Investing in real estate doesn’t have to suck the life out of you. In fact; if it’s done properly you don’t even have to spend much time at it at all. Using a team and leveraging technology is a great way to keep your time manageable and working on the greater tasks at hand such as.. Looking for deals.
It really depends on how far you really want to take it. If it is your full time business. Well.. then you’ll be spending a lot more of your time doing things like finding JV partners, structuring real estate deals, setting up websites, networking, placing ads etc. But if you’re like the majority of investors out there you don’t have much time to spend on your business. Buying and selling homes is usually a side business for most.
By using simple systems and leveraging technology you really don’t have to spend a lot of time and effort managing your investments. Some of the ways to do this include:
- Using 800 Hotline systems allow you to automate prospecting and filtering out bad applicants.
- Using a lead capture website or a “Squeeze Page” is an effective way to generate leads.
- Use an autoresponder to be able to follow up with your prospects to keep them educated.
- Outsourcing the tedious tasks such as: call backs, appointment scheduling, sign installations etc.
- Using an automated property management system that sends invoices and receipts to tenants.
These are just some of the ways you automate your investing efforts. One of the keys to investing is to have a network or as I call it a Million Dollar Rolodex. Give the list of all your service providers to your tenants and have them call them directly. Rather than spending the time making the calls yourself and being inundated with needless tasks. For beginners this might not be an option. But when you have multiple properties it will make sense. Just be sure to negotiate the rates with your providers in advance and delegate certain responsibilities to them.
There are numerous ways to cut the hours you put into your investments. It just takes a little bit of set up, some education and a network that you can trust and rely on.