subject: Organization Is The Key To Running A Real Estate Business [print this page] Without organization, businesses flounderWithout organization, businesses flounder. That is certainly true of companies that are in the business of buying and selling houses. Without a sound organization, you can end up wasting valuable time and money.
One way to keep the organization running smoothly is to hold regular meetings. In my company, meetings are held every Monday evening at 5:30. This would be in addition to the special monthly meetings that are held.
The Monday meeting involves the head of the company, the acquisitions manager, and the administrative assistant. Occasionally, the sales person and the mortgage liaison may also be involved. The administrative assistant is responsible for bringing in the data that must be reviewed.
The administrative assistant also shares a vacant property sheet-a vitally important document. The sheet lists the property address and how many bedrooms it has and how many baths. The sheet also indicates whether the utilities are turned on and what the lockbox combination is. Also included is the name of the sales person who is involved, along with the stated down payment and monthly payment. The property list also includes situations in which tenants have been asked to leave. Those situations are listed under the category 'pending.'
The acquisitions manager and the sales person are bringing in people who have looked at the houses and have filled out applications. These are the individuals the company has credit reports on. It's then up to the team to decide which individuals to accept into the program. In other words, the team is determining whether or not to put people into various properties.
If the vacant property list goes to 10, it is time for the company to stop buying houses. That's because the company simply cannot deal with a large inventory of homes. It's too expensive to maintain such a housing stock. After all, the company is in the business of selling houses to tenant buyers-not accumulating a large number of properties.
The real estate business is enormously challenging, yet it can also be greatly rewarding. When business is going well, it can be a sheer delight. In order to ensure that the business runs smoothly, regular meetings are an absolute must. They set the tone for the company and ensure that the company is heading in the right direction. The Monday evening meeting may seem a bit old-fashioned in this electronic age, but it's still important for safeguarding the company's assets.
by: Alan Cowgill
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