Systems can Stand Between Success and Failure in Real Estate Investing
Having trusted systems in place for conducting business provides stability and dependability, helps things run smoothly, and builds your confidence. It also makes it easier for everyone you bring into the fold, from partners, to assistants, to sales and marketing personnel, to easily jump on board and quickly learn the ropes.
Every investment business is a unique entity, and every investor has different goals, different methods, and different ideas of what success looks like.
Systems take time to develop. They’re the result of trial and error – of seeing what works and what doesn’t, and then determining what’s most efficient for your business.
Systems can be broad, encompassing the entire way you do business, or they can be ultra-specific, dealing with things like handling incoming mail. You can apply a system to any and every aspect of your business. The more systems you have in place, the more smoothly things will run. Here are some areas where building a system into your investment business can be particularly helpful:
Determining when and how and when invoices will be sent and paid each month will streamline your finances, keep you organized, and help ensure that everyone gets paid on time. Creating a set payment schedule is especially helpful if you work with independent contractors, or if you regularly work with people on a temporary basis.
This seems like a small thing, until you are rifling through the last unchecked pile of desk papers for an all-important document, terrified that it just won’t be there. You don’t have to have an ultra-organized, alphabetized and color coded system in place if that isn’t your thing. But having a designated spot for incoming, outgoing, must-save, and urgent items, organized client files, and a specific day and time during which you deal with paperwork can make all the difference. Better yet, invest in a desktop scanner and digital filing system such as Neatdesk and keep all that paperwork in the cloud where its safe.
It really helps to have more than gut instinct and market knowledge when it comes to choosing properties. Utilizing a system to help you find, research, narrow down and ultimately choose properties can take a lot of the guesswork out of the process, make you more comfortable and confident with your decisions, and keep you from making emotional choices. Find Motivated Sellers Now is a great place to start.
Invest time and effort in determining which strategies really work to bring in referrals for your specific business. Eventually you will find that combination of marketing and networking tactics that almost never fails. One great system that will help you find investors who are looking for the properties you have is Find Cash Buyers Now.
Managing your Client List
Failing to update your client list can lead to missed opportunities. However, client lists can be complicated to manage, as they require frequent review, editing, prioritizing, and reorganization. This is an area where a good system can really come in handy.
Take a good look at your business. Any aspect that seems disorganized or feels chaotic can probably use a system. Coming up with the right one can make all the difference in your confidence, your satisfaction, and eventually your overall profitability.