How to Know Whether You’ll Scale (or Fail) in Real Estate
Description
Your real estate business could fail if you don’t do this right. We’ve seen it happen time and time again. A business finds success, starts growing at lightning speed to capture all the demand, and then burns out, leaving the business owner or investor (i.e., YOU) cleaning up the pieces of spectacular debris. Growing your business can be a HUGE mistake, but scaling it rarely is.
Today, we’re teaching you how to do just that—scaling your business to new heights so you can work less, your team (or future team) can accomplish more, and your wealth compounds in the background. And one person on the On the Market panel knows how to scale a business arguably better than anyone else—Kathy Fettke! Today, Kathy and her husband, Rich, are on to teach you how to start Scaling Smart (which is also the name of their new book!).
Kathy and Rich touch on why once-giants like WeWork failed so fast, how overgrowing can kill everything you’ve worked for, how to start hiring (and who to hire first), and the “never enough” trap that can keep you working for years (or decades) longer than you should. Plus, they even coach Henry and James on their own scaling struggles!
In This Episode We Cover
Why “scaling” (NOT growing) your real estate business is the smartest way to build wealth
The thirteen questions that will stop you from growing too fast (and failing)
Defining your “why” and the reason most investors burn out even after building wealth
When to start hiring employees, and what tasks you should outsource to them
Incentivizing employees to work hard for you while they build their own financial freedom
Being a “humble leader” and realizing that you’re NOT the best person for every job
And So Much More!
Links from the Show
Join the Future of Real Estate Investing with Fundrise
See Dave, Kathy, and Rich at BPCON2024 in Cancun!
The 3 Main Stages of Scaling Your Small Business
Grab Rich and Kathy’s New Book “Scaling Smart”
Jump to topic:
00:00 Intro
02:16 Why Big Companies Fail
08:00 How to NOT Overgrow
14:46 The “Never Enough” Trap
18:57 When to Start Hiring
26:04 Being a Humble Leader
26:53 Incentivizing Employees
38:19 Scale Smart and Live Your Life!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/on-the-market-254
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