Bernie is a successful property developer. He has bought and sold several properties, he has also kept a few that he rents out. He has been doing this for a number of years and has become adept at juggling finance, strategising and forward planning.
Bernie also likes to share his knowledge, so he has started running workshops for people who are either starting out or want to get into buying and selling property.
Bernie’s days are spent moving around the city, meeting up with different contacts, realtors and suppliers, attending property shows, managing his portfolio, running his meetings and trying to have a personal life. He also travels domestically and sometimes overseas; wherever his business interests take him.
Bernie is on the brink of securing a deal to redevelop a 19th Century hotel into luxury apartments. He has planning permission, investors, and the deal has now been done. However, Bernie has never taken on a project this large and knows nothing about converting such a property. They need to engage an architect and project manager and look at inviting bids for the redevelopment and refurbishment.
He doesn’t need an office and he doesn’t need full-time assistance. He doesn’t want to send his calls to an answering service, but there are things he could do with delegating to someone else so he can focus his attention on the new project, his portfolio, and his groups.
What could Bernie outsource?
Hotel redevelopment - research on architects who specialise in redeveloping old buildings. Research on project managers who have managed similar projects. Secure testimonies and recommendations. Arrange meetings between Bernie and his team and two prospective architects and two prospective project managers.
Collate all estimates and costings for architectural planning and project management. Begin to explore contractors for building redevelopment and refurbishment. Once architect and project manager are appointed and timescales agreed, collaborate on formulating a tender invitation for all work to be carried out.
Co-ordinate production of marketing materials for the new development and for presentation to the market.
Issue tender invitation to relevant industry outlets and handle enquiries from prospective bidders. Receive bids and liaise with Bernie and his team to look at all bids after the submission deadline. Appoint contractors and liaise with project manager during course of redevelopment.
Facilitate the appointment of on-site sales agents to conduct viewings and liaise with lawyers / solicitors for apartment purchases. Liaise with appointed management company re building maintenance on completion.
His diary - Bernie could save himself up tohours per week by outsourcing his diary
Property development groups - manage to through Meet Up. Post events, ensure venues are booked, collate RSVPs and ensure collection of fees.
Travel - Research, organise for both business and personal purposes.
Conferences - book places at conferences and pay fees
Speaker engagements - confirm engagements and advise on fees payment to event hosts, ensure payment received.
Property management - arrange for maintenance and checking in and out services. Deal with deposits (held in Escrow).
This is by no means an exhaustive list but you can see from the first pass, the obvious things that Bernie can outsource and remain a free moving, independent property developer, without the overhead of a business premises or employees.