Outsourcing is a vitally important part of being productive.
Especially when starting out, it can be difficult to outsource as we don’t know which things we should and shouldn’t do (and what we can give to others to do).
Also when starting out it is good to learn how to do things, so we can get a better idea of whether our teams are doing their job appropriately when we do decide to outsource, down the track.
This is one reason why starting out is always slow, but we get exponentially faster as we grow (because we become more efficient as we outsource some tasks).
Also when starting out, we don’t have the cashflow often to be able to afford to pay others to do these jobs, so we need to do them ourselves anyway. But don’t despair. Soon enough your portfolio and your experience will be growing and you can start outsourcing some tasks and freeing up your time.
Here are some tasks that can be outsourced,
in some kind of order:
Payment of council rates
Searching for deals
Property Management is worthwhile doing yourself for a year or two, to understand what is involved, before then giving this task to others to look after. However, this is a time-consuming and distracting job and though it costs a significant amount of money (can be 6%,7%, 8% of rental income, or even higher) it is worth passing on to an experienced manager.
Renovations are a task that many investors do well, and can be successfully done by the investor as part of their strategy. However, renovating is a very time consuming process and the cost of this in terms of your hourly fee needs to be taken into account.
Work out what you are really worth and perhaps this is a task that can be delegated to tradespeople, freeing your time to work on other more lucrative projects. Equally, you can outsource the job of project management of the renovation or development, freeing up your time as well.
Paying council rates does not take that long, but this task also can be outsourced to your property manager, freeing up some time and resources for you.
Accounting is a job that many investors do themselves (an annual tax return) however it is advisable to pass this work to an experienced property accountant – not only will this free up your time, it will be less likely you will be audited and also more likely that you will get more money back.
Searching for deals
Searching for your next property investing deal can be time consuming and is not something that you should entirely delegate, however you can be more time-efficient by getting real estate agents to search for properties for you – just be sure to give them precise instructions of what you are after.
Equally, you can use software to find deals and areas to invest, which certainly cuts down the time required and may discover some lucrative properties on offer that you otherwise would not have found!
As your portfolio grows there will come a time that it makes sense to employ a book-keeper to do your book-keeping work. Until then certainly you can do this yourself and get experience in the software you use such as MYOB.
However this is a time-consuming task and it is recommended to employ a book-keeper when you start to grow your portfolio past several properties.
For recommendations on Book-keepers or Accountants, for your area, please contact us from the form below or email us at email@example.com now.
There are numerous benefits of a sound lifestyle. But can medications help us? What medications do Americans get online? Many drugs are used to treat impotency. A lot of people around the World ask about “sildenafil citrate brands“. No doubts “Eriacta” is an extremely complicated matter. Other question we should is “filagra“. Really, a scientific reviews found that up to three quarters of folk on such medicine experience erectile dysfunction. Any preparation may cause dangerous side effects. For some patients side effects can be really dangerous. In addition, online apothecary is the alternative way to buy any type of drugs as it provides the pleasure of applying through your own personal computer.