How do you implement systems in your business?
Hi All,
I’m not an investor yet, but I’m hoping to be one soon. I’ve been studying for months now and one question continually pops into my head: How do you implement effective business management systems in order to develop a self-sustaining enterprise (specifically property management)? I hear a lot of people say: “I self-manage all of my properties”...However isn’t that slightly deceiving considering that person has 300+ units? There is no way they are personally managing all 300...Does that mean they personally hire managers to work within their “company” (essentially running an investment AND management company)? I’m curious how many of you do this in order to save time without losing a percentage of your monthly cash flow to management companies.
One of my favorite multi-family investors, Rod Khleif, often discusses how it is the same amount of work managing 3 units as it is to manage 300. So how so you guys make this work? I have to think more units=more infrastructure. What are your business operations/property management strategies?