POLL - How "Business Like" do you run your busines

POLL - How "Business Like" do you run your busines

Real Estate Investor · Portland, OR · Member since 2008 · 1k+ posts · 23 votes

Hello all...

In preparing my plans and goals for the upcoming year, I was wondering how many of those that are in Real Estate Investing actually run their business like a business.

I don't mean this in a negative way, as I have many things I want to do to make my business "more like a business".

I am trying to set up my business like discussed in the book the EMyth... Setting it up in an organized and systemized way to make it almost run on auto pilot... Like a McDonalds fast food restaurant does.

Here are some things that I think are important, things that I have been working on, and things I have been asking myself.

Personally, I am going to get these things done for my business just as soon as I can for this new year.

Questions:
- Do you have systems in place to handle everything?
- Do you have checklists to make sure things get done?
- Do you keep good and organized records?
- Are you and the business organized in general?
- Do you have all your activities scheduled in advance?
- Do you have a written business plan?
- Do you have a written marketing plan?
- Do you have business goals?
- Do you have personal goals?
- Do you track milestones for achieving goals?
- Do you have ideas to further build your company?

Good luck to you in the new year...
And make this year Your year!

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  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    18y

    Eric,

    I do run my business like a business, but I disagree with some of your assumptions. First, contrary to all the written nonsense, THERE IS NO AUTOPILOT. Business must be managed and no system, no autopilot is going to change that. A lot of this talk of Autopilot and Systems is just guru nonsense to make newbies believe that they can get rich without effort. Look at any successful person. How hard do they work? I'm not a big Donald Trump fan, but look at how hard he works. His business is certainly not on autopilot.

    Impossible. The one constant thing is the rental property business is that it's unpredictable. Someone might call me in the next 5 minutes wanting to sell their $100K building for $40K. What should I say, "no, that's not on the schedule". Many things can't be scheduled and the rental business is unpredictable. Be flexible.

    Don't have one - don't need one. My marketing plan is to meet people and tell them I'm in business. I'll end up buying 22 rentals this year, all without a marketing plan.

    Yes, when I think of something that I must do tomorrow (like fix a toilet), I write in on a sticky note and put it by my wallet. Unfortunately, I often leave the sticky note right there stuck to the kitchen counter! UGH!

    All I'm saying is don't get so caught up with systems, autopilots, planning, and checklists that you forget to run your business and actually make some money.

    Mike

  • Real Estate Investor · Millbrook, AL · Member since 2008 · 55 posts · 0 votes
    18y

    Mike as always hit the nail on the head. This is a business that requires flexability. It also requires a great deal of creativity and a sense of humor if you are going to deal with tenents. Why is it that tenents always clog the sink up etc on Christmas day? Answer everyone of them thinks it okay to put a pound of potato peels down the drain. :protest:

    I usually think I am organized but just yesterday as I was looking at the huge mess on my desk I had second thoughts. My to do list this week is so large that I am avoiding it by hanging out here instead. :beer:

    What I am really avoiding is closing the books for the year. I hate tax time.

  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    18y

    Closing the books? Tax time? What are you trying to do, ruin Christmas?

    Mike

  • Real Estate Investor · Millbrook, AL · Member since 2008 · 55 posts · 0 votes
    18y

    Christmas, Whats that? Thats next weeks agenda. This week so far has been tree limb down on power line, sewer back up. Hiring new contractor, Checking out a package 19 rental house deal I heard about. Planning dept on a property I am doing a work up on which I am going to make an offer on before Christmas. Rent collection and notices, rents on our property here are due on 15th. Going over expired's today with my realtor. Average week here. Oh and my favorite part of my day reading your posts. You always make me smile!
    Its the books which I do myself for both States that I hate. I can't wait until I can afford a secretary.

    Got to go I am burning daylight.

  • Real Estate Investor · Portland, OR · Member since 2008 · 1k+ posts · 23 votes
    18y

    Hey Mike, Thanks for the comments...

  • Real Estate Investor · Portland, OR · Member since 2008 · 1k+ posts · 23 votes
    18y

    How do you do that "quote" thing several times?

    Sorry, Im new here.

  • Real Estate Investor · Portland, OR · Member since 2008 · 1k+ posts · 23 votes
    18y
    Originally posted by "kimorents":
    This is a business that requires flexability... It also requires a great deal of creativity and a sense of humor...

    Thanks for the comments and I will agree with that 100%!

    Cant let the little stuff get you down... cause a week or so from now its all little stuff. :)

  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    18y

    Eric,

    You do the quote thing, just highlight any text in your reply (click and drag with your mouse) and then click the quote button above the reply window.

    Just to be clear, I am a big believer in having a simple and short business plan. However, I don't need a marketing plan. I don't spend any money on marketing for the purpose of buying property - I get my deals by meeting people and letting people know that I buy houses. You don't need a written plan for that (although you may need to do some marketing when you are first starting).

    Mike

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