Time Saving Tips for Real Estate Investors
Time Saver #1: Delegation
Regardless of what level investor you are, you still want to make sure you’re not stuck doing the tedious, repetitive, time-sucking mundane activities that make you feel busy.
Your focus should always stay on the five key elements of investing:
1. Locating prospects
2. Prescreening them quickly, but efficiently
3. Getting the deed or purchase agreement on the “low hanging fruit”
4. Using the systemized checklists to sell or lease option a property
5. Delegating the rent collection for your lease option or rental properties
Don’t get stuck talking on the phone to any and all sellers at all hours of the day/night. Don’t waste time going after suspects vs prospects, visiting properties you’ll NEVER buy. AND DO NOT babysit contractors, rehabbers, etc.
Once you have the five basics down, you can easily delegate those and the administrative tasks that accompany them as well.
1. Locating prospects – Have a senior center or mailing company do your mailing. You only need to place an ad or put a sign up one time. If you need to set up a renewal for the ad you schedule the advertiser to call YOU to decide whether or not to keep it running.
2. Taking calls and prescreening – Use a 24 hour phone service with live operators to use the lead script we give you. Then you continue screening from the info you’ve already collected through your phone service. You can also send buyers and sellers to voice recorded messages that tell them about the house and how to visit it on their own.
3. Credit checks and loan qualifying – let someone do it who does it all day every day—a mortgage broker
4. Accounting – Again.. give it to someone who does it regularly like an accountant or bookkeeper.
5. Inspecting a property – If it’s a pretty house—just get the deed. If it’s ugly, get a contract. If they’re motivated, visit the house. If not, stay put. After prescreening them on the phone, you won’t have that many properties to send yourself to see in one month.
I understand business must be run behind the scenes as well as up front, but don’t waste large amounts of time on activities that aren’t making you money. You’ll only be spinning yourself in circles, getting no where. You are the lead generator, and the sale closer. Focus one at a time on getting the other tasks taken care of.
Eventually when you have all your systems in place—you can take off to Tahiti for a month and your business will still be running on it’s own without you. Beautiful thought isn’t it?
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