Real estate investing is not a solo sport. It requires a strong support team to be successful in mastering the learning curve and to increase your productivity. Each roll on the team is significant to success, even if it is not an actual person.
Your success will involve your resolution to have a clear communication of your expectations and to perform follow-ups. It will require your commitment, on a daily basis, to communicate thoroughly, and between making units ready, preparing for turn-over and rehabbing new properties, your calendar will be full. You’ll want to make it a daily habit to double check tasks each evening that are scheduled for the next day and the upcoming week.
You have so much to keep track of, why not consider adding tools to your team such as a spreadsheet or a project management software. There are many different types of project management software such as Asana, Redbooth or Microsoft Project. Different project management software options provide you the additional resources to successfully monitor and meet your milestones. All-in-all, closely monitored projects help reduce scope creep, and overrun costs associated with missed deadlines. Selecting a project software that syncs with your Google calendar, or any calendar app, will enable ultimate flexibility in reflecting real time changes. The additional overview options will clearly help you identify when resources are over scheduled. Your detailed plans will allow you to better manage your vendor expectations, and ultimately, streamlining tasks and improving customer service.
Good communication skills add a final touch of professionalism. Proper communication involves verbal, non-verbal, written and listening components. Project and calendar software, allows you to document specifics on location, date and times. Clear documentation will reduce risks, and miscommunications associated with a chaotic atmosphere.
As you master the project management tools, you will find it easy to select, and prioritize tasks for all your resources. Allowing you to maximize the software’s flexibility and use. These simple yet good project management skills will reduce the risk of your rehabs failing to meet deadlines.
One of my personal favorite features of using a project management tool are the long-term benefits. Each project becomes simpler when you take a moment to document the best practices, and the undesirable conditions and outcomes. Your post project review of a rehab will allow you to evaluate your original estimates, and add notes for unusual conditions. Your project plan becomes part of your company’s knowledge base, archived in your file management system, and ready to reuse for your next real estate investment acquisition.