One of the major things that separates true real estate investors from those who end up quitting or failing is the successful investor’s ability to delegate tasks. Despite the “lone ranger” image that some investors hold of themselves, real estate investing is a team sport. Get the right contractors, realtors, inspectors, finders/bird dogs, and lawyers on your side, and not only will you be surrounded by specialists, but they’ll be making you money.
If you can spend a little money and do 5 deals a month, you’ll be way better off than someone who doesn’t spend that money, and as a result, can only do 1 or 2 deals. That $300 you save by fixing the plumbing yourself won’t look so good when you’re cramped underneath the kitchen sink with a wrench while your competitors are closing another deal. Not only that, but every day that you’re not selling your property means another day of taxes and interest to pay.
Some tips for delegating tasks effectively:
- Get the Right People: Find the best people for your team. Don’t spend time with unlicensed contractors and those who are cheap for a reason. You don’t want to spend exorbitantly, but find qualified professionals who are worth more than they cost.
- Make Them Like You: Reward them for a job well done. Bring them continuous leads. Be likeable - nobody likes working for a jerk.
- Don’t Over or Under-manage: Psychologists have consistently proven that 1) People work best and are more motivated to work when they feel they have some control over their work, and 2) Productivity decreases when workers are unsure of what to do next. Find a healthy balance of these two things; avoid unclear work orders or excessive micromanagement.
- Set Clear Expectations: Protect yourself. Get everything in writing. Document all communication and interaction. Follow up projects. Ensure that things are being carried out according to plan.
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