Yep. Just this one thing.
Sure, there are many different things you could TRY but if you do this one thing you will start moving forward at blazing fast speeds and scale up like you never thought possible.
Build a team.
That’s it. If you build a team, you will start to scale up like never before. There are a couple of reasons for this:
- You will feel the pressure of having other people rely on you for a paycheck, so you’ll put in the effort to get more done
- You will multiply yourself with a bunch of other people doing simultaneous work on multiple deals (whereas you could only ever work on one thing by yourself)
- You will actually get more done by giving people specific jobs; for example, an acquisitions person will become more proficient in acquisitions than you were because that’s ALL they’re doing in a day, whereas your attention was diverted from one thing to another throughout the day
- You will stretch yourself and expand your capacity to think, act, and lead
- You will expand your mind to realize that you own a business (which is a game-changing way to think about what you do)
Adding team members changes everything. Here’s how to do it.
First, start by listing out the steps that you do in a deal. For example, if you are a turnkey wholesaler then you might…
- Market to find deals
- Make offers and close on deals
- Clean and fix deals
- Put a tenant and management company in place
- Wholesale the deal to a cash buyer
Okay, so if you’ve been doing all that yourself so far then list that out and see how you can hand that off. What if you hired an acquisitions person to help you with steps 1 and 2, a project manager and contractors to help you with step 3 and 4, and a sales person to help you with step 5?
If hiring that many people at once is too much, then start with one or two people and grow from there. Hand off the work that takes the most time and/or is the lowest value work, while you focus on interacting with the biggest opportunities and highest value work.
One more critical lesson to learn here: when you switch from doing it all yourself to leading a team, you need to make the switch in your mind from being a hands-on real estate investor to being a hands-off leader. It’s a different skillset. You need to learn to empower your people and equip them to do their work well, then unleash them to do their work without micro-managing them.
That’s the way you build a business faster and stronger.