Key Takeaways
- No real estate hack will coincide with greater results in less time than optimizing the systems you currently have in place.
- Technology is always improving, and those that keep up with it will reap the most rewards.
- Not surprisingly, the people you work with will serve as one of your greatest assets in the real estate industry.
Real estate investing hacks, as the phrase would lead many to believe, are nothing more than simple ways to improve the daily operations of one’s investing business. By definition, hacks need to be simple enough to carry out immediately, but well-worth the investment of implementing them. In other words, their return on investment needs to be obvious. The best real estate investing hacks, for that matter, will witness investors dedicate little time and effort to realize impressive results. There really isn’t a residential redeveloper that couldn’t stand to benefit from some impressive hacks of their own.
It is worth noting, however, that not all real estate investing hacks are created equal; there are those that are unequivocally invaluable, and there are those that are utterly worthless — destructive even. Those investors that cannot only differentiate between the two, but also implement the most important real estate investing hacks for their particular situation will find the “going” to be a lot easier. If for nothing else, it’s those investors that have managed to optimize results the best who will realize success easier and more predictably.
If you want to give yourself the best odds of achieving your goals in 2018, here are three of the best real estate investing hacks that have helped me get to where I am today.
3 Game-Changing Real Estate Hacks
Real estate hacks are designed to make your daily operations easier, without sacrificing results. As such, hacks must be simple in nature, but also remain well worth the effort of implementing them. If that sounds like something you could get behind, may I recommend using the following hacks for your own real estate business?
1. Systems
There isn’t a real estate investing hack — at least not one that can simultaneously contribute to efficiency and productivity so easily — that residential redevelopers will benefit more from in 2018 than optimizing the systems they already have in place. Otherwise known as small business processes, systems are essentially the ways everyday tasks are carried out. In fact, it might be easier to think of your systems as individual checklists, as they offer step-by-step directions for completing tasks successfully. And therein lies the reason everyone should consider optimizing their systems at this time: doing so makes success habitual, regardless of who carries them out. As such, I want to urge real estate investors to optimize their systems as soon as possible.
Take a good, long look at the processes you already follow for every task in your business. Leave no stone unturned in your pursuit of today’s most beneficial real estate investing hacks. Everything from ordering office supplies to securing funding for deals should be evaluated and criticized (constructively, of course). System by system, look at how you are currently doing things. What’s working? What’s not? Perhaps even more importantly, what can be done to improve results and eliminate inefficiencies?
Done correctly, optimizing your systems will allow you to complete your daily tasks in a shorter period of time without sacrificing results. If for nothing else, improved systems will result in improved results; it’s that simple. No longer will you waste time trying to find the best way of doing something; you will already know how to do it.
Today’s greatest investors know it, and it’s about time you did, too: better systems are the key to a more efficient and successful business. So if you are looking for truly great real estate investing hacks to implement this year, look no further. Systems will be your key to getting more done, and with better results. What more could you ask for?
2. Technology
Technology may already be classified as a hack, as its very existence is to make our lives easier, but I digress. Everyone has already adopted technology, so simply using it isn’t the hack I want to offer. Instead, I want each investor to reevaluate the technology they are currently using, not unlike the systems I mentioned above. Take some time out of your busy schedule to jot down every piece of technology you use in your office. And remember, it doesn’t need to use electricity to be classified as technology. That rusty filing cabinet gathering dust in the corner is just as much technology as your new computer is.
Every business is already using technology, albeit to varying degrees. I, however, want investors to make sure they are using the right technology. While you may feel comfortable and set in your ways, there’s nothing wrong with trying to find ways to improve. And for argument’s sake, you can “fix” things that aren’t broken. Simply because some of the technology you are currently using works well doesn’t mean there isn’t a better way of doing things.
First and foremost, audit the technologies you are currently using. What exactly are you using regularly? And are there newer versions of it? Sometimes the simplest technology hacks require you to do nothing more than update your current software. Other times, you may need to abandon proven systems and replace them with, well, better ones.
Thanks, in large part, to Moore’s Law, technology is always progressing, and those investors that seek out the latest and greatest technology will find that technology is not the only thing that can be progressed. At the very least, those investors with the best technology at their disposal will have an advantage over the competition. Whether it’s faster internet speeds or better ways to communicate, there’s no disadvantage to utilizing the best options technology has to offer. So if you are looking for an easy way to get ahead this year, consider looking at the technology you are using; it may give you the boost you have been looking for.
3. People
I am not suggesting that people are, themselves, hacks, but rather that the individuals you surround yourself with can serve as one of your greatest assets. If for nothing else, the convergence of talent today’s investors find themselves working beside will define their career for the foreseeable future. Real estate is, after all, a people business. As such, those you work with can serve as your greatest tool or your biggest crutch. If you prefer the former, there’s no reason your allies in the world of real estate investing can’t take you further than you ever imagined.
I maintain that few hacks, if any, can offer an investor more than finding and working with the right people. It is the people you are working with, after all, that can help you with everything from securing funding and finding deals to motivating you and holding you accountable. There’s no doubt about it: few things are more advantageous to today’s investors than those in their circle.
As such, I recommend prioritizing relationships in 2018. Spend more time nurturing those relationships you deem important, and you will almost certainly be rewarded accordingly. Who knows what your next cup of coffee or selfless gesture could lead to? If reaching out to your contacts and offering a helping hand will land you a deal, there’s nothing else more worth your time. So take it from me; go out of your way in 2018 to establish healthy, beneficial relationships. Perhaps even more importantly, be proactive. Be the first to extend a helping hand or even a simple getting this year, and you could find that a small gesture will pay huge dividends.
Small Hacks With Big Dividends
Real estate investing hacks are meant to require little on your behalf, but result in an impressive return on investment. Better yet, those I mentioned above will require a relatively small amount of time, but could pay potentially huge dividends. What more could you ask out of a hack? Simply improving systems, technology and relationships could alter the entire course of your career in a way you never knew possible. So if you want to give yourself an edge this year, try implementing these three hacks before you do anything else.
Have you had any luck with some real estate investing hacks of your own? Perhaps you have found these three to be beneficial to your own business? Whatever the case may be, please feel free to share your thoughts in the comments below.
