I received a message the other day; this person asked me how they could remove themselves from their business. They didn’t want to quit, they just wanted to be able to grow the business enough to hire some help and gain more time back with their family and other priorities.

Listen to the episode here!

Scaling Your Real Estate Investing Business

Scaling a digital business and a physical business is different. Both will use social media and digital marketing, but the overheads are different.

  • One of the first steps I recommend, when scaling your business, is creating an instruction manual for everything you do.
    • Getting an assistant is great, but if you can’t explain to them what you do and the steps you take, they aren’t going to be able to help you.
    • When you make lists and steps for how you do everything you do, you can see the parts that you hate doing or the weaknesses in business you have.
      • Everyone has things that they aren’t great at. My problem was that I was a visionary and had a lot of ideas, but my follow-through sucked. So I knew that any person I hired had to be able to get things done and pick up where I stopped with my follow-through.
      • Use personality tests like Tony Robin’s DISC test. It will help you figure out your strengths and weaknesses and also a good filtering tool for potential hires. You want to hire someone who almost has the exact opposite of your profile.
  • Step 2, do a time study.
    • Don’t ever skip this step.
    • You should do the study over a one to two week time period.
    • Break your day into 15-minute increments from midnight to midnight.
      • It sounds super annoying to have to make sure you are writing what you are doing every 15 minutes of your day, but it is all worth it.
      • After you have your plans written out, you need to know which category all your actions fall into.
        • Tactical- time spent working in the business, doing deals etc.
        • Strategic- planning things for your business that you need to do to be successful. This could be creating manuals, getting videos set up for future employee training, etc.
        • Family time (friend time)- this is the time spent with the ones you love. It’s an important time because you need to make sure you aren’t neglecting your support system. It can also include things like taking kids to school or sports.
        • Self-care- This is the time you spend by yourself, for yourself. You can use it to reflect on things or relax. Get a message, go to the gym, head to a Bible study. Whatever spiritual, mental health, or physical needs that you personally should meet.
      • If you are doing things that do not fall into these categories, it shows you where you can improve how you spend your time. Scrolling on Facebook for an hour after dinner is not self-care and it generally doesn’t improve your business. It’s a distraction! You can do something more meaningful with that time.
    • After you have looked at everything you do in a week or two, you can start going through and marking things as things you like doing, things you hate doing, things that actively make you money.
    • Make a list of all the things you hate and that is your first job ad for an assistant!
  • Hire an assistant or employee
    • Generally, you want to hire an assistant first–and to remember their job is to do all the things you listed that you hated from your time study.
    • When putting out a job ad on the internet:
      • First, you need to put a little money on the ad so that the website will put it in front of the people who would fit the criteria.
      • You need to create a “job funnel”.
        • This is making people do multiple steps to apply. If you don’t do this, you will get 400 applications of people who just clicked a button that said “apply now” and thier resume is uploaded.
        • Asking a potential employee to take a personality quiz or do a video answering questions as they submit a resume ensures the person actually wants the job and the person is able to follow directions and details.
  • Splurge on a piece of software like ScreenFlow.
    • This software records your computer screen with your checklist and it also records any audio. So, you can call a motivated seller and you will figure out what your script is for motivated sellers and shows your checklists you have for each call.
      • It’s creating a personal tutorial for you to be able to share with any employees who will eventually take over that responsibility.

Therefore…

The biggest takeaway, from this whole thing, is that you need to find out who you are and what you actually enjoy doing. Once you can be honest about where you spend your time and where you should be spending your time, you will hire the right employees and you will be able to scale your business.

Don’t Forget!

If you love the returns of real estate investing, but don’t want to deal with any people, you have the option to be the bank. You can be part of a trust or a fund. Right now, I have a fund set up for accredited investors with over $5 million in assets. The fund has preferred interest and 70% profit sharing. Visit me at investwithdrmatt.com to find out if you have the opportunity to invest with us.

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