You know, we’ve got only four weeks left, not even three weeks, really until the end of the year. We can come out of this crazy turbulent year of 2020, and really push reset and starting this new decade.
I want to talk about the concept and the value of leverage. The idea of leverage, what it is and how we can implement more of it into our life to be more effective, to be better performing both at work and other things we do, and to create better results and experiences again, in our personal and professional lives.
Leverage is defined as this doing more with less
The formal dictionary definition will be something like that, but it’s creating better efficiencies and output with less input. There’s leverage that we can find in different areas of our professional career for a real estate agent or investor. We find a lot of leverage that we can instill in our practice through the right technology. Streamlining practices and processes with checklists and a system, and also finding better ways to do old functions or old things. Innovating on process, doing things a little bit differently so that we can save time and create a better experience. An area of my career where I’ve been implementing a lot of leverage successfully is in real estate investing.
So those of you that are interested in building more passive income, they’re interested in building more wealth. They’re interested in creating more freedom of schedule near wife, real estate investing is a great way to do so. It’s allowing me to accomplish things that I wouldn’t have even thought possible just a few years ago.
The area of real estate investing that I’m focusing on and finding benefits with is in hospitality development. I’m formalizing a boutique hospitality group and brand, where we’re going to create unique experiences under a common brand umbrella. In different really cool destinations and locations around the country and eventually the world where we’re really elevating the guest experience, we’re finding new ways to bring a better offering, a better stay, a better, more memorable experience, and doing it with properties that are already existing, that might just not be fully managed properly or markedly correctly, or need a little bit of a reposition if you will, or some investment in renovations and bringing things up to snuff and up to the modern level that we call a standard here.
Technology is revolutionizing the hospitality industry
Where I’m implementing leverage here is starting to create a team now to not just do these in a one-off way, but to do these very programmatically, one to two properties a year, acquiring, renovating, implementing new management and, process and system and repositioning these, and then moving on to the next. Building a platform with technology that supports it, the right team members, a common experience, different back office systems and processes for accounting, ordering, supplies, operations, review management, marketing plan, all these things that are very similar property to property, but still unique and different in their own way in each respective market. Another area where we can really find some great gains from leverage is using technology. So technology is revolutionizing the hospitality space and the real estate brokerage space. It’s allowing us to reach more consumers, more potential guests and more potential buyers and sellers with less cost.
Get more from your advertising
We’re able to target better, get our ads and promotions in front of the right people. And we’re able to track now the effectiveness and the direct return on investment of our ad dollars and spend. The hospitality world has great software that manages and tracks our online ordering and booking experience on a reservation page. We can see exactly what our ad spend dollars are producing in terms of booked reservations and booked revenue. It really allows us to be more effective, more nimble, more cost conscious in our paid advertising spend on Facebook, Instagram, Google pay-per-click, and other means in which we might choose to advertise and promote. The idea of leverage is finding technology, finding process and finding great people to do more with less, to create what we call economies of scale, to find more innovative ways of doing an old process, but better.
Hopefully this inspired you to look at your business. Whether you’re working on a team or for a company, or you’re a business owner, a real estate investor or real estate agent. There’s ways that we can always evaluate how we’re doing certain things, the functions and the day-to-day operations of our business or our work, and find ways to implement, leverage, to do it better with less input, often less costs. And oftentimes if we do it right, a better output and better experience. If you’ve got some value from this or inspiration, please leave me a comment, shoot me a message. And let me know like this, or share this video with somebody actually could benefit from it. And as always, we’ll see you next week, to success, your happiness and your freedom.