There’s come a point in building a business where you can’t do everything on your own.
Well, maybe you can… but you shouldn’t.
The real estate investors who do are the ones who get stuck. Because they struggle to delegate responsibility, hire A players, or really entrust the people they’ve hired, they end up doing it all.
And when you’re doing it all, you’re business isn’t growing.
It’s obvious, after, that you can’t grow a thriving real estate business as a one-man show.
And from our experience, the most useful position to hire for making your business run more smoothly and grow more quickly is an Acquisitions Manager… here’s why.
1. Finding Deals
Finding deals is one of the most time-consuming parts of building a real estate investing business.
You have to create mailers, door knock, cold call, pull new addresses, and run Facebook ads — or some other combination of those marketing tactics. As a one-man show, these tasks quickly take away from your ability to create internal processes and hire A-players that will grow your business.
You’ll quickly reach your threshold for how many deals you can manage on your own.
An Acquisitions Manager’s main responsibility, though, is to find deals and oversee those deals from beginning to end. This allows you to focus on growing your business rather than hunting for deals.
2. Coordinating Deals
Blessedly, it’s not just an Acqusitions Manager’s job to find deals, but also to oversee those deals to completion. That means coordinating between buyers and sellers, creating contracts, viewing houses, and following up with promising leads.
It’s thrilling to have an Acquisitions Manager because of how much time it gives you to start working on growing your business again.
But here’s an important word of caution: be very careful to make sure your Acquisitions Manager doesn’t get burnt out.
They are taking on a lot of responsibilities. And it’s your job to make sure that they have everything they need to do their job effectively — that includes other employees and salespeople, simple processes, and easy access to online tools.
For instance, we highly recommend not having your Acquisitions Manager answering the phone every time it rings… that’s a recipe for quick overwhelm.
You can have our Call Porter reps answer the phone for you, then they’ll schedule a follow-up call with your acquisitions manager.
If you hire the right person for the job and treat them well, then your Acquisitions Manager will help run your business so that you can grow your business (or just go on vacation… I don’t judge).
Which brings me to my next point.
3. Creating a Partnership
One of the most exciting parts about hiring a great Acquisitions Manager is that you can build a long-term partnership with that person.
Eventually, you might even consider giving them a percentage of profit from each deal.
In our opinion, this is the most important person in your business — they’re going to steer the ship while you’re away and they’re going to make sure you have the time to focus on expanding the business.
For that reason, you should pay them well, treat them well, and hire the best possible person for the job. Ideally, you want someone who’s reliable, hard-working, honest, and someone who’s personality fits your own.
So when are you going to hire an Acquisitions Manager?
The sooner, the better.