Being a real estate investing entrepreneur is action-packed and fast-paced. You’re making deals, turning a profit, and then reinvesting that profit into marketing so you can do even more deals. You have bandit signs to put up, calls to answer, offers to make, sellers to convince, contracts to draw up, contractors to hire, renovations to be done, networking to do, buyers to be found… You are literally doing everything you can to make your real estate investment business a success.
You can run at this pace for a while, maybe a year, maybe two. You can do it all! But here’s what most people don’t realize: you’re not just reaching the limit of what one person can do, you’re reaching the limit of how big your business will be. Your real estate investment business cannot grow if you’re not willing to grow.
This is a huge struggle for many real estate investors, but you have a choice: keep doing as many deals as you can, or, build a business. For some investors, staying small is what they want. But if your dreams are big… if you’re looking to multiply the wealth-building capacity of your business, it’s time to move into the next phase of entrepreneurship and build your business. Here are three steps to stop doing it all yourself and start building a real estate business.
Step 1. Figure Out What YOU Do Well.
Building your brand is about knowing what your business does best. What is your unique value proposition? What are doing better than your competitors? You could be excelling at fix-and-flips to the point that you’re almost rebuilding entire streets. Perhaps you’re offering the easiest solution for people dealing with probate houses. Maybe you create stunning houses that outshine the neighborhood. Defining what it is that makes you stand out and promoting that in your marketing will line you up for more deals than you can currently handle. That’s why the next step of building your team is so important…
Step 2. Build Your Team.
No one can do it all alone, at least not for very long. Building a team is the way to expand your business. You need to be able to do what you do best. The more time you can put into those parts of the business which you do best, the more you increase your business potential. Seriously, you don’t need to be putting up bandit signs, cleaning houses, or mowing lawns. There are students you can hire to do these tasks and to do them well. The sooner you can start delegating the things that someone else can do better, the more you’ll be able to do the things needed to grow your business. There are people you can hire and strategic partnerships you can form which will take you to the next level, but you won’t have time to make that happen so long as you’re doing everything.
Step 3. Scale Up!
Once you have a team in place, you can scale up, doing more deals with your team in place than you did before. Now, at this point, many people realize another aspect of scaling up: “but it wasn’t just my time that was maxed out when I was doing it all myself… it was also my finances!” If you are currently doing deals based only off of the money you have saved, you’re missing out on some business-building opportunities. That’s where a hard money lender comes in who can help you get the money to do more deals. Build strategic partnerships with a hard money lender to fund your deals and you’ll rapidly accelerate your business.
You have a choice: do you want to stay small and keep spinning your wheels? Or, do you want to grow your business to achieve freedom? Follow the 3 steps above to grow.