Every business owner hopes to grow in size and wealth. Whether it’s a quick growth or slow and steady, growth is the goal. Have you ever contemplated what your real estate business would be like at double its size? What about five times or even ten times its size? What resources would you need to make it happen? Here are three important resources to help you scale your real estate business.
1. Lots Of Money
Investing in real estate isn’t cheap. You have to have money to make money in this business, that’s for sure. You have two options when it comes to money: a) use your own money and grow slowly, or b) find money from multiple sources and grow quickly. Additionally, if you want to grow quickly, you’ll need to learn how to be creative when structuring deals.
2. Outsourcing Responsibilities
As a real estate investor, you have responsibilities that can be very time-consuming. There are various professionals you’ll need to deal with (realtors, tenants, neighbors, sellers, appraisers, contractors, investors, lenders, etc.), as well as repairs/maintenance and the day-to-day operations of the properties.
You can outsource a majority of the work to property management companies, contractors and the like, but you’ll never be able to hand it all off and spend your time lounging on the beach. After all, it doesn’t make sense to spend hundreds of thousands of dollars on buying, remodeling, and then selling a property without at least some personal oversight.
3. Streamlining The Business
Two things you can do to help streamline your real estate business is to use online tools and automate repeat business processes.
You can double the size of your real estate company simply by using processes like Evernote for documentation purposes and Cozy for property management. There are other online sources you can use for managing and growing your business, but the two mentioned above are very popular amongst real estate investors across the board. Automating your real estate business lets you spend more time searching for your next big opportunity.
It’s the hope of every business owner that his or her company will grow. Growing a real estate business requires lots of money, a measure of outsourcing, and using available digital tools to make the job easier.