Outsourcing Hacks for Real Estate Investors on a Budget: Achieve More with Less

By strategically outsourcing tasks, investors can accomplish more, save time, and focus on high-impact activities that drive business growth.

Outsourcing has traditionally been associated with hiring professionals or freelancers to delegate tasks. However, there are a few hacks that can provide cost-effective solutions for saving time, accomplishing more, and focusing on the high-impact activities that drive business growth. If you fall into the category of “real estate investor on a budget” (I mean, aren’t we all?), here are a few insights and creative ideas for outsourcing.

First, Get Your Ducks in a Row

Assess Your Needs: Before diving into outsourcing, it's essential to identify the tasks and responsibilities that can be delegated. Figure out which activities have the most significant impact on revenue generation and business growth, then list the items that make most sense to outsource. One of my favorite sayings shared by an old friend… “Find out what you don’t do well, and don’t do it.”

Not quite clear on your highest priority goals and actions? Take a look at the blog, From Vision to Reality: How to Develop an Action Plan from SMART Goals.

Ask Others for their Insight: Sharing real life success stories and asking other investors who have successfully implemented outsourcing hacks on a budget can offer valuable lessons that will help you prevent mistakes.

Set Clear Expectations: Once you’ve found the right person, clear and open communication is key. By setting expectations, deadlines, and deliverables from the start, you can ensure a smooth workflow that enables the resolution of any issues or concerns promptly.

Use Project Management Tools: There are a plethora of great tools, communication platforms and automation software that help to streamline the outsourcing process. This makes it super clear who is expected to do what by when, so that progress is tracked in an efficient way.

Take the time to build strong relationships and evaluate performance: Investing time and effort in building trusting and collaborative relationships with outsourced volunteers is essential to success. By having regular check-ins and performance evaluations, you’ll build a culture of continuous improvement and a true sense of partnership. Tracking progress, analyzing results, and making necessary adjustments also ensures quality and efficiency.

Hmmm, Where to Find Help?

Here are a few alternative approaches to high-paid professionals that can provide cost-effective solutions for real estate investors, while fostering collaboration and community engagement:

Virtual Assistance:

Volunteer Internships: Partner with local colleges or universities to offer real estate internships, providing students with hands-on experience while assisting with administrative tasks such as data entry, research, or social media management.
Virtual Volunteer Platforms: Explore online platforms that connect volunteers with businesses.

Marketing and Content Creation:

Student Bloggers: Collaborate with student bloggers from relevant fields such as marketing or communications to create engaging content for your blog or social media platforms.
Photography and Videography: Engage photography or media arts students to capture high quality images of your properties to enhance your marketing materials.

Property Maintenance and Renovation:

Find out when your community’s volunteer workdays take place. Students and others who are interested in learning more about real estate investment, landscaping, painting and minor repairs are perfect volunteers.
Trade School Collaboration: Establish partnerships with trade schools or vocational programs to involve students who are learning construction or maintenance skills.

Technology and Web Development:

Hackathon or Codeathon: Grab a few other investors, and host an event that brings together student developers and tech enthusiasts to solve specific challenges you are facing with real estate technology.
Collaborate with Students: Contact your local highschool or college to find computer science or design students to develop innovative real estate apps or platforms as part of their coursework or senior projects.

Market Research and Analysis:

Student Research Projects: Connect with business or economics departments at local universities to offer research opportunities to students, focusing on market analysis and investment trends in your area.
Case Studies: Collaborate with student groups or clubs interested in real estate to conduct case studies or feasibility analyses on potential investment opportunities.

Community Engagement:

Mentorship Programs: Establish mentorship programs where experienced real estate investors can guide and support students interested in pursuing careers in the industry.
Guest Speaker Opportunities: Offer speaking engagements or panel discussions at universities or high schools, sharing insights and expertise in real estate investing.

There’s Risk… and There’s Benefit

Revisiting our early steps, asking others about their experience and lessons learned is worth the time and effort. Outsourcing is not without its challenges and risks. Monitoring, evaluation, researching legal compliance, data security considerations, putting safeguards in place to protect yourself and addressing confidentiality are all must-have components of the outsourcing process.

By thinking creatively and harnessing the potential of volunteer students and other individuals, real estate investors can access a valuable resource pool while achieving their business goals. Engaging student volunteers not only creates more efficiency in your business, but provides volunteers with practical experience and exposure to the industry. It’s a win-win for everyone!

Want more information?

For more ideas and support for reaching your goals, check out our website at investorsnetworkcommunity.com. Learn how including a Mastermind Program in your toolbox will help you achieve the life of your dreams.

Katy Fleming, Director can be reached by email at success@fleming2u.com.

Categories: Business Practices, Entrepreneurs, Goal setting and Action Plans, SMART Goals