If I took you on a high-level journey through how you could scale your business through systems here’s what I’d say.
1. Record your processes. Get really good at making simple or concise notes, short videos, or audio memos for what you do for specific tasks.
2. Constantly review those and refine your processes. This just takes time, but it’s worth your investment.
3. Ask for feedback from your employees. If it takes one of your employees three hours to do something that should only take 30 minutes, you need to be clearer or you need to change the process for them. This is the best thing I can tell you about scaling through better employee management.
Top advice for growing your real estate business
1. Be comfortable wearing every single hat.
This means being comfortable doing everything. For example, looking at accounting files with familiarity. You need to be able to wear every hat at least initially, because if you can’t, you won’t be able to teach anyone else you hire for that job as you scale. You might bring in someone who is experienced, but with that, you run the risk of becoming dependent on someone's previous experience. As terrible as it sounds, everyone needs to be replaceable. You could lose that experienced person overnight. By building systems in which you have been personally involved, you can reduce the risk of losing information as you lose employees along your path to growth.
2. Hire slow.
Apply the same care to hiring as you do to acquiring property. Do due diligence on the individuals you hire. This includes making sure you're comfortable with the tasks you're giving them. Spend extra time discerning whether or not that individual is right for the job. Focus on your people, because your people make your business.
3. Fire fast.
If stuff's not getting done, according to my mentality, give a few warnings, then fire them quickly. Before you jump too quickly, though, make sure it’s not you that’s blocking them (this may be do to the nature of the tasks or unclarity on what they're to do, for example). Ask yourself, Is it because of me that this person is not performing right? Then if it's not you, reach out to them to find the problems. After that, set micro goals for them to achieve. If that doesn’t happen, move on to another hire. Don't lose sleep over it because life's too short and your business is too important.
4. Be self-aware.
If you’re looking to scale your business, you must become proficient at self-awareness. If you don’t know who you are and what you’re good at, you’ll wallow in time-wasting activities. For example, I'm terrible at accounting and at resident phone calls. I don't have the warm hospitality required for those types of things. However, I'm good at valuing real estate, opportunities, and acquisitions. That was huge for me to realize, because now I can surround myself with people who are way better at hospitality, marketing, leasing, calls, accounting, and leasing than I am. This move enabled me to really focus on the one or two things I'm really good at. Finally, as part of self-awareness, double down at what you’re good at! This is the main key to scaling from my experience.