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Improve Your Productivity: 4 Great Ways to Clone Yourself While Real Estate Investing

by John Fedro on February 8, 2010 · 6 comments

  
improve real estate investing efficiency

Congratulations!  You are pursuing a career in the lucrative world of real estate investing.  The sky’s the limit.  Isn’t it? We are all bound by the same 24 hours in each day.  Our current unique lifestyle is a result how each one of us has used this precious time.

Here are a few tactics, out of many, that will help you to multiply your efforts every day.

1. Don’t sweat the small stuff: A properly worded agreement which rewards your renters for not calling you throughout the month can free up hours per week.  Close your eyes and imagine your tenants fixing their own clogged toilets, leaky sinks, burnt light bulbs, cracked windows and other small mishaps that are destined to occur.  Offer a discount of a few dollars for each month the tenant doesn’t call you to fix minor maintenance issues.  This gives your tenants a reason NOT to call you over the minor issues that may arise.

2. Meet your neighbors: Whenever you get a new property, whether you plan on fast-turning or holding it, meet your new neighbors.  There are three main reasons to do this.  The first is to see if they know anyone that may want to move in or buy your property.  The second is to see if they know of anyone else in the area that may be interested in selling or if they know of any vacant properties nearby.  The third critical reason is to ask them to call you immediately if they notice anything suspicious on or around your property.

3. Use Technology. It is your friend: Before I got myself an automated voicemail system I can’t tell you how many hours I wasted every week talking to wannabe buyers/sellers.  Describing the property, price, terms, directions, etc. can be done automatically by a recorded message you provide.  Get yourself a free or cheap voice mail system that can screen out the time wasters before you talk to them.  A perfectly worded message can drive more buyers to a property than you ever could alone.

4. Add me as a friend: Before Facebook and Linkedin we actually had to network with people in real life.  Looking for leads does not and should not be done solely by you.  Multiply your efforts looking for potential slam-dunk deals; let everyone know the type/price/condition/area of properties you are currently seeking.  Remember to excite the new bird-dog’s greed gland by telling him/her how much they will make if they send you information that leads to an executed deal.  Bird-dogs should collect as much information off a FSBO sign as possible, take pictures if needed, or grab the address if property looks abandoned. People to tell: tenants, sellers, buyers, friends, family, mail men and women, city workers, fedex drivers, trash men, everyone and everyone.

*Important note:  Depending on your area it may be illegal to give a commission or cutback to someone other than a licensed Realtor.  So be aware of legal loopholes around this obstacle.

Remember don’t just stay busy; use your time effectively.  As human beings it is so easy to get tied up doing mundane tasks that distract can you from your real money making agenda.  It’s amazing that making just a few tweaks to your routine/system can free up so much time and attract tons more qualified leads.

– J. Fed

Photo: adactio

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{ 6 comments… read them below or add one }

Neil Uttamsingh February 8, 2010 at 9:01 pm

J-Fed,

1) That is a great photo you have there. Are those Lego men? Awesome.

2) Also, good words of advice in point number 1 in your article. This advice can not only be applied to real estate investing, but rather, it can be applied to life in general. Don’t sweat the small stuff, it’s not worth it in the grand scheme of things.

Onwards and Upwards,
Neil.

ps: you have a great website.
.-= Neil Uttamsingh´s last blog ..How to buy your first rental property – Step Four =-.

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J. Lamar Ferren February 9, 2010 at 2:48 pm

Number 3 is definitely something that people need to embrace. Technology is advancing so fast and the more involved your are with that advancement, the better you’ll be able to migrate to the next level. Great Point John and I have to agree with you about the automated voicemail system, it is truly a timesaver and weeds out the tire kickers! You’ll definitely improve your productivity!
.-= J. Lamar Ferren´s last blog ..Superbowl 2010 | Do This Before The Game! =-.

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Pierre remalli May 13, 2013 at 12:39 pm

I totally agree with #1

It might cost you à few bucks but it will give you so much in the longterm.

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John Fedro May 13, 2013 at 7:21 pm

Thanks for the comment Pierre. The little bit of money easily offsets the peace of mind of having proactive tenants and less hassles.

Best,
John Fedro

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adel March 21, 2014 at 11:06 am

The little bit of money easily offsets the peace of mind of having proactive tenants and less hassles– free beauty samples – Get $100 worth of free beauty samples

Reply

John Fedro March 21, 2014 at 3:57 pm

Looks like a spammer got through the BP filter. I will not try your beauty products or take your $100 offer. Have you seen my pores? They’re flawless.

Thanks anyway,
John

Reply

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