How to Organize your Real Estate Investing Business

Written By Amelia McGee

Do you struggle with staying organized, especially when it comes to your real estate investing business? Are you ready to make 2024 your year of monumental growth? Using the real estate investing systems and processes below, you’ll be able to increase profits and scale without feeling overwhelmed. Discover the keys to focus, flow, and FUN as we show you how to organize your real estate investing business.

Create Your Own “Playbook”

We like to call it a playbook, but you may have heard of it referred to as a Standard Operating Procedure aka SOP. Your playbook or SOP tells you how to navigate your business using outlines with step-by-step instructions; think glorified checklist. It standardizes your workflow, ensuring consistency, efficiency, and quality in performing routine operations.

Typically, an SOP template includes sections such as:

  • Title: Clearly states the name of the procedure.

  • Purpose: Describes the reason for the procedure and its importance.

  • Scope: Defines the boundaries or limits of the procedure.

  • Responsibilities: Lists the roles and responsibilities of individuals involved.

  • Procedure Steps: Provides a detailed, step-by-step guide on how to perform the task or process.

  • References: Includes any documents, regulations, or resources used to develop the procedure.

  • Revision History: Documents any changes or updates made to the SOP.


Choose a Property Management Software

Just like an SOP, property management software helps keep all information in one centralized location. With this software, you can collect rent, send leases, automate and delegate, and never let due dates slip by.

In the end, the most suitable property management software for you will match your distinct requirements, operational processes, and expansion strategies. We recommend that you always conduct thorough research and consider demos or trials before making a decision.

Some property management software options include:

Optimize your Google Drive

Optimizing your Google Drive involves organizing, managing storage, and utilizing its features to make it more efficient and user-friendly for your needs. Here are some tips to optimize your Google Drive:

Organization:

  • Folder Structure: Create a clear and logical folder structure. Use broad categories and sub-folders for better organization.

  • Naming Convention: Use consistent and descriptive names for files and folders to make them easily searchable.

  • Color Coding: Use color labels to visually categorize folders and files. Right-click on a folder/file, select "Change color," and choose a color.

  • File Versioning: Use version history to track changes and manage different versions of files. Go to "File" > "Version history" > "See version history."

Storage Management:

  • Delete Unnecessary Files: Regularly go through your Drive to delete files you no longer need. Use the "Storage" option in Settings to see which files are taking up space.

  • Empty Trash: Remember to empty the trash regularly to free up space. Click on "Trash" and then "Empty trash."

  • Utilize Google Photos: If you store a lot of photos or videos, consider using Google Photos and enabling the "High quality" option, which provides unlimited storage for high-quality media.

Collaboration and Sharing:

  • Share Settings: Understand and use the various sharing settings (view, comment, edit) to control access to files and folders.

  • Collaborative Editing: Utilize Google Drive's real-time collaboration features for working simultaneously on documents with others.

Get Your Financials In Order

Accurate financial information is crucial for making informed decisions, setting realistic goals, and ensuring the sustainability of your real estate investing business. Properly managed finances not only instill confidence in potential investors and partners but also serve as a roadmap for strategic planning, fostering long-term stability and success.

For your real estate investing business, we recommend opening a separate business account with a new credit card. It not only helps keep your personal and business finances separate, but also allows you to start earning points right away. Make sure to explore cards with a high yield savings rate. We personally use Capital One.

If you find that your property management software doesn’t meet your financial and bookkeeping needs, try Baselane. It’s banking, online rent collection, bookkeeping, analytics and more, all in one place. Best of all, it’s specifically built for real estate investors, just like you!

We can’t wait for you to embark on a journey towards success and efficiency by implementing these real estate investing systems and processes! Happy organizing :)

Resources:

Amelia McGee
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