When you were considering getting into the investing business, you probably envisioned all of the free hours you would have and all the deals that would be pouring in. While this is certainly possible, it is achieved through hard work and dedication. Accordingly, sometimes you need to take one step back to take two steps forward. This means spending the money to hire people to do all of the tasks you either don’t know or aren’t as efficient at. Hiring the right real estate team can propel your business to the next level and give you the free time you desire.
It has often been said that it takes money to make money. When dealing with any new business, the saying holds true. Instead of spending money on mailing lists and countless other expenses, you should allocate money on help that will help grow your business. This could mean hiring an assistant to help with your small grunt tasks or a property manager to run you property. If you try to do everything yourself, you will find that there are only so many hours in a day and you will either quickly get burnt out or you won’t be as efficient as you need to be. There are countless ways to save money in the real estate business, but choosing to do everything yourself shouldn’t be one of them.
Just because you can paint a room doesn’t mean you should. We live in a period of great advancements. If you aren’t using them, you are probably leaving business on the table. It is easier than ever to find someone to set up your website, organize a mailing campaign or help with your blog posts. One of the byproducts of the market collapse is that many people are still unemployed and are looking for work. This work is often much less expensive than you may think, and much higher quality. With all of the money you spend on networking, marketing and even weekly lunch runs, the cost of a few hours of $8 labor to grow your business is worth the cost.
Your time is the most valuable resource you have in business. Even if you only sleep a few hours a night, you are only left with about 18 hours a day. This time is used for finding new deals, working on the ones you have, managing rental properties all the while balancing family and personal commitments as well. Even the hardest working people will have to sacrifice some things that they need to get done unless you bring on some help. There are always excuses as to why you don’t take this step. If you aren’t closing enough deals to justify the expense, think about the deals you can get if you had more time. If you think you can do just as good a job yourself, think about what you are giving up to do so. Every reasonable excuse can be refuted with a better answer as to why you should bring on some help. Instead of thinking about what you would give up, consider what you could gain.
The best managers and business owners know when to trust the people around them. Instead of micromanaging your realtor and your contractor you should trust their judgment and let them do their job. You can have a plan for how you want things done but at some point you need to let them work. There is no need to follow up with your realtor on an offer or to ask them if there are any new listings multiple times a day. If you feel you have to do this you should work with a new realtor. They are the professionals and know what they are doing. The same is the case with your contractor. More time should be spent finding the right contractor to work with than following up with them once they start. At that point you need to trust that they are going to do what you need to and do it right. You can drive yourself crazy constantly following up with everyone on your team and trying to do everything yourself. This is why you have a team in place to begin with. If you don’t allow them to work and trust their judgment you will spend all your time worrying about the wrong things.
If you wish you had more time in a day or wish you got more things done, you should ask for help and work with the right people. Not only will you get more things accomplished this way but you will do the tasks you work on much better. The real estate business can run you ragged if you take on every single task. Not only for the health of your business but for your personal sanity this isn’t a good idea. If you know your limitations and know what you can and cannot do you can get help in the areas where you are deficient and continue to do the tasks you excel at. What you may look at as a waste of money can in fact be the best money you will ever spend on your business.