Have you ever asked yourself “What should I do first if I’m going to Automate my Business?” Believe me, I know, Automating your real estate business is no easy chore, I’m here to tell you. I mean, it SOUNDS easy, because we use the word “automate”. But the entire process does take time, money and a level of commitment like no other.
When you first start out as a real estate wholesaler, the same thing happens. You hear about a simple method of “getting a contract on a house” and then simply assigning that contract to a cash buyer for a fee. Easy, right? In theory it is. But when you start tearing down the parts and really digging into how to get this done, it becomes a little more challenging.
There’s more to it than it seems. The definition of wholesaling IS a simple concept. And once you’ve been through the validation process (actually going full swing through a deal and seeing it to the closing table), then you may actually have confidence that it IS easy. That’s when you decide to continue the pursuit.
Automating your real estate business is quite similar. You probably hear me talk about how my business is automated, and how easy I have it. While that is true, there’s still some truth about the early stages that isn’t glamorous. The growing pains, if you will.
I’m an early adopter of everything. I started automating my business before it was cool. I had no idea that it would be a “thing” 6 years later and that everyone would be on the automation wagon. But with virtual wholesaling taking over the community, automation has become a very desired business model.
So let’s dive in to some facts about automating that you should know before you ever take any type of action.
Automating your real estate business isn’t something that will happen overnight. In fact, it may take you longer to automate your business than it did to ever make that first check.
Just like it requires money to generate leads and run your business (despite what the dream weavers are telling you) , it requires money to automate. Software and virtual assistants aren’t free.
You shouldn’t consider automating your real estate business if you’re brand new. You need to have a foundation of knowledge and a few closed deals under your belt before you start training other people how to make it happen. My recommendation is to have 5 – 10 closed transactions before you start automating.
You will never be able to just walk away from the business and think that it will run itself. That’s idiotic. It’s your business, and it will always require input and management from you. You are the leader, the visionary, and the one that calls the shots. You better know what you’re doing.
Alright, so I’ve laid down some ground on some basic expectations when the thought of automating enters your head. Now lets talk about what you should do FIRST when you’ve made the decision to move forward with it.
Splatter your business process out onto a mind map. A good software to use is MindMeister. You can start breaking down all of the tiny little fragments of your business, and visualize the play by play action plan of how things are run. Do this process for both BUYING houses and SELLING houses.
Take the time to really think things through and be as detailed as possible. This should take you a couple of days to do this, because you won’t be able to remember all of the details. It might even be a good idea to do this project while you’re actually moving full swing (real time) from lead generation to closing.
The image below is an example on just a tiny portion of my business and how it’s broken down. I made this on Mind Meister. About half of my brain has been deposited there. it really helps to see things clearly, especially if you are a visual or analytical person
Once you have you’re entire process documented on a Mind Map, then study it carefully. Determine what areas are the most important to you. Also decide which tasks that you dislike doing the MOST. This is where you should start.
My recommendation is to start automating the lead generation process first. It’s the most crucial element to the success of your business, and the one that shouldn’t be neglected under any circumstances. But the choice is yours.
Take your mind map that you’ve created and start documenting very detailed instructions on how you handle this particular tasks. Use Google Drive to document written instructions, and use Video to record screen activity. It’s always best to have 2 methods of training.
This process is time consuming, but necessary. Think of it in 2 positive ways.
As you’re creating these instructions and training documents, be sure to organize them in a way that is EASY TO NAVIGATE. Use folders and file names that would make sense to a child.
Finally, once you’re done creating training videos an instructions, hunt down a 10 year old kid and ask them to perform the task. If they’re challenged at all and/or can’t figure out how to do the tasks, then chances are that you’re new trainee or Virtual Assistant won’t be able to figure it out either.
Once the 10 year old has been able to successfully complete the assignment, it’s ready for prime time. hire yourself a virtual assistant and give them this task to work on. Let them perform this task for a couple of weeks before you add on anything new. this will give you time to write more instructions and create new training videos.
Don’t get ahead of yourself when it comes to outsourcing tasks. Be patient with yourself and with your new assistant. Don’t throw them under the bus and expect them to start running your entire business overnight.
If you are diligent, you should be able to outsource 95% of all of your tasks and only micro manage the day to day activities. That’s when you will feel accomplished as a real estate investor, and as a business owner.