Monthly Tech Tip for Real Estate Entrepreneurs: (Jan 2014 Newsletter)
STOP DOING MINIMUM WAGE ACTIVITIES!
Hire Cheap Labor at oDesk.com
by: Nick Lloyd – President | Steel City Housing Solutions, LLC
I was at a real estate investing seminar and had the opportunity to listen to Robyn Thompson speak for a couple of hours. She is a wealth of knowledge in real estate and worth your time to see her speak. One thing that really stuck out to me is that she told us we are worth whatever we decide our time is worth. What she meant is that if we do jobs worth $8/hour, then we are worth $8/hour. But if we can make the mental shift to believe we are worth $100, $300, or $500 per hour, then we can make it true!
Then she singled out a gentleman in the audience who asked a question about driving construction materials to a job site to give to his contractors. Robyn told him to “STOP DOING MINIMUM WAGE ACTIVITIES!!!”
Minimum wage activities (MWA’s) are any activity that we can pay someone to do for a low wage (lower than you believe your hourly wage is worth).
For example, I could spend my time sorting through hundreds of properties on the county website, trying to find the tax delinquent properties, then hand-write yellow letters to each of these properties, stuff the envelopes, lick the stamp, etc.
OR… I can pay someone in the Philippines $2 or $3 per hour to do the online research for me. Then I can pay a company $1 per yellow letter (including stamp) and have them ship the letters to me here in Pittsburgh. Then I just drop them in the mail and wait for the leads to come in.
As it relates to hiring someone online at cheap rates, there are many sites available. I prefer www.oDesk.com. Others include eLance.com and fiverr.com. Each site has its own pros and cons. The key is to write up very specific documentation for your hired help, including pictures and maybe even video. Post a job application that is also very specific and lets the applicants know that there is opportunity for more work in the future if they perform well now. Test out a couple of applicants (maybe even interview them via Skype). You may need to fire some of your hired help before finding the right person. Or sometimes you will find that your job description is confusing to multiple applicants, in which case you need to revise your documentation so it is clear (remember that English is usually not their first language).
If you need any help with oDesk, please email me and I am more than willing to talk to you about it.
Don’t forget… STOP DOING MWA’s!!! You are worth more than that!! We got in to real estate to be wealthy and gain time freedom, not to lick envelopes and copy/paste addresses in to spreadsheets.
Written by: Nick Lloyd | President | Steel City Housing Solutions, LLC
Join my Buyer’s List: www.pittsburghwholesalehouses.com
Steel City Housing Solutions, LLC provides wholesale properties to cash buyers and also specializes in creative deals such as sandwich lease options.
(January 2014 Newsletter)