There isn’t a business owner out there who isn’t looking to make forward progress. Anyone looking for a higher level of success will most likely put time and money into a proper marketing strategy; the same can be said for networking as well. Each of these things is critical for success, and some of the few ways you are likely to realize your true potential. However, simply realizing success is not enough: you need to be able to handle it. Not everyone knows how to deal with being busy. As much as you want to see your business grow, you need to be ready to handle what comes next. Here are five suggestions to help you handle a growing real estate business:
1. Remember what made you busy: The most successful investing businesses have a steady stream of new deals coming in, current projects in the pipeline, and deals ready to close. When your phone starts to ring off the hook, it is important to remember why. Getting a high number of new leads won’t do you much good unless you know how to work them. Neglecting leads cuts off one of your sources for new business. Never forget what has made you successful in the first place. There are ways to tweak your business so you can focus on items that are time sensitive, but always come back to your strengths. Being busy is a good thing. Don’t forget what made your phone ring for the first time.
2. Time management: Time is a very precious commodity. Instead of running around doing one task at a time, take a step back and get organized. In fact, organization is one of the best habits a real estate investor can exhibit. Before you go to bed every night, write out everything you want to accomplish the following day. This way you can hit the ground running as soon as you wake up. The more specific you are in your schedule, the more efficient your day will be. Being busy often calls for you to make sacrifices. Instead of staying up late to watch your favorite TV show, knock some work off your list. You may not be this busy again, and if you neglect this window you will regret it. Take advantage of every minute by being as organized as possible.
3. Growth: New owners have a tendency to stop everything and focus solely on new deals when things start getting busy. While it is important to take advantage of new leads, you can’t put all your eggs in one basket. Regardless of what it is you are doing, you need to think about growth. Putting off marketing or networking for a month can cut off new leads and future success. Not every deal that you work on will lead to a closing. The real estate business is very much a numbers game. You may need to work on ten leads to get one or two deals. Let’s say that the flood of leads doesn’t produce any deals; where does that leave you? If you stopped thinking about growth, you are right back at square one. You always need to consider where your business will be in six months, and even a year. Don’t let the present prevent you from seeing the future.
4. Review portfolio regularly: A growing business has a lot going on. It is important to constantly review everything in your portfolio with regularity. One oversight in a rental property or a current rehab project can cause your business to take two steps backwards. It is a good idea to take one day every few weeks to see where you are. Scrub your portfolio to see if there are ways to be more efficient. The last thing you want is for basic tasks to slow you down. The longer you go without said review, the more complicated it becomes.
5. Delegate: Instead of spending time on your rental properties, it may make sense to hire a property manager. If you focus on rehabs, lean on your general contractor to help get you through busy times. Outsource any marketing projects or other small tasks that can be time consuming. Growing a business means delegating the tasks that can either eat away your time or make your business easier. You can’t be everywhere all of the time. Take the time to get a good team in place, and let them do their jobs. You can still be the point guard and run the show, but you need to delegate.
Experiencing growth in your business can be a very exciting time. It only makes sense to grow at a pace that you are comfortable with. When you figure out how to balance growth and success is when the real fun starts.