6 Signs That Your Real Estate Investing Business Plans Doesn’t Need You Any More…
1. You’re Not Doing The Work
If you’re struggling to build your real estate investing business, this may be the single biggest problem you face each day. Although most of us get into real estate investing in order to gain financial freedom, you constantly find yourself being pulled in on renovation and repair projects.
Effective entrepreneurs don’t have to drop what they’re doing and run over to Home Depot to buy a gallon of paint. Nor or they interrupted during personal time due to business related phone calls. Accomplished real estate entrepreneurs are free to run and build the investment company.
2. You’re Producing The Same Result Every Time
Effective real estate entrepreneurs have developed business systems that manage the work and produce certain outcomes for the business. A business system is simply a set of step-by-step instructions for doing the work in a real estate investing company.
For example, having a checklist for getting a vacant apartment ready will produce a “ready to rent” unit. Once a unit goes vacant, the effective entrepreneur has the unit ready in a matter of days, not weeks. Remember, time is money in this business.
3. You Have Good People Around You
Learning how to recruit, identify and hire good talent to help build your real estate business will take time. Team building skills are all about interpersonal and people skills. Look to hire people who are strong where you as a real estate entrepreneur are weak. Together, the two of you help the real estate investing business to become stronger.
4. The Business Runs Without You
I haven’t found anything in the real estate investing business that can truly be called “auto-pilot” yet. But, once the work of the business has been defined and different roles created, the company can begin to produce consistent results. Going back to the vacant rental unit, a real business can produce that same ready-to-rent unit every time without the entrepreneur having to lift a paint brush.
5. You Know EXACTLY How The Business Is Doing Financially
At a basic level, I highly recommend hiring a part-time bookkeeper. Effective real estate entrepreneurs already know this. Developing a basic financial management system will provide both control and clarity to the entrepreneur.
Knowing where the money is coming in from and where it’s going every month will help you take care of potential problems early on when they are still small and managable. Effective entrepreneurs don’t let small problems grow into big ones.
6. You Have More Life
This is the reason we all go into business for ourselves. To have more time, more options and ultimately more freedom. When you set up and build the real estate investing business the right way, the more the business grows, the less the entrepreneur is needed.
And as a result, the more spare time you begin to enjoy. I truly hope that you are enjoying these results in your own real estate investing business.
If you’re not there yet, I hope this article has helped. Good luck