So you have the tools and the knowledge to create your business what do you do next? When I talk about creating systems for real estate management, I mean creating steps to replicate what you do as a manager. This includes protocol, parameters, and instructions for everything you do. Systems multiply your efforts by making each task a step-by-step process so they can be repeated as efficiently as possible, or better yet delegated to somebody else!
Step One: Record Everything
To take a line from Gary Vaynerchuk, document everything; don’t waste time creating. For example: you just started your Quickbooks account and you need to create the Customers (tenants) list and process/record their payments for the month, send notices for late payments, create invoices for late fees and make follow-up reminders to reach out to tenants before you process evictions.
Once you’ve done this, take five minutes to record that process and save it (preferably to Evernote) using a simple step-by-step guide and a few screen shots for easy explanation.
Just like that, you’ve streamlined that process making it more efficient, and potentially replicated yourself for that task. All you have to do is share that handy guide with your bookkeeper or assistant, and you can spend that time chasing your next deal.
Step Two: Refine Everything
I’ll say it clearly to make sure this comes across with emphasis: If you’re not creating new systems and continually refining them, you aren’t growing. Systems are vital to your sustaining growth as you scale.
We all know the first draft of something is seldom perfect, or even decent for that matter. Constantly check on your systems to see what works and what doesn’t, then refine them. Ask for feedback! If you baked a cake and it tasted mediocre, would you make the same cake again? Hopefully not: you’d add a little sugar, maybe an extra egg, and try it again. Refine until you have an awesome cake recipe that you can share and be proud of.
Step Three: Replicate Everything
In order to really grow, you will need to teach other people how to create systems! Then, you’re in the business of creating meta-systems, and that’s when it gets fun. Instead of you doing marketing for properties, you have your property manager who modifies templates you've already created. This means you create meta-systems (i.e., systems of systems). If you go down this path, you will eventually need to create systems for creating new systems! This happens increasingly as you get more business, add new staff members, and provide more work for contractors.
Systems for systems? You got it – teach your property manager how to create similar systems using your format (Evernote, step by step screenshots) and have them start stamping out the same guides for tasks they’re doing. Then they can start delegating, freeing them up for pursuing big opportunities for you.
10X your efforts by replicating everything you can, then delegate accordingly.