Something you have to figure out is whether you like to show up early or come in late. Are you good at showing up early in the morning or do you like to start later in the day? Once you figure out what you like to do, you have to focus on it. That’s what’s going to make you stronger. You have to design your schedule so that it works for you and you’re able to be as productive as possible. That’s going to be what makes you the most successful, figuring out what your strengths and weaknesses are.
For example, let’s say you have a management company in real estate and you have to do social media. If you’re not good at social media then bring someone on your team to help you get it done more efficiently. That’s going to ultimately make you more successful. So many people try to do everything themselves, even the things they are not great at, and it can really slow you down.
Building A Team
One of the guys recently brought on a new guy to help with putting in window insulation. He got the job done, but it wasn’t done as fast as it could have been. We figured maybe it’s not this specific person’s expertise. Everyone has a different expertise. Another guy can knock out two units of windows in a day compared to the first guy. He only got three quarters of a unit done in a day. Everybody has their different strengths and weaknesses.
Even when it comes to investing. People are going to be able to underwrite deals almost in their head because they know the numbers so well. That means you have a really good strength with underwriting. There’s a lot of pieces that go into play when it comes to investing. There’s hundreds of skills you need. Start building a team that’s going to help you complete all of the skills and bring them together so you become a strong unit. That’s going to make you successful.
Finding Talent
Talent is something you have to search for because you need highly skilled people to become more successful. You need to find people with skills that are going to compliment what you’re already doing. You can fill in some of the weak areas you feel you’re not the strongest in. A lot of people say, “oh I’m not weak in anything, I can do everything,” but if you think about it, you probably can’t do everything at a great 100% capacity. It’s impossible. So you have to figure out what you excel at and where you can ask for help. That’s what’s going to make you even more successful.
You Have To Figure This Out
One of the things you have to figure out when you’re building your business and investing into real estate is what your strengths and weaknesses are. If you don’t know what your strengths and weaknesses are, it’s difficult to hone in on what your greatest skills are. Once you figure it out, you can start delegating. A lot of people make this mistake when they’re starting a business and investing into real estate.
You might not be the best at underwriting a deal, but you’re really good at finding the deals. There are many different segments of projects. Some you’re going to be good at, while others may be more difficult for you. It can be helpful to put a list together with two columns. On one side put the things you feel you’re best at and on the other what you’re not so great at. That’s going to help you figure out what you should focus on and who you need to bring on your team.
Conclusion
In the beginning, there are a lot of things to figure out. Then, as you grow, you’ll be able to build your team and that’s going to help you scale your business. People are going to fill in the gaps that you need, and this will help your properties run more efficiently so you can continue to grow. Go out there, start building up your portfolio, figure out what your strengths and weaknesses are, and start optimizing your success.
If you want to learn more about real estate investing, check out our blog and social media!
