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Hiring Help for Your Real Estate Investing Business

by Ken Corsini on April 25, 2012 · 3 comments

  
employees for your real estate business

Last week I wrote an article about the pros of entrepreneurship and hiring help for your real estate business. In the article, I alluded to the fact that a good real estate investing business should be able to grow through the hiring of additional workers in specific aspects of the business. However, additional help does not necessarily mean hiring W2 employees  (which can add layers of additional risk and tax liability).

For the real estate investing business owner who wants to leverage the help of other workers without taking on the burden of employees, here is a list of potential hiring strategies:

Getting Help from Real Estate Investing Team Members

1.)    Real Estate Agents: The most obvious source for assistance in your real estate business is real estate agents and brokers. These professionals are licensed and as such, typically receive compensation through commissions at either the purchase or sale of a property. They can be an excellent resource for contract real estate work which may include the following activities: birddogging, referring buyers, showing properties, open houses, broker price opinions, etc.

2.)    Attorneys: Attorneys are another great resource for work that can be contracted out. Attorneys can also be compensated through fees collected at acquisition or disposition of a property. Attorneys can be very useful for the following: researching title, creative strategies involving tax deeds and liens, syndications, buying and selling of real estate notes, etc.

3.)    Loan Officers: Loan officers can also be a great tool for a real estate investor. Many loan officers have a pipeline of buyers (or future buyers). Real estate investors can use the help of local loan officers to build a list of buyers and lease purchasers for their properties.

4.)    Virtual Assistants: Odesk.com/Freelance.com /PeoplePerHour.com are all websites designed to help you hire out almost any kind of contract work specific to your needs. Whether you need to build a website, Facebook fan page, Craigslist poster, etc. – outsourcing these types of projects to a virtual assistant can be a very creative way to get work done without the need to hire an employee.

5.)    Simple Online Tasks: Fiverr.com /Goferr.com/ OneDollarGigs.com/ Outsourcerr.com/ Jobsfor7.com /Mycheapjobs.com are all sites that offer simple services that can be of huge benefit to your real estate business. Whether you need more Twitter followers, Facebook likes, podcast downloads, etc. – these types of sites offer quick results for very low prices.

6.)    Local Ads: Craigslist.com/Backpage.com are popular sites for local job postings. Finding somebody close to you that can put out bandit signs, post flyers, birddog, etc. is a great way to get “boots on the ground” help in your area. (Just make sure you set up the work in such a way that the relationship does not get mistaken for employment rather than contract work).

7.)    Local Contractors: Working with somebody who already has knowledge of real estate construction and can operate under their own existing business is another great strategy for real estate investors. For the investor who wants to subcontract the viewing and estimating of potential investment properties, hiring somebody with an existing business can be a great strategy to avoid the need for an employee.

As you begin to identify areas in your business that need additional attention in order to grow, think through all of the resources available to you both through the internet and locally before blindly hiring an employee. While there will be a point in a growing business when hiring an employee that works in the office will probably be necessary, outsourcing as much work as you can is great way to minimize costs and liability for a growing real estate business.

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{ 3 comments… read them below or add one }

Bruce May April 29, 2012 at 2:49 pm

Ken, I recently posted an ad for an intern which is a good way to find help for specific parts of your business such as marketing and website development. Interns can be found at just about every college and through some webpages.

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Kevin April 30, 2012 at 9:48 pm

Ken, great article! There’s only so much that a business owner can do on their own. You need to focus on stucturing your business and hiring people to work in it. If you don’t you will surely be overwhelmed and will have a cap on how big your business will grow. Also, Fiverr is great for miscellaneous things. I use it all the time.

Bruce, interns are the way to go! I’ve been working on hiring interns for my real estate wholesale business for the past 6 months or so. I currently work with about 15-20 of them around the country just teaching them how to wholesale properties and splitting profits. It’s a great way to grow your business without spending money upfront (they work on commission only.)

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Jennifer April 30, 2012 at 8:37 am

Great content. We are a fairly new company that have closed a few wholesale deals, but haven’t really structured our business correctly. We are in the process of building our team & putting our system in place. This information will definitely help us move forward in the process. Thanks for sharing.

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