June 22 2017
Work On Your Business, Not In Your Business.
Businesses today can be put into two distinct categories. Working on your business or working in your business. Trade professions such as plumbers, painters, or landscapers essentially own their business (job) but do all of the work for the business. They are working in the business.
The other category is investors and business owners that make money from their investments without having to work in the business. They work on their business. For a lot of real estate businesses, this is not black or white this is a shade of gray.
The Real Estate Business Gray Zone.
They find themselves in the gray zone. They are between buying, selling, and investing. They own their own business, their investments are working for them, but they have a lot of work to do in the business to accomplish the daily tasks.
Scale to the Next Level with Delegating Tasks.
Scaling is the key to taking your gray zone real estate business to the next level. This will move you from Selling to Buying regardless of whether you find yourself in wholesale, flips, or holdings. They key to scaling is delegating.
Delegating tasks that are less important is a successful strategy to scale your business. First, record everything that you do in a one week time period. Decide which tasks are essential and leave the rest to a good outsourcing company or to your employees. Pareto's Principle is how you want to think about delegation. You will get 80% of your results from 20% of your activities.
Keeping Tabs without Being In the Weeds.
Come up with measures that you will use to determine how you will evaluate the effectiveness of the task completion that you have now delegated out to employees our outsourcing. Work on this procedure with your employees so they understand the system and goals.
Measuring will allow you to compare performance, and tell if someone has a strength in a certain area versus someone else to allow you to be more efficient with your tasks and delegation.
Use Key Performance Indicators to Determine Staff Roles.
Using an indicator will allow you to determine roles for staff members or third party vendors. For example, a marketer could be measured by calls sent out or deals made. A turnover coordinator could be measured by the time it takes to turn the property over and back to market or complaints received from new tenants. Develop these with your employees and you will be much more successful at scaling your business quickly.
Keep Everyone's Car in their Own Lane.
The last thing you want is to be giving out tasks that overlap and having people complete four different objectives. Each group of related tasks needs to stay in their own lane so performance indicators can be effective and employees know exactly what to focus on in the order of its importance.
Split accounts receivable from accounts payable as soon as possible. Review each transaction and make sure each position has goals not simply task lists to complete. You want to create lanes and have each employee stay in their own lane.
Look for Good Deals.
The more you scale your real estate business, the more you are focusing on the business instead of being in the business. The more important tasks are the complex ones. Allow your growth and networking to take the lead focusing on your top priority of finding good deals. All the rest will slowly fall into place.
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