Outsourcing?

[Yev]

Has anyone tried the idea of outsourcing some of the less pleasant aspects of real estate investing? I am trying to find out ways to improve my use of time and delegate as much as possible. I have a property manager(s), but there are other tasks that I do myself, that I may be able to have performed by a "Virtual Assistant" either here or overseas. Any input (experience) would be appreciated.

Yevgeni

 

[MonteDobson]

Investing is a TEAM sport. Outsource anything that you are not comfortable or incapable of handling yourself, for a price of course. This will free up your time for the things that YOU do best (ie. raising JV capital, buying more properties etc).

Build your team with experts in each field (ie. lawyer, book keeper, property mgr, accountant, real estate agent etc etc)

Have fun...

 

[RedlineBrett]

I would add that you should only outsource things after you have a good grasp of their value to you. For example - I wanted to outsource all of my book keeping and balance sheet work. Mostly out of fear because I didn`t understand how they worked and wanted to make sure they were done professionally. I went hunting for quotes on what this would cost and once I got my numbers back I was a bit dumbfounded - was it worth it or not? I had no idea.

Well, now after having done bookkeeping for a while I know what`s involved and how long it should take for someone to do. I can also see holes in my business a lot better because I understand the work that I am outsourcing.

I also outsource my foreclosure work - I get a girl to go to the courthouse for me and do all of the admin work there. I know the value I get from that because I did it myself for two years.

Basically - don`t hand something off until you know how to precisely instruct the person working for you or you will have no concept of whether or not their time is worth what you`re paying them.

QUOTE (C2Ventures @ Apr 14 2008, 06:47 PM) Investing is a TEAM sport. Outsource anything that you are not comfortable or incapable of handling yourself, for a price of course. This will free up your time for the things that YOU do best (ie. raising JV capital, buying more properties etc).

Build your team with experts in each field (ie. lawyer, book keeper, property mgr, accountant, real estate agent etc etc)

Have fun...

 

[Yev]

Thank you Monte and Brett for the great suggestions. I was wondering if anyone has had any experience with outsourcing off-shore? I think it is possible to have web sites created, maintained and lots of other tasks done (including posting ads on multiple web sites for prospective rentors etc.) - but I don`t know anyone who has done it. I already have a realtor, lawyer, property manager, repairman, accountant etc. in Canada, but am curious if there are more/other tasks that can be delegated (effectively)? Bookkeeping is a great suggestion - I`m looking for more like it and for experienced `off-shore` services.

Yevgeni

 

[ChrisDavies]

QUOTE (Yev @ Apr 15 2008, 09:12 PM) Thank you Monte and Brett for the great suggestions. I was wondering if anyone has had any experience with outsourcing off-shore? I think it is possible to have web sites created, maintained and lots of other tasks done (including posting ads on multiple web sites for prospective rentors etc.) - but I don`t know anyone who has done it. I already have a realtor, lawyer, property manager, repairman, accountant etc. in Canada, but am curious if there are more/other tasks that can be delegated (effectively)? Bookkeeping is a great suggestion - I`m looking for more like it and for experienced `off-shore` services.

Yevgeni

Hi Yev, I`ve looked into it quite a bit, and I`m probably going hire a overseas graphic designer to do some layout and graphics work for my JV packages. The SEO company I work for has dome some outsourcing to firms in India before, but I wasn`t involved back then. On the internet side there`s an enormous potential to outsource almost everything.

I`m sure there`s some of the design work that can be done, perhaps lead handling and booking meetings. Your suggestion to have them handle posting adverts is a good one, as long as you`re writing the copy. I`ve also heard there are well versed lawyers and accountants there who can handle a great deal of the work for you at a fraction of the cost.

"The 4-hour Work Week" is a great book that`s got some great ideas. Also, try www.elance.com if you haven`t already.

 

[Shamon]

why don`t you try and find somebody to pay off your mortgage for you.....oh wait, thats what tenants do.