Get Over Yourself And Hand Off This Work To A Team Member…

Many people get into real estate investing because they don’t want a job anymore… they want to grow from being locked in the 9-5 “grind” and build a business themselves to achieve financial freedom.

But few investors end up that way. Ironically, most investors I meet simply create another job for themselves – they get locked into a 24/7 grind. Sure they own the business but they’re not achieving any kind of freedom!

The tipping point to break out of your real estate investing “job” is to start hiring other people. Once you do that, you can scale your business and grow it as big as you want to. Unfortunately, most investors are reluctant to relinquish control. Adding a person to do something that you’re able to do can almost seem like it’s pulling money straight out of your wallet that you could keep for yourself.

However, building a team is more than just spending money hiring other people to do what you could be doing. It’s really about forcing yourself to step back from the day-to-day tactical activities so you can focus on strategy, growth, and doing the things that YOU are amazing at doing.

Yes, it costs money to build a team… but a team allows you to scale, potentially doing 2 times, 5 times and even 10 times the number of deals that you would do on your own.

So who should you hire? How should you build your team?

Here’s what I recommend:

Take the time to consider the path of a typical transaction and reflect upon every step, from the acquisition of a deal from the seller, to your presentation of the deal to the cash buyer, the final closing.

List out each step. What is involved with each step? Where is it done (i.e. at the seller’s home? On the phone? Online?) Break the steps down into the tasks required to accomplish each step. Write all of this down. Yes, you’ll end up with a big list (that’s okay because you’re doing 2 things at once – you’re also creating an operations manual, which is an essential document in your business).

Once you have a giant list of steps and tasks, look at them carefully and think about which tasks you can let go of. Group some of those similar tasks together and you’ve created a role for a new team member.

For example, perhaps you group together tasks like: building a website, sending out emails to buyers, and maintaining a social media presence. Well, there’s a role for an online marketing person.

Or another example, perhaps you group together tasks like: mail out direct mail; talk to new motivated sellers; build relationships with motivated sellers; collect information about their properties; make offers. Well, there’s a role for an acquisitions person.

Group of couple of these pieces together and find someone to do that work. (For more information about finding someone to do this work, check out this blog post and make sure you’re subscribed to The Flip King email because I’ll be sharing some exclusive information about building a team later this week).