5 Big Mistakes Real Estate Investors Make When Hiring Freelancers
What are the most common mistakes real estate investors make when hiring and working with outsourced staff and freelancers? How can investors and real estate businesses recruit and wield these assets more profitably?
Outsourcing has become the way to run a business and hire today. It is very hard to remain competitive when maintaining an in-house staff today. However, this type of hiring and labor management is still new to many real estate CEOs and investors. How effective and profitable these freelancers prove to be in your organization depend a lot on how they are hired and allowed to work.
Watch out for these five common blunders and how to ace them instead…
Being too Vague or Detailed in Job Postings
Want to hire the best freelancers for your real estate business? Be wary of being too vague or too detailed upfront. Put yourself in the shoes and mind of a top freelancer. Experts are going to be looking for roles they have experience in. There’s a big difference between an SEO ‘expert’ and an online marketing professional with real estate SEO experience. If they don’t know this is a real estate gig, they are probably just going to pass or reject the offer. On the other end of the scale, the best are fielding multiple job offers and are browsing hundreds of job postings each day. They simply don’t have the time to read a book about the job description or jump through a lot of hoops. Make it easy for the best to apply. Then be very clear about the deliverables and role once you narrow down your short list of your top potential hires.
Not Prioritizing Value
When you are out there evaluating house deals price is really irrelevant, right? This is especially true for flippers and property wholesalers using transactional funding. How much the property costs doesn’t matter. As long as the value and profit is there. The process is the same, but if you can make $200k flipping a million dollar house, without using your own money to fund the deal, that’s better than doing the same amount of work to flip a $50k house and netting $10k, right?
So, when shopping freelancers, look for the value. For example; if one charges $80 an hour, but can deliver the same results in one hour that a $20 an hour freelancer take 6 hours to do, the one with the higher rate is actually cheaper and more profitable.
Failing to Fully Utilize Freelancer Assets
Freelance team members are assets. Yet, they are often sorely under-utilized. You don’t want to throw too much work on a team member that is outside their area of expertise. Even if they are good it can be counterproductive. Yet, make sure you are using each one you have to their maximum value. If they have more experience in one area than you do, listen and test their ideas. Then get out of your own way and let them do their best possible work.
Not Sharing Goals, Values and Milestone Objectives
It’s impossible for your team members of any type to help you reach your goals and to appropriately represent your brand and company values unless they know what they are. They are not mind readers. Make sure you share these critical factors and keep them visible.
Being Slow to Pay
Most freelancers work on a very short income and cash flow cycle. That is usually days or a week, versus how some real estate businesses try to stretch out invoices with other vendors for 30 or 90 days. They typically have a dozen plus clients at a time, and are naturally going to do their best and prioritize work for those they know are going to pay, and pay on time. Plus, it gets very expensive for them to chase down invoices. If you want fast, top notch work, be their best client.
Top Funding News
|
|
|
|
|
| Linked In | You Tube | Google+ |
"I want thank you for the excellent service I received from Best Transaction Funding.The quick response I received from your company from the beginning of the transaction and to the end was unbelievable. I also want to give a special compliment to you as well. You went to great lengths to keep me informed and gave my title company all the information they needed to complete a successful closing. I cannot express how thankful I am. Such service builds great working relationships. I will definitely recommend Best Transaction Funding to all my fellow investors. Thank You."
- Frank Olaitan, Real Estate Investor, MD
"I can't thank you and your company enough for providing funding for our latest project, and right at the last minute. You came through with funding in less than 24 hours and coordinated with the closing agent and attorneys like you had been involved with our project the entire way. I'll know exactly where to call for the funding we'll need for our next project."
- Dave Pricken, Real Estate Investor, NJ
"Thank you so much! I just had a talk with our Realtor on both properties and told him amazing things about your company!... Normally I rehab the houses and re resells them. I just don't have the patience for that work anymore. This [transactional funding] is such a better way for me and less stress."
- Steven Kupecz, Real Estate Investor, TN
"We want to thank you for the exceptional customer service you provided. No one comes close. We had contacted a competitor the same time we contacted your company. Your company responded with in a few minutes while the competitor has yet to respond weeks later even after multiple phone calls and emails. Thanks again for the unmatched customer service."
"We had looked into several transaction lenders for a couple properties we were trying to flip. Your company was the most responsive and had the best pricing. Even though we had logistics issues with the B/C lender, your company acted very professionally and handled our requests beyond our expectations."
"Thank you for your commitment to an excellent customer experience."
- Phoenix Properties, LLC, Ronald Destefani, Investor, PA
"I was studying on how transactional funding works and you guys had the best and most thorough explanations posted so I could fully understand the details in back to back closing. I'd already started setting everything up but your video confirmed that I'm on the right track."
- La'Donna Turnipseed-Scott, Investor, LA
"....a few months back, I happened upon a video, on your site, regarding the use of transactional funding with Hud properties; and I found myself replaying the video over and over because of the value that I saw in the message...it actually explained the process, step-by-step on how to submit a Hud deal by using transactional funding. Once I completed the video, my initial response was to take immediate action by duplicating what I had learned from the video into real time. So I did some research on properties in a market where I knew I had buyers; and put together a hud deal. I then located a realtor able and willing to submit my bid online and within a couple of days, to my surprise, received a call telling me that I had won – my very 1st Hud bid."
"To you I say, ”KUDOS to Best Transactional Funding and Thank you for providing the education and services to Real Estate Entrepreneurs like me. Please keep up the good work!'"
- T. A. Davis, Investor, NJ
"You each deserve high marks for your wonderfully quick response time to each of our questions and requests! You hit home runs with us! Your application system was easy to use. Our deal met your qualifications and every time Rob Kozak or any member of Mystic Properties, LLC phoned, we received a "real" person dialing back to speak with us.
Your patience and persistence were exceptional in dealing with our business interests. Thank you for such great customer service! We look forward to working with your staff, again, in the future. We like referring people to you, as us, our team would have missed-out on an excellent earning opportunity.
Your help negotiating with our title company made our back-to-back deal, finally happen. People noticed on settlement day how effectively and efficiently your part of the transaction was organized and executed. Again, thank you for truthfully being the "BEST" at what you do!"
- Diane McAdams, Mystic Properties, LLC, Real Estate Investor, Pennsylvania
"Boy, you guys are impressive! I can’t thank you enough for scrambling and getting my deal done at the last minute like that. You and your team were awesome!"
- Donna Bauer, The NoteBuyer Inc., Real Estate Investor, OH
"Thank you so much for working so diligently with me. Your services really are the "BEST". I look forward to working with you in the near future!"
- Ericka B., Real Estate Investor, CA
