03 Sep 3 Experts You Need to Build Your Own Real Estate Business
Starting up a business can require you to juggle many roles at once. When you set out to build your real estate business, you might have to step in and be the landlord and the repairman! However, there are times when you need to let go and hand over the reins to someone else. The secret of successful entrepreneurs is their ability to work with other entrepreneurs.
Successful men and women are able to identify their weaknesses or areas in which they need help and subsequently seek out that help! Consider the following three areas where you can outsource your tasks and build your own success by working with other entrepreneurs:
- Questions of Expertise: You may be opening up a dog grooming business and love dogs, but you need to go to sources of canine expertise and get some wisdom and insight from someone who is experienced in the field. It’s important to always seek knowledge, understanding and wisdom from people who know what they’re doing! So while you don’t have to keep a bookkeeper on staff, you should have someone come in every once in awhile to make sure you’re on the right track.
- Repetitive Tasks: Data entry, shipping, and accounts payable generally make up this area. Or if you’re in real estate, this could be painting walls, re-carpeting and fixing toilets. These are the “housekeeping” tasks that don’t require specific knowledge, but you shouldn’t be worrying about these things yourself (at least not forever). Especially in the real estate business, if you’re going to be successful you need to network and build a team you can trust. Be willing to delegate these tasks (the moment you can afford to) to someone else who can easily manage and focus on the grind work. I once was managing a multi-family property that had a major water bill issue. Instead of sitting around and spending such exorbitant amounts on water, I hired someone to get in there and fix the leak. After that, I made sure to have a team around me.
- Specialized Knowledge: A good example of this would be IT technicians. These are areas which are crucial and in which you (likely) have zero experience or ability. These jobs can and should be outsourced to the appropriate personnel, even if it’s on a case-by-case basis. For me personally, I tried for awhile to manage my own social media accounts when I didn’t really understand that world. However, when I sought outside, expert help, my social media experience boomed and my online exposure was greatly enhanced!
So it’s important to know when to put in your personal effort and when to outsource to other, more capable entrepreneurs. Not only does this free you up to do more developmental work in building your business, but it will also help you pad yourself with a team of people who have your best at heart.
Then, every time you have a serious question about your business, you can run to that expert who has become your mentor. And when business is booming and you find yourself spending way too much time entering data, you can partner with another entrepreneur or even hire someone when you get to the point. And similarly to the question of expertise, when it comes to areas of specialized knowledge that you just can’t figure out, bring another entrepreneur into the game.
As always, I wish you the best in your venture to build a business. Leave your comments and questions below!
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