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When I first did this activity 4 years ago, I realized that I spent the majority of my time handling property management. I was managing a little over 20 properties and I had no systems or software in place to help the process. I ran the numbers and realized that by paying a property manager it would cost me roughly $1600 per month, but I would free up about 85% of my time. I knew I could create more than $1600 in revenue by spending that time searching for new deals, so I made the decision to hire a property manager. I do the same 80/20 analysis every year to ensure that I constantly improve, and I highly suggest you do the same. Here are some of the tasks I recently found myself doing that I realized I could automate or outsource:
The first step is to find out where you currently spend your time. I suggest either carrying around an open notebook, or using a software tool or application, like Evernote, to record everything you do over the period of a week. After you have your list, mark which items generate revenue. The majority of the other activities are things that can, and should, be outsourced.
I knew there had to be a better way, so I dedicated myself to finding an answer. I had a difficult time finding a real estate investor that ran their business like a business. Most did a few projects a year, managed their own properties, and handled everything themselves. So I looked to other industries.
Why would you spend time, Floral Nike Roshe Run Womens
As an investor, I had severe disdain for real estate agents who always seemed to hamper great deals with their lack of knowledge or arrogant attitude. Then everything changed. I read the book Millionaire Real Estate Agent and realized that agents existed who sold hundreds of houses per year. I found my answer and set out to model their success.
Every time I talk with investors about business automation and outsourcing I hear the same common objections. The say Roshe Run Style
How Outsourcing Automation Can Grow Your Real Estate Investing Business Like A Weed
money, or resources on business automation? For me, the biggest benefits have been increased income, increased opportunity, and the ability to take back control of my life. When you are personally responsible for every function in your business, it's just a matter of time before you reach burnout, get sick, destroy your relationships, and ultimately destroy your business.
Benefits of Automation
Every Real Estate investment seminar I've attended and every business book I've read has talked about the importance of business systems. The ideas were groundbreaking, yet I couldn't find anyone who had created and/or implemented systems in their investment business.
Prescreening buyers, sellers, and tenantsThe list is endless. I consider myself a very capable individual, and fortunately I was able to hold things together for a while. Eventually I reached the point where everything became too overwhelming. Nike Roshe Run Drawing I spent every waking hour of the day tending to my business, yet I wasn't growing. In reality, I didn't want to. The thought of more phone calls, more management, more anything made me sick.
Breaking Down Automation
When I started investing, I wore every hat. I found myself taking on daily duties inclusive of:
Business automation comes down to three ideas: Elimination, Automation, and Delegation. You need to eliminate activities that aren't necessary, automate what's left, and then delegate what you automated.
At a certain point, you reach a ceiling of achievement based on time constraints. In real estate, over 80% of Nike Roshe Run Uae
the business is administrative and doesn't produce revenue. If you free yourself of administrative burdens, you can focus your efforts on income producing activities and drastically increase your revenue and profits.
Additionally, you'll become more efficient so you can evaluate market trends, new business opportunities, and spend time with your family.
that they don't want a big business, can't afford to outsource, or enjoy swinging a hammer. But that's almost never the case. There are many levels of automation and outsourcing, most of which don't require large chunks of capital or put your business on a trajectory to take over the world.
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