6. Not Backing Up Data
After all the effort you have gone into to digitize your business and learn how everything works, you are currently sitting tight and have no care in the world. This is a dangerous mindset to have. Digitization of business data makes taking care of your real estate investments much easier. But what happens when your systems are hacked or your servers fail?
You will need to resort to your backups, of course.
So, the question is: do you back up data? How often do you do it? What are you waiting for? You need to back up your data digitally and manually. You can back up your real estate business data in the cloud or a second business server. You should also keep your paper records as a backup just in case your entire digital system fails completely.
You can set up your digital system to back up data automatically after a set period. That, in addition to keeping a paper record of your business transactions, will be helpful should your business ever need an audit or should your systems fail.
7. Trying To Do It All
Nobody understands your real estate business better than you do. You have put blood, sweat, and tears into running it and making it a success. For that reason, you are having a hard time ceding the control of your business to someone else. So you try to do it all. And you are failingmiserably.
“ Pride comes before a fall.” How often have you heard that statement?
Is it more important for you to be in control or to be successful?
Well then, it is time for you to try to keep up with every aspect of your business. While it is wise for you to keep up with your business finances, it does not hurt to hire a bookkeeper to help you out. Not everyone has a head for numbers, and it is okay to hire those that do.
And when you do hire a bookkeeper to help you with your business finances, supervise but do not micromanage. Take the time to discuss what you want that professional to do, and then provide him or her with the chance to do the assigned job properly.
Business bookkeeping is part and parcel
Image from Canva Pro of running a real estate business. In order for you to make money, what comes in must be more than what goes out. And in order to make good profits, you have to understand what goes on in your business, right? So, it all comes a full circle. What this implies is that you must know what goes on in your business on the financial front. Be sure to hire a professional bookkeeper to help you out if you cannot manage your business finances. But even as you do, make work easier on yourself by avoiding the common bookkeeping mistakes that business owners tend to make. It will make your business operations much more efficient and profitable.
MEET LEON MCKENZIE
Chief Executive Officer U. S. Probate Leads
Leon cofounded U. S. Probate Leads more than 12 years ago and has witnessed its growth during that period from a onecity lead provider in the probate space to the only national provider of probate leads for virtually every county in the country. Leon likes to point out that U. S. Probate Leads is the only company providing probaterelated real estaterelated leads to investors and REALTORS ® based on data collected directly from individual probate courts in virtually every state. This has been achieved by building a National Network of Researchers that visit each county one time each month. Leon’ s team processes this incoming data and makes it available to individual subscribers for their use in reaching out to highly motivated property sellers. Email: sales @ usprobateleads. com Web Site: www. usprobateleads. com
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