how to grow your real estate business and hire someone

4 Replies

Hi Biggerpockets folks:

It has been some time since I have posted (Wedding planning) haha among other things. I have counted myself to be blessed with a recent promotion at work as well. The problem is this is not our end game for me or for my partner at all. Charles and I (as some of you know us) both work fulltime jobs and run a successful real estate business. The problem is we do not have enough hours in the day to do everything that is demanded or that we should do to function properly. So we have two schools of thought.

    A)Hire someone part time to fill this gap

    B)Eventually make enough to pay one of us fulltime to quit our fulltime gigs. The problem is that would take away from the funds we would disburse to both of us( we keep all proceeds in the company and take no salary)

I have a lot of other great ideas that allow us to grow more but I am limited by the time element. So we have focused on keeping our clients happy growing their business and growing ours. I am also a real estate agent so I can pull information from the MLS and put in contracts for both our clients and ourselves which is great. What has happened is we have put our hands in multiple cookie jars without the thought of how much time it will take from us to realize those profits.

In other folks experience what is the best way to free yourself from this conundrum? Should we hire someone part time? If so how? How can we continue to give them direction and grow the business when we both work fulltime? I have some time available at work to direct someone else but not much. How do we know we can afford to hire someone ? these are some the questions I have and would love to some feedback from the community.

Mike

I would also love to hear some responses on this. I'm running into the same issue as mentioned above (minus the wedding planning)...

Hi @Michael Sherwood ,

Have you read/listened to the book "The E-Myth Revisited" by Michael Gerber? I think his book helps with your conundrum and is much more comprehensive than I can be here. If I were you, I would start by taking some time to make a list of all the tasks that you feel you could train an assistant to do while not impacting the value you give to your customers. Also, I'm sure you could find creative ways to employe somebody in the business as maybe an equity partner or on a performance/commission basis that would really help you scale your business without committing too much of your current cash flow... FYI, the book will go on to tell you that you should create job titles and tasks that you do as CEO, Marketing, Sales, etc so that you can grow your business effectively instead of your business being completely reliant on yourself and Charles. Good luck!

Originally posted by @Josh Dotzler :
Hi @Michael Sherwood ,

Have you read/listened to the book "The E-Myth Revisited" by Michael Gerber? I think his book helps with your conundrum and is much more comprehensive than I can be here. If I were you, I would start by taking some time to make a list of all the tasks that you feel you could train an assistant to do while not impacting the value you give to your customers. Also, I'm sure you could find creative ways to employe somebody in the business as maybe an equity partner or on a performance/commission basis that would really help you scale your business without committing too much of your current cash flow... FYI, the book will go on to tell you that you should create job titles and tasks that you do as CEO, Marketing, Sales, etc so that you can grow your business effectively instead of your business being completely reliant on yourself and Charles. Good luck!

Josh this is a great idea. I actually have read E-Myth and it was great maybe I should go check it out again.

Here is my advice.

1. a) Read Millionaire Real Estate Investor, b) Emyth revisited, c) Millionaire Real Estate Agent, and d) Shift, a, c. d are all Gary Keller of Keller Williams, b) is Michael Gerber.

2. Get 4 three ring binders (Planning for Sellers, Planning for Buyers, Planning for Private Lenders & JV Partners, Planning for COIs (Centers of Influence, meaning who can refer you business, think giving PR speeches to Influential People, like Rotary, Chamber, etc)

3. Work on your business to replace yourself, make a business plan, Go to SCORE and get ideas

http://www.score.org/chapters-map ,

,groom an acquisition manager on full commission, have him - her create a Planning for Sellers Binder, get sales agents or leasing agents to do the Planning for Buyers manual, work with a custodian of SDIRAs to help you with Private Lenders,

buy http://www.amazon.com/IRA-Wealth-Second-Revolutionary-Strategies-ebook/dp/B00AOAFWAY/ref=la_B001ILM77O_1_1?s=books&ie=UTF8&qid=1398457328&sr=1-1

get a contract attorney for a JV Agreement for a MD Doctor. Go to Toastmasters and spread the word - you have solutions for basic problems, Sellers that cant sell,, buyers that cant buy, savers that cant get a great rate of return with their CDs, etc.

PM me for any greater info on this short list of to dos to scale your REI business.

Best Wishes to all REIs,

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