Posted by tungstenmg Last updated 11th August 2019 reading time
Outsourcing was introduced to me over a year ago. I initially thought this was for those who ran huge organisations and/or for those that had been operating for years. However, at the start of 2018, I realised I was unable to be ‘everyone’ in the business and that I was getting in my own way and stifling my speed to success, so I started to outsource. TMG now employs a Virtual Assistant who works through Rightmove and other portals to source properties, manages the CRM and email database and creates content to email our contacts. Our VA was found “on people per hour as a personal choice” but there are a number of platforms offering similar services. Our letting agent manages the photography, viewings, cleaning and referencing through to the check in and weekly legal tasks such as smoke alarm checks. We now have a project manager to oversee all our building work as we want to be hands off during the build period allowing us to concentrate on building our network, finding new opportunities and spending time with investors.
“The richest people in the world look for and build NETWORKS. Everyone else looks for work” Robert Kiyosaki.
Where is TMG right now?
We have completed our HMO in Medway, Kent with 4 double rooms and ensuites. This had some challenges that we learnt from and tweaked our process, but we are thrilled with the outcome. The viewings are going well and after just 2 weeks on the market, we have secured a tenant for the basement ‘studio’ with private garden access. (If you are interested in viewing our property, please contact Homeshare for lettings or our property page on the website.
The next opportunity in central Gillingham potentially involves planning permission so I am working through the pre-application process along with talking to architects and the building regulations team.
We have also seen a huge spike in investors who wish to work with TGM as a joint venture or for TMG to source properties in our focused area. This has naturally grown from my business partners activities on social media, specifically Instagram. We have a number of meetings lined up meet with these potential investors, some of whom we already know. We need to know what their goals are, what they need and their skills so we can find synergy between all parties, and then see how we can help them. Helping others is the key to all success with investors, so it is a win-win for all parties.
As well as all the above, our team have been building new networks in Kent where we are constantly searching for property, so we can meet current landlords, hear the changes that are occurring in our focused area both with the council and other developments. We are working hard to make time to have a coffee with our contacts as it takes 5-7 touch points for someone to start to build trust with you. Networking can be daunting for anyone, but these tips from the Telegraph have been a great help.
Take Away Points
Outsource to allow you to do what you are good at and enjoy!
Create and keep adapting your power team as you need experts surrounding you – you cannot do everything nor do you know everything.
Investors can be anyone and from anywhere so tell everyone what you do but remember you need to trust them, like them and get on with them.