Posted 2 months ago

Grow Your Multifamily Empire

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Whether you're small, starting out or you're becoming a larger player, you need to think about what is the evolution of my business, because what happens lots of times is, we're all guilty of it, is that we start doing better and then we start doing even better and we don't have the systems in place, we don't have the team around us, so it inhibits our growth and we get stuck or we start taking a step back or ten steps back or we just plateau, because we haven't thought about where the business is going.

You need to just think, am I going to be a large shop, am I going to have a billion dollars under management one day or am I happy having a couple duplexes or triplexes or whatever, all is perfect, but what does that look like, if you're looking to have just a couple assets, do you need to have a part of time maintenance guy that's going to be eventually on your staff, if you're going to be a multi-million-dollar player, what does that look like. You need to start having an acquisition team, you need to have started having underwriters that are going to be part of your process, thinking about the positions you're going to need is ultimately going to let you have guidance and where your business is going to go because there's never the right time to hire when you're growing, but there's always the right time to hire when you're growing, so kind of a backward statement, but you're never going to have enough money that you can afford that great person until you need that great person and then you actually have to get that great person.

You want to be looking for that great person because that great person is going to bring the value to your company, where the values are going to put in, is going to be worth the cost for them, but you need to know, who that person is, so ultimately, if you're underwriting a number of deals and you're falling off because you can't keep up with it, maybe you have to hire bringing up an underwriting person on to your staff, having an analyst is going to come in and be able to take off some of the load off your desk, just maybe two or three deals a week. If you're a person who's trying to now get more time back and you have a couple of small complexes and you are just running around chasing repairs or chasing collections maybe need to have some admin or assistant or at a maintenance person that can help you on both sides of that, so think about your business, think about the core focus of your business, what are the roles that are going to take for you to get to where your ultimate destiny.

Start building that out, start building out who that person is what they look like, what they do, how they're going to incorporate in your business and how they're going to help you grow, because ultimately it's a team business, so for us to be able to grow, we're going to need to put the right team members around us, just like anything any sport you can think about, they're baseball, basketball, hockey, they're all have the team members that are made to focus on their goals, to help you achieve your goals alongside with them.

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