Today’s REI Classroom Lesson
Tony Javier goes over 3 principles that he uses in regards to managing his team. By utilizing his strategies, your team will be filled with efficient workers who work well with others and know they’re being treated well.
REI Classroom Summary
From the hiring process all the way to end-of-year bonuses, Tony’s strategies are for the entire team as well as yourself.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike: Welcome back to the FlipNerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Tony: Hi guys, this is Tony Hobbs here with RealEstateProdigy.com bringing you your next REI classroom, which I’m going to teach you how to build your own team.
Mike: This REI Classroom real estate lesson is sponsored by VirtualStaffNow.com.
Tony: Building your own team is something that I really hold near and dear to my heart. It’s something that I worked on for a long time and finally, once I started putting some principles in place my business completely changed. So now I am at the point where my team handles everything, and I have my business on autopilot. It’s allowed me to open up other businesses. It’s helped me to open other markets
and to do things like this, which are teaching and training other investors how to invest in real estate.
There are two different types of teams you can build. One type of team would be building people that are outside your business and then there’s also building people that will work for you directly. So a lot of the principles that I’m going to talk about are principles about hiring people directly in your organization, but it can also cater to hiring people outside of your business. People outside your business that I’m talking about are inspectors, real estate agents, contractors, people that you sub-out certain things to, and then people within your organization would be marketing people, transaction management, acquisitions, and anybody else in your organization that works for you full-time.
There are three principles and I’ll get into those. The first one would be hire slowly and fire quickly. A lot of us can be in a rush and be scrambling and have a lot of things to do, and when we look for hiring someone we’re at a point where we’re just overwhelmed. One big mistake that I’ve made many times and mistakes that many entrepreneurs make is just throwing a warm body in. You have to make sure you interview. You have to make sure that you check references. You have to do multiple interviews. You have to ask multiple questions to really dive deep into the person to make sure they’re going to be the right person for that position. And then, of course, there are going to be times where even when you screen someone as best as you can, you’re going to hire those wrong people. It’s just going to happen. So when you realize that those people are the wrong people, you have to get them out of your organization. You have to fire them quickly or else they can become a cancer to your organization.
The second principle I’d like to talk about is making sure that those are good people. This is something that I can tell you right now that almost every single person in my organization I can say is a good person, and when I say good person, they have good morals, they fit within our office culture, and that’s something you need to find is what is your office culture. You know when you meet those people that you really jive with, those people who you can tell that they’re just genuine people, those are the people we like within our organization because we’re going to deal with those people on a regular basis. Even if they’re sub-contractors, same thing.
You want to have good people in your organization because they put good energy into the business. If you have people that are going to lie, that are going to steal, they’re going to cheat, that are going to take things, take more than they’re going to give, that becomes, again, a cancer to your organization. So make sure you hire good people.
The third principle is when you have good people, make sure that you take care of them. There could be many things that you can do to take care of your people. For me, I like to once a week have my office – and I’m not in my office, I’m actually 1500 miles away from my main office – but what they do every Thursday now is that they will go out and they’ll do something fun.
and go volunteer, or they’ll go out to lunch. I’ll buy them lunch even though I’m not there. They’ll go do something fun as far as team building is concerned. I give them Christmas bonuses, I incentivize them, so a really good job I’ll start throwing in extra bonuses for them. “Hey, you’ve been doing a great job. Instead of giving you a raise, I’ll tell you what. I’m going to give you some extra bonuses.” I’ll put a nice little bonus plan in place for them and what that does is it makes them work even harder.
So make sure that you take care of those people once you’ve done that hard work of getting them in your business, and make sure you pay them right. Pay them what your value is. You don’t want to pay someone $10.00 an hour just to save money if you know good and well that they’re worth $15.00 an hour. Once I learned this principle, I was able to recruit better talent because the people, the quality that I wanted of work in my business were going to be at least $13.00 to $15.00 an hour people instead of $10.00 to $12.00 an hour people.
I promise you if you put those three principles in place, and you work to and really do those things to get your business up to the next level, I can tell you right now my business is on autopilot. The team that I have in place I trust 100%, and I feel like I can walk away from my business for right now and it runs without me. If you’re looking to build a team, hopefully that helped, and we’ll see you on the next REI Classroom.
Mike: VirtualStaffNow.com is the leading virtual assistant provider for real estate investors. As busy real estate investors there’s nothing more valuable than our time, and VirtualStaffNow.com not only helps you find the right real estate virtual assistant for your business, they train them on an ongoing basis, manage them daily to make sure they’re staying productive and effective, and in the event they’re not the right fit or need to be replaced, they handle that for you, too. Whether you need 1 or 100 virtual assistance for your team, start the process right now at VirtualStaffNow.com.
Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers, or affiliates. Please consult professionals before making any investment or tax decisions as real estate investing can be risky.
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