In developing my systems, I have always tried to think of things from the next level and being able to take myself out of the process. For example: If I am the only one identifying, making offers, contracting, buying and selling houses, then there are only a certain number of houses that I can buy, right?
Every time I would run into a task or challenge, I would figure out a way to automate or systemize the task and make it teachable…. which is why you are actually reading this article. In my Ultimate Buying & Selling Machine home study course, you will find all of the documentation that we use in hiring and managing acquisition managers and the properties they acquire. The most important thing that I can stress to you when hiring people to work in your investment business is to find honest, ethical and moral people so that you don’t have to worry about them building your business, contacts and funding sources, only to go out on their own and become your direct competition.
The best way I can think of to do this is to have a conversation “up front” about the bigger picture. Everyone has plans, goals and dreams. They just don’t know how to go about achieving them. Most of all, people have a benevolent side and have something they either want to start or support. Whether it is helping homeless children or battered wives, I am sure there is something.
You need to find out what this is for each potential employee. You never know, it may be something that you will want to support. The next important thing I want to stress is to make sure you personally know all of the processes and procedures of buying and selling property before trying to hire someone to work for you. The worst thing that could happen is that the person you hire knows more than you about closing. Also, no matter how successful you become and no matter how many people you hire, it is very important that you continue to “sign off” on any upcoming closings. You will find the form that we use in my course.
When hiring someone please make sure that you know all of your state’s rules, regulations and requirements for hiring and paying employees. This includes reporting and paying taxes as well. If you are thinking about hiring people as independent contractors just make sure that you know the laws and the IRS rules and tests for determining whether or not a person is considered an employee or an independent contractor. The IRS has a 20 rule test and you can find it at IRS.