Do you know one of the major differences between a real estate investor that struggles and a successful real estate investor?
Over the past 20 years of studying successful entrepreneurs and business owners a few key success principles become very clear.
All the successful real estate investors and business owners that I know are masters at the art of delegation!
For new real estate investors trying to grow and scale your portfolio can seem like a very overwhelming task. You have to find deals, analyse the numbers, get financing, do inspections, file all the paperwork, handle renovations, stay on top of your receipts, market to potential tenants, and the list goes on...
You may be familiar with the saying " if you want something done right you gotta do it yourself"... Well if you believe this to be true you are in for world of struggle, overwhelm, and stress that will ultimately end in disaster.
One of the things I teach my real estate coaching students is to focus on the things that you do best and delegate the rest. That means you need to start to develop your team of real estate professionals that are better at certain tasks than you are.
Hiring the correct contractors, realtors, mortgage agents, etc... Comes with its own set of challenges and you want to make sure you surround yourself with great people.
Here are a few suggestions when building you team......
1) Interview several different people for the position you are looking to fill.
2)Make sure they are someone you can work with for the long hull.... ask yourself, is this someone I would go to dinner with? Make sure your personalities are compatible. This will help ensure you have a long, happy working relationship.
3) For certain roles I want to find people that also invest in real estate. For example, all my real estate agents, mortgage brokers, accountants and my mastermind group all invest in real estate. This is all part of surrounding yourself with like-minded people.
4) Ask for references. You want to check with their current clients.
5) Ask about their experience, do not be afraid to ask questions, dig deep and look what's going on behind the curtain.
6) Always look to work with people that are honest and have integrity. Believe it or not this can be difficult to find! Over the years I have been screwed by a few different people. If you come across people like this, get rid of them as quickly as possible and never use them again. Do not be afraid to use the words of Donald Trump and say "YOU'RE FIRED".
Remember you are in control. Do not settle for less than the best...
When it comes to delegation you can delegate ALL or PART of any one task. Think about some tasks you want to delegate. Delegate the tasks you hate doing first... and then build on this every month before long you will find that you have more time and the tasks are getting completed better than before.
Here are a few ideas to think about when delegating...
What real estate tasks do you want done?
When do you want this task completed?
Who do you know that is better at this task then you are?
What is your time worth Vs the cost of outsourcing the task?
What are some milestones along the way?
What resources will you need to complete the task?
So there you have it. Delegation is the key to liberation and building a successful real estate business...
And as a wise real estate investor I'm sure you're not in real estate to create a second job for yourself. Am I right? ...
I hope this helps...
Until next time always remember " The More You C.A.R.E. The More You Earn"
Your real estate-based wealth coach,
Jeff - Delegate - Woods
P.s.s Whenever you are ready here are a few ways I can help you earn more money, create more freedom, and scale your real estate business
1. Join the C.A.R.E. community and connect with other real estate investors that are taking massive action. It's our new Facebook community where smart real estate investors connect, learn, and grow! (Grow wealth, Freedom, Impact, portfolio ) CLICK HERE to join today.
2. Watch this FREE training video. In this video you will discover the 2 key areas you need to work on in order to create financial independence as a real estate investor. CLICK HERE NOW to watch this video.
3. Work with me and my team privately. If you would like me to help you avoid costly mistakes and grow your real state business so that you can have the finances and time to fund your desired life let's chat. CLICK HERE to grab a complimentary strategy session. This way we can chat and get to know each other better. This is not a sales call I do NOT work with everyone. I want to see if we are a good fit and help you. If you decide you want to continue to work with me and you meet my criteria we can explore what that may look like. Because I am actively running my real estate businesses and value my free time I only work privately with a small select few every year. BOOK YOUR SESSION HERE. P.S I know for a fact it works because I am the one that was able to build a business and a life I love. I am the boy that made it...And I am devoted to helping you make it too.