Wednesday, December 17, 2008

How Can One Person Run A Real Estate Empire?

Systems and outsourcing. Real estate is a simple business. but it is not an easy business. It takes work - alot of work; to research the properties, make offers, track escrows, private money, signings & closings. That is only on the buying side. Once you determine your exit strategy you need systems for that as well. There are two ways to run your business. Yes, yes I know there are many but they are all off shoots or combination of these two ways, hiring staff and outsourcing.

The traditional way is hire the staff as you need them and grow your business. However as you grow your business and staff, your expenses grow. So you have to constantly track money spent and money earned. The other way is by using a Virtual Assistant (VA) to do the tasks you need done everyday (we will talk about VAs in future posts). With either way you need to develop systems and procedures or your staff or VA will constantly coming to you about decisions to be made or will make up there own system that is not aligned with your vision for the future. Our example is McDonald's. Here is a Multi-billion dollar company that is run by a lot of teenagers and a few managers. How they do it?..... with systems and procedures. Everything is laid out for the employee. All desicions have been made and only have to consult the procedure manual.

That is how you need to run you company. We have procedures for everything and we are constantly writing new ones as new questions come up. The idea is to have your company run without you so you can focus on the highest valued tasks that help your business to grow. Until your staff and VA know how you want your company to grow they will continue to ask you questions about tasks in your business.

So start today, write down one procedure of a task that you do everyday. Start your procedurial manual, Good Luck.

See Ya,

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