As a real estate investor, we often wear many hats. From the marketing to the acquisitions to the transaction coordination to the bookkeeping, we typically are performing multiple “jobs” within the business because we haven’t built up a team yet. In the beginning, you typically don’t have the consistent income streams to hire out a full team so it naturally makes sense for you to have your hand in everything.
As deal flow grows, it only makes sense for you to focus your time and attention on the “money-making” tasks and to hire someone to help with the administrative work and other tasks that you don’t really have the capacity for if you plan to continue growing your business.
This sounds easy, on paper at least.
Most entrepreneurs like control. We thrive when we’re in control and many times, we put off the idea of hiring a new person to help in the business. Fear of them doing it wrong or not as good as you is scary, but it’s only holding you back.
For example, the majority of real estate investors probably don’t enjoy keeping up with their books, but they’ve done it out of necessity for years. As deal flow increases, so does the amount of work that needs to be done on the bookkeeping side.
Except, you know it’ll take time to train them to do it how you like will take time, and you’re busier than ever.
There will never be a perfect time to let go of that control and let others on your team help out. You have to take the time to train them and set up processes. The time you take to train them now will buy you so much time in the future.
Set up KPI’s, or key performance indicators, for each team member so they know what goals they need to achieve and how you’ll be evaluating them. By setting clear goals and tasks, you should have visibility on how well they’re doing and allow you to make adjustments before anything goes drastically wrong.
Building out your team does not mean you’re giving up control over different areas of the business. It means you’re overseeing and working ON the business more than working IN the business.
Get out of your own way.