate investing are lower than on active real estate investing.
However, considering the lack of involvement, many investors still prefer passive real estate
investing even if they get lower returns.

Less Control Over Real Estate Investment

Active investors often need more control over their investments. However, it depends on the
nature of the investment strategy; some investors may not be able to select a specific asset,
while others might have the authority to choose their desired investments.

Frequently Asked Questions (FAQs)

Is Passive Real Estate Investing Cheaper?

Passive investing is cheaper in the sense that investors pay for software rather than paying
a real estate professional who charges high fees. Therefore, passive investing has a lower
expense ratio in comparison to the high expense of active investing.

What Is Passive LLC Real Estate Investing?

LLC stands for Limited Liability Companies, which lets business owners limit their liability
in a situation of business failure. Investors often create LLCs to buy properties and determine
the potential for one property loss to hurt their investments.

How Much Money Is Required To Start Investing In Real
Estate?

The amount of money required to invest in real estate depends on the investments you’re
willing to get involved in. There are numerous ways to get started with real estate investment
but buying a share in REITs can be affordable and beneficial for most investors. Multiple
REIT types depend on the industry, such as retailers and the health industry. In addition, you
can also consider commercial and residential REITs that can generate a good amount of
passive income over time.