I go back and forth on the idea of hiring interns. On the one hand, I love the idea of helping people get into the real estate business and make extra money in college. I mean, how cool would it be to not only be successful yourself but to also be a part of other people’s financial success stories?
On the other hand, interns only provide temporary help, and there’s always a bit of a learning curve involved. You need to have a program figured out so you can help your intern learn while they help you streamline your business by taking on smaller tasks while you work on getting more lucrative deals, designing and managing rehabs, and doing other higher-level work. So how do you know when it’s time to bring on extra help and how to integrate an intern into your business?
You’re Making More Money, but You’re Feeling Overwhelmed
Whether it’s time for you to hire an intern, a personal assistant, or someone else to fill out the staff of your real estate business, the first sign is almost always the same. You’re making more money because you have more deals coming in, but you’re feeling stressed and overwhelmed with how much you have to do to keep all of your balls in the air. In fact, you might even be passing on some great deals just because you don’t have the time to take them on.
This isn’t a bad thing. It’s just a sign that your business is growing, and you need some help to catch up. It’s probably time to hire an intern or at least get an assistant.
You Keep Farming Work Out to Contractors and Temp Workers
If you need occasional marketing and/or design work done, you should probably stick to contractors or temp workers. However, if you’re calling for outsourced work on a daily or weekly basis, it’s probably time to get someone in-house who can help you more effectively while they get to know your business and take on more responsibilities.
At this point, if you hire an intern, they’ll probably start out by doing some bird-dogging and some administrative work, and making lunch runs when you’re working together. However, as they get to know your business, they’ll end up taking on more meaningful work, and you’ll get more value from them. Of course, they may go back to school after a couple of months, but they might still be able to work for you on a part-time basis. When they get done with school, there’s always the possibility of hiring them for a larger role in your company.
You Want to Do More Simultaneous Flips
If you really want your flipping business to succeed, you’re going to need to start flipping more houses at the same time. That can be hugely time consuming, but with the right help it doesn’t have to be. Just having someone to run errands and keep your lead funnel full can help out more than you might think. Furthermore, as you teach your intern about the business, you might be surprised at how much you learn in the process (and how much you already know) as you go along.
So, if any of these things sound familiar, it’s probably time to hire an intern or an assistant. Why not help someone make extra money in college while you grow your business and you both work on your financial success stories?