Monday, May 20, 2013

Step On It: Creating A System

McDonald's is the most successful burger franchise of all. Is it because they have the best burger? Please, have you ever ate there, the burger is not that great. So why are they so successful? That is because McDonald's as develop the best system.

In the courses we have taken with real estate and stocks, part of what the mentors have done for us is provide a system. A step by step list of what we needed to do in order to succeed again and again. If you do not yet have a mentor to provide you with that, create your own system.

In the past, we have discussed the importance of writing down your goals. From that, write down a list of steps that you will need to follow to accomplish your shortest term goal.

  1. Pull a list of properties that meets your criteria (ex: 4 units and up)
  2. Email the listing realtor requesting the income and expenses
  3. Run the received numbers
  4. If the numbers work, sent offer
Obviously this is a very simplified list, but the more detailed and the more streamlined you make the process, the more you can accomplish.

Be sure to create a system for every aspect of your real estate business (networking, education, sending offers.) Also be sure to regularly review your system. What is working well, what needs to be tweaked. Write them down, make them visible and follow them.