We all want to do more with less, yet this can feel impossible when trying to grow our real estate portfolio. More properties means more work, right? Fortunately, it doesn’t have to. There are ways to scale your portfolio without also scaling your to-do list.
Ways to Scale Your Investment Portfolio Efficiently
Successful go-getters trying to build a real estate portfolio often take on more than necessary. This can be especially true for women in real estate who tend to take on more task-heavy projects.
The antidote to growing your investment portfolio without sacrificing precious time and effort in the process lies in effectively leveraging your resources and maximizing efficiency. Here are a few strategies you should consider.
- Standardize processes – Establishing repeatable, sustainable processes is key to scaling just about anything. Develop standardized processes for every step in your real estate process from acquisition through to tenant screening, rent collection, maintenance and more. By having efficient systems in place, you can minimize the time and effort required to manage your properties.
- Seek a property management company – If you’re looking to grow your investment most efficiently, consider partnering with a property management company. Optimizing property performance is their bread and butter. Professional management companies not only take care of the day-to-day operations of your units, but they also offer valuable data and insight to help you make more informed decisions about your portfolio and its performance.
- Focus on high-impact tasks – You can’t eliminate your to-do list entirely, but you can be smart about it. When time is at a premium (and when isn’t it?), your priority should be on tackling the high-impact tasks first. For example, strategizing on how you’re going to finance your next investment is more important than filing the papers on your desk. Everything else can either wait, be delegated to someone else or be automated, which leads to our next point…
- Leverage technology – Streamline tasks by turning to automation. Start by conducting an audit of how you spend your time. There are likely ways you can be more efficient by automating certain processes or simply improving your organization system.
Investors, and women especially, often take on more than they need to as they grow their portfolios. To scale efficiently, take steps to find an efficient workflow that achieves your goals while also reducing your personal workload. When you do, sustainable growth and long-term success are sure to follow.
To learn more about investing in the greater Columbus, Ohio area, connect with us at RL Property Management.