Investor · Marietta, GA · Member since 2018 · 18 posts · 23 votes
In the last few months, my daily work has all but gone virtual and has been a very successful and efficient change that is likely not to revert. As I'm beginning to develop my real estate team (agent/s, contractors, accountant, lender, etc.) should I limit myself to finding partners only in my immediate vicinity that I can meet with in person? Likewise, should I only have team members who are well versed in virtual meetings and online systems of organization and project plans? What are the pros and cons of each approach?
Depends on how systemized you are. If you are super systemized it can work well remotely. If you are working more in an adhoc manor it is better to have people working beside you.
Unless you are specifically trying to invest out of state agents and contractors you will want to meet on site with regularly.
Accountant, lender, bookkeeper, etc. can easily be remote. Lender will likely only meet once or twice pre-covid anyways. The rest would be sending paperwork and deals back and forth.
Depends on how systemized you are. If you are super systemized it can work well remotely. If you are working more in an adhoc manor it is better to have people working beside you.
Unless you are specifically trying to invest out of state agents and contractors you will want to meet on site with regularly.
Accountant, lender, bookkeeper, etc. can easily be remote. Lender will likely only meet once or twice pre-covid anyways. The rest would be sending paperwork and deals back and forth.
What about virtual assistants @Tyler Weaver? Any experience working with people on platforms like Fiverr.com for accounting, marketing, data mining, etc? I've heard these are great ways to get professional help and keep costs low at the same time but do I want someone across the country that I've never met in my books?
What about virtual assistants @Tyler Weaver? Any experience working with people on platforms like Fiverr.com for accounting, marketing, data mining, etc? I've heard these are great ways to get professional help and keep costs low at the same time but do I want someone across the country that I've never met in my books?
I've never used Fiverr, but I've browsed it. I'll probably use it for some business cards and logo design at some point. Marketing and data mining seem like the kinds of services that you could find easily in that marketplace. However, I wouldn't search for a bookkeeper there. If you are just getting started, bookkeepers aren't really necessary until you get 5+ properties.
What about virtual assistants @Tyler Weaver? Any experience working with people on platforms like Fiverr.com for accounting, marketing, data mining, etc? I've heard these are great ways to get professional help and keep costs low at the same time but do I want someone across the country that I've never met in my books?
I have used upwork for things like data mining etc. Accounting and bookkeeping I have used other sources such as referrals. My accountant is local and bookkeeper is actually in office. Having a remote bookkeeper is viable and I have used remote bookeepers before. Cost savings may not be the primary driver for going with someone remote. They may have a better system and a focus on your specific business that would be harder to find locally.
@John D. There's not much difference in someone having access to your books from across the country vs locally, though I understand the sense of security of someone sitting in your office (theoretically), or generally working with someone you've met in person. For my clients, I have restricted access to their bank accounts (I can only pull statements, I can't move money around), and I don't handle anything related to making payments or deposits - I just manage the books which includes reporting, budgeting, forecasting, analysis of the business, etc. This significantly reduces the risk one might anticipate with giving someone access to their books.
Given the current climate, whomever you bring on board is likely to be ramping up their own virtual capabilities, so it might not be as hard as sounds to find someone suitable. It's a valid question to ask any candidates you interview what systems they use/how they've responded to virtual work.