As for all great entrepreneurs one of the most important traits of those who plan to run a successful real estate investing business is good leadership and decision making skills.
Some of you have have already managed other businesses and honed your leadership skills supervising and motivating others, but perhaps had to to leave most of the important decision making up to those above you. Or perhaps real estate investing is your first real venture on your own. Either way effective decision making skills are critical to your success in flipping houses. A good leader must demonstrate the ability to make decisions quickly. In fact if you do not learn to make decisions rapidly you are going to lose many great deals and possibly risk losing money.
Having a solid system in place can help ensure that you are able to make better decisions for your real estate investing business faster. In real estate investing you may never be able to guarantee 100% that you are making the best decision. However you will learn that the best thing you can do is to make a decision one way or the other. Stalling will not make a situation any better whether it is to buy or pass on a property or to fire an employee. Hesitating on a decision will not only take away from your leadership but also lead to a lot of wasted time. Make a decision and move on.
You also need to empower your employees to be effective decision makers as well. If they have to come running to you for every small thing you are going to lose a lot of precious time and if they have to wait on an answer from you they will be wasting a lot of time on the clock as well. This can drag down the efficiency and profitability of your entire real estate investing business. Give them a system and the tools to make the best decisions, but give them the power to make their own decisions on things that fall outside of the box. This applies to all levels of your enterprise. You will not only find that your real estate investing business improves overall in profitability but that your staff are happier in their positions.
