I always thought of myself as the person who could manage everything.
I’ll admit that I was not the best at any of the roles I took upon as a real estate investor when I started. But I was capable enough to pull all of them off, just by a margin. And then, after a month of busy “buy and hold deals”, I realized that “just pulling them off” won’t do the trick. I need to do these tasks with more sincerity and more efficiently. So, I started investing more time in my real estate venture to make everything perfect. But it didn’t help me either. Instead, it made things even worse because I, like everyone on this planet, had only 24 hours a day. So, when I started investing my time on a particular aspect of being a real estate guy, other aspects remained untouched and incomplete.
I finally realized that I need professional help or what you’d call a real estate assistant.
What roles would a real estate assistant play
Whether you realize or not, there are a lot of things you need to take care of when you handle a property, especially if you are looking to have a steady cash flow by renting.
Renting a place comes with a lot of responsibilities. For example, your tenants may run into an electric problem or plumbing situation that needs to be handled immediately. But you are at a meeting or on a vacation on a beach. Now you can’t manage an electrician or plumber when you are stuck doing other deals with some gentlemen you were really looking forward to. So, your assistant can take it off your plate and address the situations your tenants are having.
Same goes with renovation. You can’t or shouldn’t be there for every small detail involving the renovation. What you can do is – let your assistant handle it.
But for that, you and your assistant must have similar tastes. Otherwise, the renovation won’t be what you planned or hoped for. A detailed renovation plan with detailed milestones is required.
Also, your assistant can handle office work like advertising, filling out forms, addressing the accounts, etc. – leaving you with more important responsibilities like negotiating a deal or planning the future of your current assets.
Why can’t you do these things yourself? More specifically, why shouldn’t you do these things yourself?
First of all, you are a real estate asset manager – not a property manager.
Your responsibilities should be more towards how to invest in properties more successfully and gain more profit in a short period of time – not looking for a plumber. You need to leave that to your real assistant and concentrate on more productive work.
It took me years to realize that I can’t handle all the roles of being a real estate investor by myself, no matter how organized or well managed I am. I’ll always require help and so will everyone who is interested in this industry. So, before it is too late and you get held down with the tasks that come with closing a real estate deal, you must hire a real estate assistant who will take some burden from you, giving you enough room to think and take more important choices than filling out forms or handling advertising.
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