In the end, it really boils down to this question. I didn’t set out for real estate to make me a millionaire – I set out to do it to give me the freedom and pay for what I loved the most – traveling and experience new cultures.
Some will say that delegation reduces efficiency, and decreases results. They are usually right, unless you have SOLID checklists and accountability measures that keep your team on track – something I still work on every day. That said, if I lower my income on certain investments, but I buy an hour or two by doing it, haven’t I just made my $/hour increase?
For example, many of my colleagues don’t understand why I hire GCs to manage my rehab projects, or hire Property Managers to manage my rentals. It’s pretty simple – could I make a few thousand more if I managed the projects & rentals myself? Absolutely. But is a few thousand worth the stress and 8+ hours per week I’d have to spend, taking time away from my priorities and growing my business, to deal with running it? In my mind, that’s a bad deal any way you slice it. A mentor once told me, “Time is NOT MONEY- Time is your MOST VALUABLE ASSET. You never can get it back.” And they are right.
What’s YOUR time worth? Think about it this way – a millionaire’s time is worth $500 per hour. They ONLY do things that make them $500 / hour – which almost always consist of pushing their goals and business further, or servicing their top clients. If a task is not at their pay grade, they would be losing money by doing it. Don’t make the mistake of jumping over dimes to collect all the nickels you can – always focus on how you can INCREASE your dollar per hour ratio.
Once ever 2 years, we put on an Accountability Workshop for real estate investors & agents looking to increase their Dealflow (leads & prospects). A truly difficult course, it forces them to do things that are challenging, boring, downright scary, and we only take on maximum 8 people every 2 years. The idea is mainly to get them set up, so that there is always something telling them what to do, and when to do it. “If I do A,B and C, I will get at least one deal in the next 2 months.” Interesting philosophy? Perhaps. More importantly, it works – if you know how to set your mind, prioritize, EXECUTE – and BE CONSISTENT. If you’re interested in this course, please e-mail the office at Info@TheAARealEstateGroup.com, and we’ll be sure to include you on any notifications that go out about our next session, in 2013.
Hope some of this helps – it’s certainly not the bible, as I’m still learning every day, but if you get one tip that makes you more PRODUCTIVE and less BUSY, I’d say you’re ahead of 90% of the others out there.
Now, “Shut Up and DO IT.”