Getting Real with Investors: Growing Pains and What to do About Them.
Wow! This past year has been a blur so far.
As we enter into the 4th quarter of 2018, I wanted to sit down and chat about where you are headed for 2019. It’s coming upon us quicker than we think!
Even though I have over 20 years in design, remodeling and staging, REI Design Solutions was founded just over a year ago out of my love for design and real estate investing.
I married the two loves together to create a service offering exclusively for Real Estate investors who are focused on buy-fix-and-flip and new build projects. My goal for REI Design Solutions was 2-fold.
1) To come alongside investors and help give their properties an edge on the market by providing “investor friendly” design services
2) To ensure that our investor clients were putting out a fabulous product with their rehabs thereby maintaining the integrity of design in their flips as well as their reputation.
According to the financial publishing website Bankrate.com in this 2018 article they warn, “buyer beware” when it comes to homeowners purchasing flipped properties!
As investors, you don’t need that cloud looming over you, so we’ve made it our primary goal to ensure that at least the design of your property will be beautifully and professionally done.
When I pivoted from doing part-time flipping and part-time design for homeowners to doing full-time design for real estate investors, I knew I had a great niche market to work within but nothing could have prepared me for the growth that would take place!
To my delight, my services were embraced by the market and I got busier than I had projected!
My revenues skyrocketed 200% from Q4 of 2017 to Q2 of 2018 (a good problem to have, right!?) Why I am telling you all of this? Because one of my passions and what I talk a lot about on my blog and in my emails is Growth and Scaling!
One thing I have learned about fast growth in a service-oriented business is that you often encounter moments where your delivery ends up taking longer or the product is less than stellar than you intended. This is due largely in part to you (the owner) being the only one able to fulfill those deliverables and there is only so much time in a day! The sad consequence of this phenomenon is diminished trust from clients. The end result is loss of future revenues due to lack of client retention. This scenario is not good for anyone, the business or the consumer.
This happened to us in 2018. We got busy. We went through a period where our team was ill-equipped for the amount of business that came our way.
As a side note, for those of you who were/are my clients I want to thank you wholeheartedly for being so patient with us. If it has cost us your business, please contact me personally so we can remedy that relationship if possible.
We have taken the necessary steps to adequately answer this dilemma…we have grown our team here at REI Design Solutions and we have put systems and processes in place! Going forward, we are so excited to help our clients because we are confident in our team and systems to provide you with top-notch design services!
So what does this story have to do with you?
As an investor when you get too busy, you don’t necessarily run the risk of losing clients, however, you might lose face if you drop the ball on a seller, or with a wholesaler on a property you made an offer on if you fail to line up funding by closing, or you might end up paying more for materials on a rehab because you had to pay for rush shipping because you waited too long to place the order.
Bottom line: if you don’t scale your team to take on that extra workload, you have the same risk:
LOSS OF REVENUE!
If you are not on top of all of the marketing, sales, closings, tasks and rehab projects you are going to lose money!
You need all the help you can get.
Whether it’s having employees, partners or service providers like REI Design Solutions helping you scale your real estate investing business, help is paramount to your bottom line and your growth.
I see investors running themselves into the ground trying to do it all themselves.
I can relate.
I was doing the same thing in my business.
Then one day I decided I was going to invest in my company. I knew in order to provide the best customer service possible, I needed help and I reached out and found it.
How about you?
What will you do in 2019 to SCALE your business!?!
Here are a few suggestions!
🗸 Read the book SCALE: Seven Proven Principles to Grow Your Business and Get Your Life Back by David Finkel and Jeff Hoffman (not an affiliate)
🗸Hire a business coach to help you! That’s what I did and it was the best decision ever (ask me about my coach)
🗸Partner with someone who performs tasks better than you in certain areas of the business
🗸Hire a personal assistant (BIG TIME GAME CHANGER- I know, ask me how I know!)
🗸Hire REI Design Solutions to take care of all of your design needs!
Whatever it is, do it!
You will be so glad you did something to move the dial for your business forward.
Thank you to all of our clients who have made 2018 an incredible year and I look forward to working with you all and many more of you in 2019.
May your 4th quarter be amazing!
To your success,