Are you experiencing inconsistency in your real estate investing business to the point that your deal volume and income are fluctuating more than the price of gas at your local Exxon?

Gas Prices

Maybe you’ve hit dry patches in your real estate investing business when you don’t have as much revenue coming in due to to a variety of reasons, like closing delays or inconsistent marketing.

Consistency is an area where many real estate investors struggle. Once your REI business hits a certain level, sometimes it’s challenging to remain consistent with prospecting, follow-up, marketing, and the relationship building that’s crucial to scaling your business.

So why is it that filling our pipelines with quality leads in order to propel business is the first activity that we neglect when we get overwhelmed? When you take a step back and recognize that next month’s revenue is contingent on this week’s prospecting efforts, you really begin to understand the critical nature of consistent effort.

So, What’s the Solution to Consistency in My REI Business?

As a real estate investor, you know there’s a lot of moving pieces in your business. And the fact is, if you’re trying to be the chef, the server, and the host in your business – something is bound to fall through the cracks.

When we have too much on our plates, often what takes a back seat is our marketing efforts for future deals – because it’s easy to get consumed with your current deal transactions.

Consistency

One way that I’ve been able to create consistency in my business is to make a concerted effort to focus on revenue generating tasks and delegate everything else. You’re probably thinking, “easier said than done,” right?

Below I’ve listed a few ways to make you more efficient and fine tune your delegation skills, which will ultimately: increase your marketing consistency and deal volume, help you solely focus on revenue generating tasks, and take your business off of the income-roller coaster that none of us want to ride.

3 Keys for Better Delegation and Greater Efficiency in Your Business
  1. Determine your entrepreneurial hourly rate.
    Let me tell you why this is important. If you don’t know what your time is worth, then you don’t have anything to measure against when you’re trying to determine if you should take on a task or delegate it. Also,knowing your entrepreneurial hourly rate keeps you accountable.So for example, when you’re about to do an activity in your business, the little voice in your head should be saying “is this a $200/hr task I’m about to do (or whatever hourly rate you come up with)?” If the answer to that question is “yes,” then you know you’re doing a high revenue generating task that’s propelling your business forward. If the answer is “no,” then you need to STOP before you even start, and delegate that task.A good example of this is filling out purchase agreements or following up with title companies. Neither of those are high revenue generating tasks. Whereas negotiating a wholesale deal with a potential seller or investor-buyer is a highly profitable task.
  2. An army of one will get buried in the battle of overwhelm. Basically by this I mean, if you’re running your REI business as a one-man-show, it’s very hard to sustain that long term and even more difficult to scale your business all by yourself.Remember the chef, server, and host reference I made earlier? There’s a reason you never really hear about successful one-man restaurants. In any business, and especially real estate investing, there’s a lot of moving pieces to keep up with in order to operate a successful company.

    In order to manage all of the tasks that don’t have a direct impact on your bottom line, I strongly suggest hiring a virtual assistant (VA). Virtual assistants can take all of your routine, time-sucking tasks off your plate such as admin paperwork, bookkeeping, lead follow-up, and answering phone calls – just to name a few.

    You can also give tasks to VAs related to your marketing – like ordering mail pieces each month or managing your pay per click campaigns – so those tasks are done consistently in the background, while you focus on putting together deals.

    In addition to the time a VA will save you, they’ll also save you money, since they can be very affordable vs. a local employee. Not to mention, you don’t have to worry about the additional cost of office rent and overhead since your employee is virtual.

  3. You can’t improve what you don’t measure.
    It’s very easy for us to get so caught up in our day-to-day real estate transactions that we forget to have systems in place to measure where we’ve been, where we are, and where we want to go.If you’re not measuring these things, then you have no benchmarks to use in order to improve your marketing, or determine what activities are having a positive or negative effect on your revenue. Whether you decide to use an Excel spreadsheet or a CRM (customer relationship manager),you must find a way to track what’s going on in your business.
What’s My Next Steps?

If you’re in this business for the long run,the best time to start doing activities to create consistency is now.

Board

Take the time to determine your entrepreneurial rate and hold yourself accountable. Hire a good VA, or someone locally, that you can delegate the tasks that are needed to propel your business forward (i.e. marketing) while you work on other high revenue generating activities. And measure EVERYTHING you’re looking to improve. Whether it’s the response rate to your marketing, the number of leads that you generate weekly, or the number of deals you do in a month. You have to track it to grow it.