In my last article we dove into the importance of networking.
If you read it, you learned why growing your network can positively impact your net worth. (If you didn’t read it, go do it now.)
Your big takeaway from reading that piece is that something great happens when you network. You start doing more deals in real estate!
Before you know it you’ll need a team to help you manage things.
That’s what you’ll learn in this article. But what does that look like?
What are the benefits to building a team?
- While hats are fun, you won’t have to wear so many! Face it… one hat looks great with the right dress, shoes and purse. Stacking hats one on top of the other looks awful. Trying to keep them in place on your head will make you crazy. That’s what it’s like when you’re a one-woman show trying to run every aspect of your business on your own. You will wear out.
Sure, you can keep wearing all the hats as you try to do all the daily tasks yourself, but why would you when there are great people just waiting to help you achieve your goals?
At the end of the day, gathering a team to help you get to your goals is far more productive!
- You can stop being the chief cook and bottle washer. When you are first in business… even if it’s not real estate… you aren’t just wearing all the hats and making all the decisions in every area of your business. You are doing everything from licking envelopes and sending emails to building your sales pages and managing your marketing.
It’s like being the only cook in the kitchen of a really big and popular restaurant. You get to cook the food, serve the food, clean up the tables and wash the dishes. You also get to buy all the dishes and serving plates, utensils and cookware to prepare the food. And you get to do all the work to entice people to come into your restaurant in the first place. If you keep going at this pace, how long before you burn out?
At first you don’t have much choice. You will put in a lot of time building your business and building your brand. Thank God for social media and all the automation tools available to us today. They help you stay productive. As you begin adding members to your team, you’ll want them to be familiar with all the tasks you do and the tools you use.
Let’s say hire an assistant for a few hours a week. You may have to teach an assistant how to do things at first, but that’s okay. Once she knows what is expected of her and her skills are competent, you freed up a whole lot of your time to do those things that are the highest and best use of your time. In the great kitchen of life, you need to hire an assistant to take on some of the dirty work so you can get into the main dining hall and mingle. (That’s where relationships are made and deals are done!)
- You get to take things off your plate and delegate, delegate, delegate! Once you have determined those tasks that fall into the category of the highest and best use of your time, for example, talking to investors who will back your next deals, you will feel lighter. It will be like you’ve replaced that heavy five-course dinner with a dinner salad. Now you have room for dessert!
So, is the highest and best use of your time doing all the administrative work and bookkeeping? Probably not. These are easily delegated. Plus the cost to hire people to help you get the “office” work done isn’t all that much. So why keep these tasks on your plate?
In my world, there is paperwork. I don’t really enjoy doing the paperwork side of things. I enjoy the other parts… those that bring the greatest and bests returns, such as looking for properties, talking to sellers and buyers, chatting with investor-backers, and getting deals done.
On top of all this, I have my WREN events to plan and attend. This is like running another business… because it is another business. It’s something about which I am very passionate and it is something in which I put a lot of my heart, soul and time into building. I can’t do all of these things alone!
The good news is that I can hire a real-world assistant or a virtual assistant to help me with scheduling and light administrative work. Virtual assistants are great, because they can make calls for you, help you with emails, keep you on track in your busy schedule and sometimes even do light bookkeeping. However, bookkeeping is a skill best saved for a seasoned bookkeeper. You might be surprised by how affordable a bookkeeper can be. You may have to kiss a few frogs before finding the right one, but keep trying people out. Put your feelers out for a bookkeeper who understands the P&L involved in a real estate investing. She can help you prepare for tax time, too!
If you are like me, you’re a busy woman who is okay with doing a whole lot without help. As women we are built for it. But we also get tired. At first I did a lot on my own. Then I added helpers… I continue to build a team. It’s something you can work on along the journey and help fulfill your goals and dreams.
I invite you to join me at Ignite Your Fire Within this weekend – an event where you will learn all the tricks and strategies to create a team, get more done in less time and ignite your revenue AND connect with other women in the real estate investing industry! Click the image below to learn more and register.