With real estate, the sky’s the limit, and all that’s holding you back is the bottleneck effect of trying to do everything yourself.
Bringing on the right team and taking your business to the next level can be an exciting time for you and bring you success you only dreamed of.
Here are some steps to take to grow your business without adding to your stress levels:
Hire a Property Manager
Hiring a property manager is probably the number one thing you can do to make your real estate business run more smoothly. Imagine not having to worry about your property once you buy it. All you’ll be tasked with is finding the next good deal, and tending to the larger vision and future strategy.
It’s easy to see how the right property manager will help make you more money, rather than cost you money. Their entire job is designed to help free up your time and energy so that you don’t get bogged down in the day-to-day details.
Get a Real Estate Lawyer
A real estate lawyer will help immensely and is like grease for the wheels of your real estate machine. Think of them as your confidant, or consigliere if you’re a fan of The Godfather movies. They’re there to make sure you don’t get taken advantage of, and are always looking out for your best interests.
Streamline the House Finding and Buying Process
Finding a deal means adding to your monthly cash flow and net worth, so it really becomes a matter of finding as many as you can. Spend time solidifying your business model so that you are constantly finding new deals that you can add to your system. Consider hiring someone that will bird dog for you, seeking out potential homes that fit your criteria so that you can decide whether they’re a good buy or not.
Scour Nearby Areas with High Growth Potential
It’s time to branch out into new areas that make sense and fit into your model. Check for investment opportunities that are within a two-hour drive of your home or office and see
what’s available. Now that you have a property manager you won’t have to drive to the property every time there’s a backed-up toilet.
Consider Multi-Unit or Commercial Real Estate
You’ll eventually reach a point where you’ve done all you can with single-unit starter homes and residential properties. At this time you’ll want to think bigger and go for an apartment complex or some commercial real estate. This represents a totally new scale, the rewards can be substantial and you’ll be adding a zero or two to the prices as well as the potential profits.
With these tips you’ll be well on your way to bigger and bigger real estate profits. You’re only limited by the number of hours in the day, so make the most that you can and see how much you can achieve with a solid team built around you.