A lot of my students that have got a lot of properties begin to get bogged down with the paperwork and the admin processes. You become this really successful property investor, then you end up with almost a job as an admin person managing all this junk.
In this article, I am going to go over the three bits of advice I have dealing with admin when you become successful in the property world. If you are not yet successful enough to have this problem, it is still worth reading this article and taking some notes so that you can prepare.
1. Hire an employee, don’t get a virtual assistant
My advice is don’t get virtual assistants because they’ll just have a part-time attitude. My advice is to replace yourself by hiring somebody as an employee. When someone is an employee they are more likely to take the job seriously and care about the results. Choose the right person and give them responsibility, don’t micromanage.
Pay good wages, don’t try and get the cheapest option. The cheapest option is cheap for a reason. Value your time and value someone that can competently replace you without continual supervision. This kind of person is worth their weight in gold!
2. Create an editable training manual
When you hire an employee you should write a training manual for them. All the jobs that you’re doing that you think someone else could do, write them down. Write down exactly how they’re done and put it into a training manual. When you hire an assistant get them to do all these jobs and every time they have a question for you, you need to help them when they get stuck, help them and then add the solution into the training manual. This becomes an ever growing, ever evolving training manual.
When that employee leaves, which they probably will, you can easily replace them because you’ve got a training manual, which is doing basically all your junk. In the end all common, and not so common, situations will be covered in the manual and your help will be needed less and less over time.
3. Do every task first
Do every task that you plan to delegate first. This way you know how much time each task takes and the best way to do things. If your employee says something will take a day, you will know if it could be done quicker or maybe a day won’t be enough. Having the experience first hand gives you more insight into the jobs you are asking them to do and allows you to manage them properly.
If you would like to meet other property investors and find out how they manage their admin, why not come down to the Property Investors Crash Course? Tickets are free and you can book yours here. If you are new to property you will learn how to become successful, if you are already successful it is a great chance to network. I hope to see you there and hopefully we can have a chat about all the awesome stuff you are doing.