Inner Circle System of the Month: Deal Process Flowchart
If you’re going to run a real business (you know, one with procedures and systems that other people can actually implement so that you don’t have to do all the work), it’s going to consist of a series of documented processes that can be done over and over, the same way, every time.
When I first started my actual business—which was about, oh, 10 years after I bought my first deal, since everything up to that point was more of “Vena working 12 hours a day to get the job done” than an actual business—I found it really useful to lay out the activities that I did every day visually, usually in the form of a flow chart.
By “mapping” various parts of the day-to-day, I was able to more easily figure out which pieces could be delegated, which steps needed more detailed checklists, and, frankly, which parts were weak and needed more work.
This “Deal process flowchart” was the first one I ever did, so it’s the first I’ll share with you.
Note the following about it:
- It’s for the part of the process that a VA or acquisition coordinator would handle—that is, taking the calls, doing the interview, and then passing the deal back to you for further evaluation. It only shows as much detail as that person would need to understand what the order of activities is
- I made notes to myself after I finished the chart about places where I knew the system was weak or needed more robust policies or checklist. One of the big advantages of mapping out your process is that it does help you find these places.
Again, I STRONGLY recommend that you read The E-myth Revisited by Michael Gerber to get into the business-oriented, systems-oriented mindset you need to really transition from a real estate “job” to a real estate business.
I hope you find this chart helpful; I’d love to hear your feedback and question on this new Inner Circle/Express Success feature!