Real Estate Investment - How to Create High Self Worth with Planning and Outsourcing
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Author: reinvesting99 If I was to say that I wanted to buy one hour of your life, one hour that no matter what happened, or how successful you became in the real estate investment future, you could never get that one hour back, how much would you sell it to me for?
Most of us would come up with a very high number. Our time is valuable. The reality is that we really don’t push for that asking price. We allow ourselves to be undervalued, by getting stuck in the nitty gritty of daily real estate investment, such as painting that house instead of finding someone else to do it for us. We constantly do jobs that as business people, as executives we just shouldn’t allow ourselves to do.
Many new real estate investors let themselves be undervalued and over involved. Give yourself a chance to create really successful, long lasting business by planning a little, getting others to help you out and establishing your self-worth.
I’d like for you to ask yourself the following;
- How much am I going to set my value for this week?
Answer this question. By establishing how much you are worth now, you’ll find it much easier to stick to that hourly wage in the long run. Making you more money in real estate investment and helping you manage your time better.
I want you to stick to your value no matter how difficult it seems. If cash is tight, then maybe your hourly wage will be $10 or $12 an hour. Any activities you have coming up that you could pay someone else less to do for you, such as $8/hr, you find someone to do that activity. You’ll be saving money even as you spend, because it frees you up to work on projects with higher profit margins.
Outsource your Drudgery to the Internet
The invention of the internet has allowed us to cut down on just about any daily task that we don’t want to do by finding a very eager person that would like to do them for us.
Craigslist.com is a personal favorite of mine for placing ads looking to outsource some work. Try this, I dare you. Take something that you need to do this week, something you hate doing, and put a free ad on Craigslist to hire someone to do it for you.
Your dishes may be stacked up and your closet can be a wreck, but you can put up an ad for someone to help you. You’ll be amazed by number of people that love doing dishes or organizing other people’s closets and are willing to do it for next to nothing. Think it’s cruel? It’s not right for others to do parts of your life that you dislike? Well deal with it. These sites exist because the people using them are looking for work that they enjoy and it’s great to hook those people up with it.
Besides, outsourcing your drudgery keeps upping the value of your time. By concentrating more on activities pertinent to real estate investment such as; talking to sellers, networking with others, and crafting new marketing strategies, you will create huge real estate returns.
Ego and Macro-Management
Ego is what keeps people stuck in the Self-Employed (S) Quadrant and unable to move over to the Business (B) Quadrant. I’m going to assume you have all read Rich Dad, Poor Dad, (if you haven’t, read it).
I think moving from the S-Quadrant over to the B-Quadrant is the most difficult switch of the three quadrant moves and ego is the reason.
People who are self-employed or have a ‘real estate investment business’ in which they do the majority of the work usually have major ego (I include myself because a good portion of my life was spent in this quadrant). We have dreams of having others help us and may have even tried it but when we’ve hired someone, we felt like they weren’t doing it the ‘right way’ or that some of the quality or talent was lost. This is because they probably do something really well. They are great in sales; they are the talented accountant, or maybe an expert dentist. Our belief is that no one can do it as well as we can. We don’t want to spend time writing out what and how we do our jobs because we just do them or we feel like it can’t really be ‘taught.’
It really comes down to thinking that no one can do ‘it’ better than us. This behavior forces us to do it all ourselves. Unfortunately, that ‘ego’ actually works against us by taking on things that we shouldn’t be touching and be focusing on more, higher value tasks.
Accepting the fact that no matter how much more education we get or experience gained, we still cannot create more hours in the day or get it all done alone, is the first step to real estate investment success. We have to realize that without us in charge of our businesses rather than working in our businesses, we have no business and we will never have a great business that runs practically by itself. The pain of this vivid realization can alone be enough for people to take action, it was for me.
Colin Egbert is an experienced Real Estate Investor with plenty of short sale techniques to aid fellow investors in their quest to succeed and make huge profits. He's the author of the ebook "Getting Started with Short Sales" providing the tools needed to start your own real estate investing business. Colin is also the CEO of Realestateinvestor.com a website dedicated to helping investors make the most of their business.
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