This article was presented by ATTACK.
Real estate investing can be a great way to earn passive income, but that doesn’t mean you can’t be busy. As an investor, you need to field calls from tenants, potential buyers and agents and update your CRM.
These administrative tasks can be tedious and add up, especially as your portfolio grows. They could even potential It will cost you your next big deal if you miss a call, are slow to respond, or delay an offer.
As your real estate investments grow, you can track how you spend your time. If you’re spending more time on paperwork, reports and messages than creating new deals and real estate listings, it might be time to re-examine your time management and consider the help of an assistant.
Treat your hours like you treat your capital
Time is money. When you spend your hours scheduling showings, doing bookkeeping, chasing down contractors or gathering data, you spend less time on high-return activities like finding off-market real estate deals or raising capital.
Just now like you should take a closer look at your cap rates, cash flow and ROI on a property, you should are doing the same for your time.
Calculate how you spend your days for a week. Do you spend several hours a day answering emails? Do you spend a lot of time on the phone? Include all business-related work such as administrative tasks, online scrolling, finding new deals or managing tenants.
You can use an Excel spreadsheet to track your time manually, or use a calculator, such as
BELAY’s free EA job calculator. Once you know where you’re spending your time, you can figure out where you can cut back and free up hours by delegating tasks.
Use the EA job calculator today to see how much time and money you are leaving on the table.
Unlock your time through delegation
If it’s true that time is money, your hours become a valuable asset in value when you delegate tasks. Having an assistant helps, but without clarity about which tasks you need to do delegateyou may still have to work harder on your company than necessary. It doesn’t help to get help if you end up doing more of the same work.
The Pareto principle, or the 80/20 rule, states that 80% of your results come from just 20% of your efforts. If you apply the same rule to your real estate investments, That means you only spend 20% of the time on deals creates 80% of your investment result.
Using the same rule you can identify the tasks that require the largest return on your time: closing deals, networking and refining your investment strategies across your portfolio.
Then delegate the low-value tasks, such as tracking leads or handling expenses, to an assistant. You can start with these six T’s to figure out which tasks take the most time without giving you the most value:
1. Small: Small, seemingly unimportant tasks that pile up over time
2. Difficult: Simple but repetitive tasks such as data entry or updating spreadsheets
3. Time consuming: Complex tasks that are worth doing, but are better addressed by someone else who is trained, such as investment reporting and analysis
4. Learnable: Work that seems difficultbut can are delegated with the right process
5. Terrible at: Tasks that you are weak at, but that others excel at, whether that is answering emails or accounting
6. Time sensitive: Tasks that need to be done be ready so you can focus on the bigger picture
When delegated properly, hiring an assistant will pay for itselfas it frees spend your time focusing on the things that give you the opportunity largest returns.
Unlock more deals by hiring an assistant
Hiring the right assistant to handle administrative tasks can significantly benefit you and your time management skills, freeing you up to focus on the high-value, high-level tasks that are essential to your success as an investor. Have someone WHO is trained on the right way to manage your inbox, update your CRM, prepare communications for deal requests, and easily conduct real estate research staff saves you hours.
They can even help with planning, coordinating projects, booking trips and managing suppliers. A good assistant can also help with finances by handling expenses, invoices and rental payments, analyze deal details, and walk reports.
You can even delegate your marketing and personal tasks, such as posting Unpleasant social media, sending out newsletters, compiling images and sending them out thank you cards. And maybe you can even take that long-awaited vacation, because you will have trained someone who can vouch for you.
To have clearly processes that your assistant can follow can really help loosen the tension by your business and free up your free time brain to focus on more important tasks.
Final thoughts
Make your money work for you by investing your time where it will give you the highest return and delegating the rest. By delegating time-consuming tasks, you can close more deals, potential Achieve your financial goals sooner and free up your brain to avoid job burnout.
Find out how ATTACK can match you with a US-based assistant who understands the operations of real estate so you can free up your time. Only pay for the hours you need and benefit immediately.
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