In this episode of the Forever Cash podcast, I share five critical tips to staying organized in your land investing business.
Why is it important to stay organized in your land investing business?
When running your own business, it’s essential to keep in mind that you will only get paid once you close a deal. You cannot rely on a weekly or monthly paycheck to cover your costs. It is therefore up to you to keep your business moving forward to generate cash.
One of the biggest stumbling blocks for many land investors starting in this business is getting overwhelmed and not doing what needs to be done to move through the deal-making process.
The best way to avoid getting stuck is to stay organized and work the deal-making process one step at a time. However, to achieve this, you have to be super organized.
How to organize your land investing business
Buying and selling real estate can be an administrative headache if you don’t stay on top of the process. There is no way that you will be able to scale your land business if you are trying to manage your business without solid business management tools in place.
Here are five tips to help you to organize your land business for maximum results:
#1 Use a fit-for-purpose business management tool
There are a lot of software packages and services out there designed to help you with project management. The problem with these systems regarding land investing is that they are intended to be generic. To take your land investing business to the next level, you need a CRM designed for land flippers by land flippers. The Investment Dominator, our propriety CRM integrates the buying and selling process into one seamless deal flow from start to finish.
#2 Simplify your systems for efficiency
One of the easiest ways to get overwhelmed is to have too many moving parts in your business systems so that things easily fall through the cracks.
One of the most incredible benefits of the Investment Dominator is that every aspect of your land investing business is integrated into one system.
Using the Investment Dominator, you can import your lists, set up your mailers, place an order with a mailing house, send out offers and close the deal using one integrated system.
#3 Manage your time
Your most valuable asset as a business owner is your time. If you fail to capitalize on your time, you will fail to make consistent profits.
Your calendar is your greatest tool for effective time management. Block off time to complete specific tasks and hold yourself accountable when you assign tasks to your team, set deadlines, and make sure that they can meet those deadlines.
#4 Systematize your documentation
As you work through the deal-making process, you will have a lot of communication and documents to manage from your buyer, seller, and title company. If you want to ensure that you are in control of your business, it is essential that you manage your documentation effectively.
The best way to stay on top of your documentation is to use a cloud-storage solution. Implement a hierarchical filing structure with a clearly defined naming convention. You then want to attach the most important documents, such as contracts and signed purchase agreements, to the deal inside the Investment Dominator so that you can access those documents with ease from anywhere.
#5 Action planning
Your success as a land investor depends largely on your willingness to take action. I use a paper-based action planner that allows me to take notes during a meeting and then extract and highlight the activities I need to take and assign deadlines.
You will not take action if you don’t plan to; therefore, keeping on top of what you need to do to achieve success is critical.
If you want to learn more about how to 10x your results as a land investor, join us on the weekend of December 10th – 12th for our Land Profit Virtual Bootcamp. Tickets are limited and are selling FAST.
Book your spot HERE: https://www.landflippinglive.com.