Welcome to “Tarl's Weekly Insights," my take on real estate today.
Hey there,
Welcome to Tarl’s Weekly Insights, my take on real estate today.
In these newsletters, we'll dive deep into the real estate world, share valuable investment strategies, and explore the craziness that life has thrown my way. Whether it's my struggle and journey of overcoming flipping, deciphering the insanity of the market, successful strategies being used in REI, or just me making fun of social media real estate investors.
I can't wait to share it all with you...
Still Think You Need More Houses to Make More $$$?
It’s common to think that you need to go from 1 flip a month to 5, or more just to make more money… But through trial and error, I've honed in on 5 tips for scaling businesses with limited resources, and I'm eager to pass them on to you.
1. Your Business Should Scale With You
Contrary to popular belief, I've found that more properties don't always equate to more money. Instead, focusing on developing better systems and processes has been key to scaling my business effectively. It's crucial to ensure that your processes can adapt and grow along with your business, allowing for improved profit margins and sustainable growth.
Take a closer look at your current processes and identify areas for improvement.
Start by documenting your workflow for one aspect of your business, such as property acquisition or renovation management. Then look for inefficiencies and brainstorm solutions to streamline the process further.
Implementing even small changes can lead to significant improvements in efficiency and profitability.
We actually just covered this in my community – if you’re a member, make sure you’re joining our weekly calls!)
2. Get Specific...Define Your Niche
One of the most significant shifts in my business occurred when I decided to define my niche. By focusing on a specific area and type of deal, I was able to master my craft and increase profits. I encourage you to identify and master one area before branching out – it's like spinning plates, where mastering one before adding more keeps you from dropping them all!
Spend time reflecting on your strengths and preferences within the real estate market: what types of properties, how much volume, and what market(s) align with your goals, expertise and interests? After you have defined what you’re looking for, you can share that with your team and with other investors who are sending you deals.
By clearly defining your niche, you can now attract more targeted leads and opportunities for profitable deals for you to say YES to!
3. Are You and Your Team Set Up For Success?
I've learned the importance of having the right people in the right positions. It's not just about hiring the right individuals but also ensuring they're placed in roles where they can thrive.
I’m even evaluating whether I'm the right fit for my current role within the business – I’m not the person to be on Pinterest coming up with design ideas. I don’t care what tile is picked. I’m probably not the right person to make those decisions in my business.
So evaluate your current team structure and assess whether each team member is in the right role. You may want to have open and honest conversations with team members about their strengths, interests, and career goals.
From here, you can identify any mismatches between roles and skill sets, and work together with your team to realign responsibilities as needed.
Ensuring that each team member is in the right seat will drive better results for your business.
4. Leverage, Leverage, Leverage - Technology is a Necessary Tool.
Without the right technology in my business, I wouldn’t be able to do everything I do.
Technology allowed me to operate from my phone as my wife and I wanted to travel and have the business fit the lifestyle we wanted. Transitioning to smartphone-based operations and customizing processes with the right technology, embracing tech solutions has been instrumental in my success. Remember, there's no one-size-fits-all solution – find what works best for your specific needs.
First, stop looking for the perfect app or web service. It doesn’t exist. All businesses run differently so assess what your wishlist is!
Start exploring technology solutions that can streamline your operations and improve efficiency. For example, research project management tools or software platforms – and they don’t have to be just for real estate.
Choose one or two tools that align with your business needs and budget, and start implementing them into your workflow.
Small changes, such as automating repetitive tasks or having your projects laid out in one place with easy access, can save you time and effort in the long run.
5. Manage Your Money And Resources Correctly.
Spoiler alert, we’re investors! We’re investing money to get money back. If you’re not managing your money, you don’t know if you can hire someone, or afford to get that next project, or raise the capital you need to raise.
Effective resource management, particularly finances, is critical for long-term success in real estate. Understanding my financial standing and managing resources wisely has enabled me to make informed decisions and scale my business sustainably. Even when it's challenging, staying on top of resource management is essential for growth and stability.
It’s time to get clear. Start by tracking your income and expenses using a spreadsheet or accounting software like Quickbooks. It’s essential to know what your costs are for rehab, construction, and how much money you made on the last 10 projects…
By actively managing your resources, you'll gain greater clarity and control over your finances, setting the stage for more opportunities. You need to know where you’re at in order to know where you’re going.
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I know, that was a lot. You can certainly figure this all out on your own, or you could join a community of like-minded investors supporting one another towards their goals. I meet with my community once a week to get into the nitty gritty of building their businesses the right way and help them solve problems just like this.
Let's stay connected! Find me on social media at @tarlyarber and stay updated with additional videos and content.
That's it for this edition of Tarl's Weekly Insights! Stay tuned for more each week!
Talk Soon,
Tarl Yarber
