When you start your land investing business, one of the most important things you can do to set yourself up for success is to stay organized.
There are very few people in the works who relish the idea of paperwork. However, as your land investing business starts to grow, you will quickly discover that if you are not organized, you will quickly become overwhelmed.
Being organized means having all the documentation on every one of your deals stored, cataloged, and backed up in an electronic database.
It means knowing exactly where you are in the deal-making process on multiple deals simulations.
If you fall behind on your admin, completing tasks such as due diligence becomes extremely difficult, costing you time and money. You also want to ensure that you know exactly what taxes you will need to pay and what expenses you can write off. Finally, if you do not have all the information you need at your fingertips, you will be at a distinct disadvantage when negotiating with buyers and sellers.
In summary, if you do not stay organized in your land investing business, you stand to waste lot of time and lose a lot of money.
Here are my top 5 tips to staying organized in your land investing business:
Tip #1: Get a Land Investing Business Mentor
Having a land investing business mentor to help you set up systems and processes in your business is critical to your success. If you have a land investing coach who has already successfully established and scaled their land investing business, you are able to tap into their knowledge and skill to compress time in setting up your own business.
Tip #2: Get a notary for your Land Investing Business
As a land investor, the more success you have the more you will be in need of a notary. A notary is a person appointed by state government to act as an impartial witness when important documents are signed. When buying and selling land, there are a lot of important documents that need to be signed, and therefore it’s a good idea to identify the closest and most accessible notary to assist you to get through all those deals.
Tip #3: Digitize your paperwork
We have all heard the stories of people losing all of their documents in a flood or fire and the catastrophic impact that this can have on all of their business dealing year after the event. In the modern digital age, this is no longer a risk. I have a dedicated online data storage solution that allows me to scan and upload every single document to the Cloud in real-time. I am able to digitally file all my documents and assign people in my team access to some, but not all of these records. I am then able to access any and all documents whenever I want to from anywhere that I can take my smartphone. There are several reputable service providers that you can choose from for your cloud-based data storage, including Google Drive, One Drive, or DropBox, the choice is yours.
Tip #4: Project Management Apps
There are a number of very effective project management apps on the market that will instantly allow you to control workflow in your business and in your life. Project management apps allow you to set up your project, break it down into deadlines tasks, assign those tasks to your team and then monitor when tasks are complete. Project management will streamline your business processes and ensure that you have your finger on the pulse of the day-to-day operations of your business.
Tip #5: Delegate tasks to Optimize your Land Investing Business
The vast majority of people start a land investing business so that they can start to enjoy freedom of cash and freedom of time.
If you try to do every single task in your land investing business, you might improve your bottom line, but you will end up replacing your job with your business. If you really want to experience the full benefits of being the CEO of your own land investing business, you have to be able to delegate tasks to a team that you have trained and resourced to be able to do the job the same, if not better, than you could.
If you want to learn more about how to set up a streamlined and highly efficient land investing business, join us on the weekend of October 1st – 3rd for the Land Profit LIVE event, taking place in Phoenix, Arizona.
Visit www.landflippinglive.com for more information and to book your spot