GG – hey everyone. your friend here from next level property investing . i hope you’re well just before we get started.
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i should say and have a look at our six-figure property investor mentorship book a call myself and we can see if it’s a good fit for you [Music] so let’s dive into the article today i want to talk about a property business now time and time again i see it you know people teaching strategies people you know showing people how to do service accommodation showing them how to set hmo up but not really building a property business now i got into this because i wanted the business not because i wanted the hobby and i actually got into because i didn’t have a pension at the start so i thought i need to create some cash flow.
something that’s going to pay me while i sleep and something that i don’t really need to work too hard at later in life and obviously it’ll pay me um an income whilst i enjoy my later years so that’s kind of where my journey started but as it’s developed i’ve realized that this is a serious game and there’s serious money in it and if you treat it like a proper business then you can make some really good inroads you can create some passive income for yourself and you know you can have a very successful business in quite a short space of time with a bit of hard work so the thing that frustrates me the most is that people think.
it’s a hobby don’t get me wrong most people need to start around their current job which is fine but don’t treat it like a hobby you know it’s not like going to play sunday league football you know this is a serious game that you can lose serious money if you don’t do it correctly um you’ve got to know how did you do good due diligence and you’ve got to be business minded you’ve got to be commercial savvy now there’s many different parts to any business you know you ask any any successful businessman there’s many different parts any successful business woman there’s many different elements to their businesses now why don’t property investors you know operate on the same mindset i don’t know but one thing i do is you know in my consultancy is i teach how to set up a business.
i don’t focus on how to set up a strategy i focus on how to build a property business that’s sustainable for the long term and i think this is a massive massive massive point that i need to hammer home you know not enough businesses in the property world do marketing they think that the estate agents are going to give them everything they think that posting the gum triad’s going to get them everything they think they’ve gone searching on our open rent is going to build a business you know if you want to scale a property business you have to be able to generate leads on tap if you want to scale to seven eight-figure property portfolios.
you’ve got to be able to build the relationships find the money find the deals that make a difference and help you scale to those numbers you cannot do that by just logging on to open rent and sending a few messages you know you cannot do it by just making a few estate agent calls per day you know and some people don’t even do that you know you’ve got to have a robust marketing plan to your business and that’s one of the major fundamentals that i see most property hobbies or property um property investors whatever you kind of want to call yourselves um you know do and and i want to change that mode and that’s why i do my consultancy you know my six figure property investor program is not about teaching you a strategy it’s about building a property business it’s about building a business property is just my niche business is what i consult on but property is just my niche but within that niche we’ve got service combination we’ve got hmos we’ve got buy refurbished refinance we’ve got lease options you know we’ve got single let’s in there and everything there is all about creating multiple revenue streams for cash flow we then break it out.
even further we’ve got managed elements of the property business you know for me that’s managed service to accommodation for some people let’s manage single that’s a managed hmos you know i then break it down even further and because i’ve got systems and processes in place for every element of my business it becomes easy to break it down further offering out cleaning and linen services offer up project management services offer offering out you know full refurbishment services you know all of these are just different revenue streams that bolt onto simple processes that when you know what you’re doing and you put them into your business you can scale your business at ease .
you know once you’ve got the systems and processes in place scaling is is the easy part but you just double down on the efforts of the marketing pump more leads into the system the leads get converted to the sales channels and then the operation and the delivery channel take that off you know and it’s one of the core fundamentals of setting the business up was having these departments in line and having the processors around them now i didn’t have this you know i built 21 properties in seven months and acquired a lot of property it was great i was selling i was out there i was building the relationships and everything was going well but i didn’t think about the operations i didn’t think about the delivery of the products you know how would we get these set up how would we deliver it to the guests how would we get them online to make sure we’re advertised how would we get tenants checked in properly make sure we’re taking all the boxes to stay legal and subsequently i got dragged into operations and i didn’t acquire anything for three months after that so i then had to take a step back and figure out the delivery in the operation side of the business put systems and processes around it that in an ideal world i like software and i like to keep it as automated as possible but i do have some great you know 18 players in my in my team and you know they they help my business tick in in all departments.
but each department has their own little silo and those silos have processors systems and software wrapped around them and good people and then that allows us to scale and it means the next time that i went around i acquired then 40 properties in six months that just plugged into the system and plugged into the model and it ran like a dream and we continue to push hard you know continue to push hard with acquisitions and continue to focus on acquisitions rather than focus on the operations and for me that is the key fundamentals to scaling the property business quickly but you have to market your business you have to be able to generate leads you have to be able to generate relationships.
you’ve got to be able to create conversations with people and if you don’t know how to do that and you don’t have systems and processes around that then you’re always going to be fighting fires you’re always going to be picking up the scraps you’re always going to be you know doing what everyone else is doing you know you got to think outside the box you don’t want to be picking the scraps up you want to be leading the game you want to be getting the Hawaiian share of the good deals and you do that by having a good system around your marketing.
so start thinking a bit differently about how you want to get into property you know if you’re beginning your journey do you want it to just be a hobby because for me if it’s a hobby it’s going to do one of two things it’s either going to lose money or you’re going to get sick up sick of it and you’ll get fed up because you’ll not have systems and processes in place so the hassle will end making you just want to get out and you’ll exit you know or you’ll stay small and you know at the end of the day i got in this because it’s a business.
most people i coach or most people i speak to or most people that i network with get into this for a business for a lifestyle change to create freedom in their life to create time freedom in their life money freedom allow them to do what they want when they want you can’t do that if you treat it like a hobby so that’s the first mindset shift that you need to get over once you get over that mindset shift then you start thinking like a business so you know you don’t need a business plan you just need a business process for each element of the business that you’re going to run so set those processes up figure out what those processes need to be.
if you know from acquisitions all the way through the delivery of the product and then scalability so have a good thing about how you want to do it and for me um you know it’s it’s all about the the each each silo has different systems and so our it all starts with the marketing so awareness we’ve got to get awareness on the brand we’ve got to get awareness on the company and we’re going to get awareness on our products now the products that i offer are you know our essay management service our rent guarantee service.
you know our lease options our quick sale um you know and then the products that we then offer from then um are our cleaning and lending service our project management so we’ve got to get awareness around that we’re gonna get away on this around the company we’ve got to build trust people have got to trust that we know what we’re doing and that’s that’s point number one you got to get yourself omnipresent .
so people need to know you know they need to see you all the time you need to be out there you’ve got to be using all the different channels to make sure that your brand is out there and you’re getting awareness from the awareness comes the lead generation and then with that lead the generation.
that then pumps the sales department for us sales department is acquisitions so without leads we can’t acquire you know without um you know the research without you know the relationship building without getting the deals off the estate agents without getting the deals direct to landlords and vendors we haven’t got the acquisition part of the business so awareness lead generation then we’re going the acquisitions and then it’s all about closing strategies so you know we want to improve our closing ratios we want to make sure that our viewing to completed sales ratios are high we want to make sure that our scheduled viewing status or live viewings is a high percentage you know .
make sure that we’re making offers on nearly every view and that we’re going on and then obviously following that process up through so that’s a separate little system in itself from that we move to the um delivery of that so how do we then get those properties set up how do we get them funded how do we get them advertised and then from that it’s the operational side of running those properties so how do we host guests from start to finish how do we onboard a tenant and make sure they check in and check out successfully you know and legally you know a big point that a lot of people miss how do we make sure that we’re complying how do we make sure that we’ve got all the right licenses in place you know how to make sure that we’re we’re protecting all the deposits and all that sort of operational stuff and then on the back end of that,
you’ve got your numbers you know how do we track the numbers how do we make sure we’re making money how do we you know measure proper KPIs to move that business needle forward .
if you’re not measuring your business if you don’t know your numbers you know if you can’t measure it you can’t change it it’s as simple as that because you don’t know what to change every single part of my business each department has strict kpis and we measure the kpis on a weekly basis so as you can start to see property isn’t just a strategy property is a business and if you want to build a successful business you’ve got to think of property like a business and you know i kind of i kind of stress this it’s what i go over time and time and time again you know with all my clients and it’s a huge mindset shift from the norm that’s out there getting taught of you need to learn this strategy and it’s going to make you loads of money or you know you need to learn this strategy and it’s going to learn loads of money but they don’t teach you about all the different elements around that strategy to make that strategy a business now you can stick to one strategy you know you could just nail down on hmos as your strategy rent to rent hmos is your strategy but you either treat it like a hobby and you pick a few up and you muster on through and you do all the work and the hassle and the phone calls and you’re a bit scattergun and you’re not really sure what you’re doing or you pick that as your strategy and then you build a business around it so how do you create awareness around the strategy how do you create leads around the strategy you know how do you then deliver the acquisitions and acquire the acquisitions you know how do you then um deliver the product so how do you get it set up what are you going to set it up like how do you attract your tenants how do you then run the tenants and then how do you track your numbers you know so every single strategy has a business but it’s not just about learning a strategy and when you start thinking like this you’ll start to create a successful business that will create your time freedom will create your financial freedom and you know the world is endless because you can scale you know you can scale on that and you can take the business as far as you want you know or you can build it up and sell it you could you know build it to a level that you’re comfortable with and stop and retire whatever you see fit the choice is yours but when you know the key fundamentals of business and you’re wrapping it into a strategy or you wrap the strategy around the business wraps around the strategy then you’re on for success i hope this helps don’t forget to subscribe obviously i’m dropping articles all the time and as i said head over to nextlevelpropertyinvesting.com if you want to understand how i can consult for your business help you create a business around your strategy and book a call of myself we’ll see for a good fit have an awesome day everyone