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Mar 6, 2020

A business system is a mechanism for solving or executing issues or tasks that come up repeatedly, and in a streamlined, effortless manner. Business systems can help solve inefficiencies for business owners in any industry, and real estate systems are no exception.

The importance of real estate systems is expressed through a business owner's ability to save time and pursue activities that support the growth of their business.

The system that we put in place are screening tenants, keep track of our invoices, regular meeting with staff members to address any issues, bookkeeping, Maintenance & Inspection systems.

As a business owner you should put these systems in place as early as with your first real estate purchase so that you get used to it and get your business to run as smoothly as possible.

We are REIN members for over 12 years now and when we first started in Real Estate business, we learnt that we should keep 4 files for each property. One for tenant leases, One for Repair & Maintenance and Bills, One for Legal and Purchasing documents and the other for Miscellaneous.

Nowadays, you can put all these files online in a Cloud so that you can access it from anywhere with ease. By implementing these systems you can save time, so that you can serve more clients, scale your business and increase profits in less time.

The following includes a step-by-step overview of how to create real estate systems that work.

  1. Keep track and make a list of each of your business activities.
  2. Pick out tasks that are repetitive or take up a lot of your time.
  3. Observe and document each step required to complete each of these tasks identified in the step above.
  4. Identify components of each process that could be better streamlined or automated.
  5. Once purchased, spend time configuring and integrating tools to your selected processes.
  6. Of these new processes, identify what can be delegated to a team member to help save even more time.
  7. After processes have been implemented and delegated, be sure to leave room for error. Stay upon to suggestions on how to increase efficiency even further, or address any issues that come up.
  8. Finally, make sure to capitalize on renewed time and energy and pursue business-growing opportunities!

To learn more about this topic, Watch my Facebook Live Video here.

If you're ready to scale your Real Estate portfolio and need my help to systematize your business process, join my program 90 Days to $5K.

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Reach out to me at edna@ednakeep.com

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