07 Oct Scaling Your Real Estate Business
One of the greatest aspects of our audience is that we have such a wide range of experience and expertise. There are some of you who have never invested in real estate, but you enjoy reading about other financial wisdom. Some of you have a few properties, and are just getting your feet wet. Then, there are some of you who have a large real estate portfolio and you’ve scaled it to a full-time business.
In today’s blog post, I want to speak to those of you that are in the middle. If you have some properties, but you’re ready to take it to the next level and start scaling your real estate business, this is for you!
3 Essential Tips to Growing and Scaling Your Real Estate Business
1. Learn to Delegate
This is something I’ve had to teach my staff and many of my mentees. If you want to start scaling your real estate business, or any business for that matter, you need to delegate some of your tasks. The more you can pull away from doing the day-to-day tasks, the more you will be able to manage things from a 30,000-foot view.
Begin by making a list of the things you would like to take off of your plate. Then, think of people that you could hand those tasks off to. They will need to be trust-worthy and responsible, but don’t be afraid to let go of some things.
2. Hire a Management Company
When I began to have a portfolio that was too large to manage by myself, I hired a management company. This is one way you could delegate some of your tasks. Basically, they take over things like the collection of rent, late-night and emergency phone calls, as well as monthly check-ins on the property.
Management companies can be expensive, so make sure you are weighing the costs. If you can afford it, I will tell you it was one of the best things I did when I was aggressively scaling my business. However, you do need to make sure that you are still checking in on the property and you have a good understanding of your investments still.
3. Solidify Your Team
This is something I talk about even when you are getting started in real estate, but if you’re scaling your real estate business, this is even more important. Here are some important members you will need on your team:
- an experience real estate lawyer.
- a real estate agent who is familiar with investment properties.
- a good mortgage broker or banker.
These people will become invaluable to you, so make sure you have a good relationship with all of them.
Our final Real Estate Workshop of the year has sold out, and I am so excited to see everyone there! If you didn’t get a ticket but you still want to learn about investing in real estate, we are having another Real Estate Workshop in April of 2020. I hope you will join us!