How can real estate investors and business owners more effectively hire and manage teams for better outcomes and performance?
Whether you are an independent investor in mortgage notes or flipping houses, or you run a major fund, your success is going to rely heavily on your team members and how you manage them. Not even Trump, Buffett, Zuckerberg, Elon Musk, Bill Ackman or Tony Robbins can do it all alone. So, how do you hire and manage these vital components of your operation well?
Hire for Value
Hire the best you can, but look for the most value. You don’t want to overpay and misuse the capital that could instead be invested. You can’t afford to go too cheap and end up running your venture and future into the ground either though. Wherever you can, hire the best you can afford. That applies to CPAs, attorneys, admin staff, and marketers. Yet I stress, look for value.
The same goes for real estate attorneys. A great one may be able to get the results you need and say get a $10,000 deposit returned to you with a simple letter and 30 minutes of billing time. Even if they charge $350 an hour that is a good deal. Another attorney might charge $200 an hour, and turn it into a courtroom fiasco that damages your reputation, soaks up thousands of dollars of your time, and winds up with you being billed $7,000 or more. I know many note investors can relate to this.
Empower Your Individual Team Members
There’s no point in hiring an awesome attorney, getting their advice, paying them, and then just representing yourself in court and blowing it, right?
The whole point of hiring great people is so that they can do the work and bring in the expertise in detail you may not have, or at least don’t have time to master. So, don’t just delegate. Listen and empower team members to work independently as much as possible. The important thing is that they are getting the results you want.
Then connect your in-house and remote team members to each other. That way they can get things done for you, without you. Then they can keep the wheels turning when you invest in quality time with your family and taking important thinking time out.
Automate Payroll as Much as Possible
You can do this with automated hourly billing through outsourcing portals like Upwork, hiring an on-demand bookkeeper online, or using retainers to pre-pay for what you’ll need a quarter at a time.
If you don’t, you are burning your time on low level tasks trying to juggle micro billing, instead of doing multi-million dollar deals. And chances are you might mess up there too. Because you are busy and those big deals seem more important than a few hours some remote person put in last week. Though, even if that is $30 you can bet that person needs it a lot more than you. And be sure to take care of your team members, and they will take care of you. You wouldn’t want that next big deal to fall apart because someone is still waiting on an invoice you forgot about from a month ago. Don’t choke up your flow of work for a few dollars.
Reviews
If you want to attract great team members and have them come back to work for you, leave them good reviews. We all live and die by our online reviews today. So, if they did a good job, don’t leave a miserly 4 out of 5 star rating. Give them a 5. That’s what puts food on the table for their kids. People will see the reviews you leave for others too. If you have a habit of leaving low reviews the best talent may assume you are just never satisfied and won’t consider working with you at any price. They just can’t afford to. Either don’t review, or leave a good one. Unless you feel you really have a responsibility to warn others about someone who is really terrible and it is only a one off thing. This will help you cultivate good reviews yourself, and gain even more business and top talent in the future.
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