Operations Manual for your Real Estate Business
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Operations Manual for your Real Estate Business

 
In our last Atlanta Mastermind meeting, our main topic centered on creating an operations manual for our real estate business like the one described in the book "The E-Myth" by Michael Gerber. I know the first question you may be asking is "How in the heck can an Operations Manual help me in Real Estate"?An operations manual is a method of writing down everything you do in your business in order to outline how your business operates. This is helpful in that eventually you can delegate tasks to other business associates and they have a manual to go by. The goal of the manual is to streamline your real estate business methods and delegate to others so that you can move on to work on larger issues (think of a business model like McDonald's hamburgers and Domino's Pizza). This method will help you to free up tasks that you are not good at (or do not want to do) and increase profitability as you go out to look for new real estate deals. No matter how busy you are, this is one task that will dramatically improve your business production.Here are the general steps we talked about in our mastermind meeting, to set up an operations manual for our businesses.Step 1: Write down all the things you do in your real estate business.
1. Answer phone calls from prospective tenants
2. Coordinate repairs
3. Look for future real estate deals
4. Collect rent checks
5. Coordinate evictions
6. Pay bills
7. Drive around and check on properties
8. Place classified ads on http://www.craigslist.com/ and other publications
9. Show apartments to potential tenants.Step 2: Break the list down into different categories.
1. Marketing
2. Property Management
3. Repairs
4. Accounting
5. Legal-Evictions
6. Find DealsStep 3: Each of those categories gets its own page, and your job is to copy all of the activities from Step 1 under the appropriate category headings.
1. Marketing: order and put our "For Rent" signs, input listing into Craigslist.com, answer phone calls to potential renters and provide info, show apartments.
2. Property management: inspect apartments, check on recent repairs, etc.
3. RepeatStep 4: Put the pages into a three ring binder with tabs for each category and a table of contents. This will be your new Operations Manual.Step 5: Next go to the first tab and for each item under it create a new page with that "Action" as a heading.
1. Marketing
2. Property Management
3. Repairs
4. Accounting
5. Legal-Evictions
6. Find DealsStep 6: Now, take each "action" page and detail exactly how you want each item done.
1. Marketing: order and put our "For Rent" signs, input listing into Craigslist.com, answer phone calls to potential renters and provide info, show apartments.
2. RepeatStep 7: Add any forms, details, phone dialogues, or checklist that you may have to complete each action item.
The Operations Manual is one of the core building blocks for a support and training foundation as you build your business, and delegate tasks and authority to those that work with you. As your business grows and you hire more employees (or virtual assistant or sub-contractors), you will have an Operations Manual to let them know clearly how you do business and what is expected to get the job done.More millionaires made their fortune investing in real estate than in any other form of investment. There are many methods of making a fortune in real estate investing. Regardless of the method that you use to build your fortune in real estate, you need a solid business plan to use as your road map to success. You can purchase the business plan I used to build a multi-million dollar real estate business.If you ever wondered if it is possible to purchase real estate with no money and no credit, the answer is yes. Based on my years of real estate investing, I have written a book titled "8 Ways to Purchase Real Estate with No Money and No Credit." You can purchase the book on my website.Article Source: http://EzineArticles.com/?expert=Jennifer_Minge

Article Source: http://EzineArticles.com/6138277

2 Comments to Operations Manual for your Real Estate Business:

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Dubai villas rent on Saturday, September 21, 2013 12:08 PM
There has been a big increase in the number of investors wanting to buy property overseas and renting it out either to locals or as a holiday home which can generate some huge profits for the owners over the long term. In-fact it would not be wrong to say that renting property is now one of the best sources of retirement income or additional income.
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RES Course Provider on Tuesday, September 24, 2013 11:23 PM
Wonderful great going, I love your work and look forward for more work from your side. I am a regular visitor of this site and by now have suggested many people
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