The downtime that the holiday season offers is a great time to focus on the accomplishments and goals for your company. We would love to offer some tips and tricks to help you achieve your upcoming years goals and focus on what can be done better!
- Lead Generation
- Lately, some markets have had low inventory, so it is hard for investors to find the right deal. If you need property leads, Connected Investors is an amazing software for investors to find off-market properties for sale.
- One, question to ask yourself is how full is your pipeline? Regardless of your strategy, do you have ample deal flow or do you need / want more? If your answer is the latter, it is time to think outside the box and build your pipeline. The first step to achieve this can be to use your current real estate network. See what is working for others that are trying to achieve what you are. Don’t be scared to try something new and find a niche that works for you. Maybe that’s focusing on pre foreclosures or maybe it’s streamlining a direct mailing campaign geared around city violations.
- Know your numbers
- The question you should always know the answer to is, “Where is my money going and what is my ROI?”. Are there any areas in where you do not have control? For example, if you are flipping, do you have control to find the differentiations between labor and materials with your GC?
- If you are trying to market your investment business, join your local REIA’s! Each city has a local Real Estate Investors Association or Alliance that investors can join so they can network with one another. Meetup.com is also a great event website to look on to find real estate events near you!
- Make a website with your most recent projects! You can also make an Instagram or Facebook page to showcase your projects. Let people know what you are doing! You never where leads will come from. Some of the best deals we have seen, are one off deals that investors were presented with because a friend referred a friend who referred a friend because they saw their marketing.
- Systems and processes
- Time is the most valuable tool, so where is the most of your time being spent? Are these tasks that you need to be doing? Is that the best ROI on your time? Could you hire someone full time or part time that would allow you to focus on more macro tasks to build your business? Does it make sense now? Does it make sense in the future? These are questions you need to be asking yourself.
- If I can stress anything, know where your money is at all given times. Have your accounting in order. Do not be scared to spend 15 dollars a month on a QuickBooks account. The more organized your accounting is, the better you will be able to analyze your business and draw conclusions when viewing your company as a whole.
- Constantly review your business on a quarterly basis at a minimum to review systems and processes. Which of these can you make more streamline to free up your time?
These four tips will by no means guarantee a fully functional profitable business. But what they will do, is help you discover room for improvement. You got this!