You Must Spend to Grow
Your business will not grow until you put people, processes and systems in place. This means investing your time and money to find, develop and implement these factors. Spending money to grow your business separates the massively successful from the mom-and-pops.
Essential Positions in a Real Estate Investment Company
These positions are listed in order of hiring importance. 1) Acquisitions Manager: Handles the purchasing side. This person is a natural closer. 2) Junior Acquisition Manager (Follow Up Manager): Ensures that no leads fall through the cracks. 3) Disposition Manager: Handles the sales side. 4) Transaction Coordinator: Facilitates the transaction process. 5) Chief Financial Officer: Oversees the company’s financial health. 6) Administrator: Handles the functions of the business. 7) Business Development Manager: Strategically plans the growth of the business.
Every Business Has Different Needs
Figure out who is the visionary, integrator. The start of your business is your lead flow. If no leads are coming in, you will have no business. Is there no follow up? Are you using the correct CRM? A CRM is critical to scaling your company. The foundation is the CRM system. Multiple foundations in a company. For example, in marketing, data is the foundation. The more customizable, the better. You can build a lead flow and workflow.
Winging It Leads to Mistakes
Having processes in place is critical to growth. It is like having a hole in your boat, do you keep patching the holes or do you just build a new boat. If you don’t know the processes, it doesn’t matter what CRM you have. You can create a process on a napkin, but many investors don’t even know the processes to start.
The Hiring Process
Social media is a great place to look for potential employees. People must know who you are and what you are doing. Many people confuse marketing for vanity. If people know you are successful, they will be attracted to that. You will attract successful people. Also, social media is free. The standard hiring platforms, Indeed, etc., did not seem to work for them. If they follow you on social media, they likely know your culture. Employees must have your same core values and share your company vision. If you can hire someone at 70% of your skill set, it is worth it. You can gain more than 70% by the time you gain back by hiring someone.
Be Slow to Hire and Fast To Hire
It can cost hundreds of dollars to allow a non-producer to linger in a company. As a good company leader, you must be able to know what someone’s talent. Someone may apply for a job doing one thing, but you see they are better at another position. Spot talent, and foster growth. You cannot teach work ethic. You must pay attention to your business in order to spot talent, catch problems before they get out of hand.
Questions to Ask an Acquisition Manager
Do their core values align with yours? What is your home life like? What have been doing for the past 5 years? Why are you leaving you current position? Are they a people person? Are they genuine, caring? Are they a problem solver? Are they a closer? What was the first thing you did to earn money? Choose someone who is accustomed to the commission-based lifestyle. If they were working at a young age, they are likely entrepreneurs. It is alright to have all entrepreneurs in your business. If they can’t close you on why they should hire you, they are not a closer. You must give them unexpected questions and tasks that throw them off their game. Ask them their greatest skill, if they say “building rapport,” then ask them to sell you something. If they immediately jump to a hard sell pitch, then they are not good at building rapport.
Know Your Numbers and Watch Your Key Performance Indicators
If KPIs go down in a market, one employee or whatever, be aware of it. Track ROI on absolutely everything. Exactly how much return do you get on specific marketing campaigns. This will tell you where the money needs to be spent.
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