Forcing Appreciation On Multifamily Properties With a Value Added Strategy

Some Before and After Pictures of Apartment Building Renovations

I like to buy apartment buildings in need of improvements, but usually not in need of major renovations. Poor management and distracted property owners often lead to deferred maintenance…simple fixes that can dramatically force appreciation by raising income and lowering expenses.

When you raise the Net Operating Income on a multifamily property (typically called NOI = Income – Expenses), you raise the value on a property. Here are some tips on how to strategically renovate a multifamily property for profit.

Major Apartment Building Renovations:

Some property renovations are costly and should be considered when you negotiate the purchase price.

Tips:

• I negotiated a seller credit for repairs for the major renovations that needed to be done on this 29 unit apartment building. During contract negotiations the seller agreed to a repair credit to redo all of the asphalt, sidewalks, courtyard and roof.
• This apartment complex is in the vicinity of a busy street. When we purchased the building the “courtyard” was a loading only zone in the back of the complex. By creating a courtyard with landscaping, barbecue area and seating for the residents, we created a quiet space the residents could enjoy. This became a marketing tool when listing the units for rent.
• This property had poor drainage after heavy rains. The new asphalt and sidewalks assured water drained away from the property and ultimately out to the city street.
• Garbage trucks used the driveway on the North side of the property. To prevent damage to typical asphalt driveways we poured concrete on that section of the drive. Heavy garbage trucks will destroy asphalt.
• We installed a bright white Durolast roofing system which had several advantages. The new roofing system came with a 15 year warranty that was transferable to new owners when we flipped the property. This was a huge selling point. New roofs are a major expense.
• Buildings with air conditioning can receive an efficiency rebate from the local energy company when they install a Durolast roofing system.

Cosmetic Apartment Building Renovations:

Not all renovations are costly. Plan for these simple improvements in your acquisition budget.

Tips:

• This laundry room renovation was a simple one yet it had a significant impact on income. A friendly, clean environment ensured the residents actually used the facility.
• Many apartment complexes come with a laundry lease in place where the owner splits the profits 50-50 with a professional laundry company. These leases run with the property, not the owner. Renegotiating the lease, or canceling before lease end, can lead to a large increase in income.

• Great first impressions are a  must. When a prospective resident enters your building you are looking for the “Wow” factor.
• Wood floors, period carpeting (as in this 1950′s apartment building) are a relatively inexpensive way to attract the right demographic of renters and to lease units quickly.
• In this property we also installed an entryway security system. It’s an inexpensive, telephone based door locking system used by residents to allow entry to visitors.
• Interior hall properties (versus exterior walk ups) can be used as a marketing tool to attract residents. You are providing an extra layer of security to the community by providing an extra set of locking doors to apartment unit entry.

• Knowing your particular “market sizzle”, will help you rent apartment units for top dollar and will help you make your renovation decisions easily.
• This apartment building is located in a market where wood floors are the top priority to residents. This particular property had oak floors throughout, but the wood floors had been covered with carpeting for decades. Of course, we knew the wood was there before we bought the property. Refinishing the floors to their original beauty was our top priority when renovating and updating the apartment units.
• A simple two tone paint job, new lighting, and the installation of ceiling fans was all that was required to create a beautiful living space for our residents.

I hope this post has inspired you to invest in apartment buildings of any size. If you’re interested in learning more, be sure to get advance notice of my upcoming book, Investing In Apartment Buildings: What the Gurus Don’t Teach You (click the link).

Oh! And be sure to hop over to my mentoring page for more real estate investing resources: Apartment Investing Mentoring

Or, leave a comment below!

Related posts:

1. Top Tips for Real Estate Investing
2. Investing in Apartment Buildings – Some Mostly Free Resources

Earlier this week I wrote a post titled So. You Want to Be a Millionaire. Get the Right Coach. In my post I mentioned there was a multi-million dollar tip for you. In fact, there were over a dozen tips.

Millionaire Maker Contest:

If you can spot at least 8 millionaire maker tips in my post, you win!

Your prize:

One-hour free coaching with me. I’m an awesome coach. So, hop to it!

Special bonus prize:

If you can name all 12 millionaire maker tips in the post, we’ll coach for two hours. Free! And I’ll make it even easier. Your tips do not necessarily have to be the 12 I see. If you see a tip in the post that didn’t make my list, and you make a case for why it’s a million dollar tip, I’ll count it.

What are you waiting for? Taking action is always a good thing. (That’s a little hint.)

Read this post:

So. You Want to Be a Millionaire. Get the Right Coach.

Come back and leave your list of millionaire maker tips in the comments. (To leave a comment simply click on “comments” next to my author byline under the post headline.)

Ready? Go!

Millionaire Maker Tips Contest Rules:

If you list a tip someone has already mentioned in an earlier comment, briefly describe why you think the tip qualifies. (In other words, you can copy, but you’ve got to back it up.) There’s no limit on the number of winners. Entries must be submitted by July 31, 2011 to qualify.

See? The early bird really does catch the worm. Er, coach.

Related posts:

1. 30 Tax Tips in 33 Minutes
2. So. You Want to Be a Millionaire. Get the Right Coach.

There’s a million dollar—no, a multi-million dollar—tip in this post. Actually there’s more than one. Get ready. I’m going to talk to you about your mindset.

We’ve been having a little discussion around here lately about coaching. Specifically we’ve been talking about the kind of coaching people want. I’ve been speaking with a lot of colleagues about this too. And surprisingly (to me) it seems most people are looking for a coach who will tell them what to do…step by step.

The online conversation is here:

What Would You Be Doing Right Now if You Had a Coach?

Your Mind vs. Paint by Numbers

So, let me throw a little gas on the fire.

And I’ll fly in the face of what most people are saying while I’m at it. Step by step coaching is nice… but it won’t turn you into a millionaire.

How you think will.

I agree that step-by-step coaching can be effective. The idea of “building success, upon success, upon success” as a good friend says, is a powerful motivator. Yet how you think, and what you bring to the table in terms of mindset, will magnify your small successes ten, one hundred, even a thousand fold.

Let’s buy an apartment building.

Think about it this way. What if you wanted to buy an apartment building but you knew your funds were limited?

Say you go ahead and hire a coach to direct you on how to buy an apartment complex. So far so good. (And I will stress that it is important to become educated in any new endeavor before blindly jumping in.)

You start looking for apartment deals with your new found real estate investing knowledge. Your coach helps you learn to run the numbers on deals. She helps you study the market. She suggests some online sites where you can find real estate listings. And ultimately, with the funds at hand, you end up buying a fourplex… a four-unit property rather than the large apartment building you envisioned.

You’re the disappointed owner of a fourplex. You hired a coach that did what you expected. She coached you on how to do everything yourself. By yourself. Step by step.

But there were limitations.

Now let’s really buy an apartment building.

Let’s say you hire a coach who understands that your psychology plays as big a role as your newly acquired fundamental knowledge of deal analysis and real estate acquisition.

This coach has you start looking at big deals immediately. And making offers on those properties. She has you start interviewing and meeting top real estate professionals in your market. Professionals dealing exclusively in multi-family investing.

You start building a team. This is not a do it yourself endeavor.

You connect with mentors in the field. With brokers. With other apartment owners. With vendors. And contractors.

Rather than find a property on LoopNet (the multifamily equivalent of the MLS) you source deals that haven’t been shopped around yet. And through your connections and networking, you find a great off market apartment deal.

But wait a minute! Didn’t I say earlier that you had limited funds? I did. You heard me right. Here’s the beautiful thing about this story. Coach number two had you thinking in terms of abundance. In terms of building a team. Not going solo. She had you connect with professionals that brought very specific knowledge to the table.

She showed you how to believe big. How to surround yourself with other people who had the knowledge you lack. She didn’t expect you to know how to do everything yourself. She didn’t expect you to DO everything yourself. She showed you that you could fund a big deal with other people’s money. The big OPM.

And here’s what a lot of beginner entrepreneurs never realize.

When you find, or create, a great opportunity (business, real estate, you name it) the money will find you. People don’t pass on great deals.

But you’ve got to believe it.

Your awesome coach helped you think in terms of abundance. She didn’t offer do it yourself, step-by-step coaching. She helped you think in terms of building a team. In terms of overcoming great fear. In terms of being more capable than you would have ever believed possible. Of doing bigger deals.

So, ask yourself this. Which coach would you rather hire? The one who is going to show you baby steps to a fourplex? Or the one who’s going to scare the cr*p out of you? And in so doing show you how to operate with a mindset that you can apply to any endeavor you want, any time in the future?

Okay… it’s your turn. Can’t wait to hear what you all think of this post!

Related posts:

1. Starting a New Business: Where Oh Where Do You Begin?
2. What Would You Be Doing Right Now if You Had a Coach?

I had a very interesting conversation with one of my mastermind groups this morning.

I asked them,

“If you hired a coach today, what’s the number one thing you would work on?”

I’ll share the results (and why I asked the question) in a later post, but first…

how would you answer this question?

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I would love to hear from you! You can leave a comment by clicking on the word “comments” below the post headline.

No related posts.

“But I’ve always done it this way!”

Oh wait, that’s not what I meant. I’m confusing things that work (or may not work) with the fear of failing if I should try something new.

“Yes, risk taking is inherently failure-prone.  Otherwise, it would be called sure-thing-taking.” ~Tim McMahon

There is no such thing as a sure bet. Take that shot. If you’re doing something because you believe it’s the only way, take a hint from our new kitten. He didn’t use the stairs; he jumped 7 feet from the edge of the loft.

What big leap can you make today? Are you willing to do something new… today? What?

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Oh! One other thing. Check out today’s related post (What Can You Learn From a Team at Harvard Business School? A Lot.) — you will be inspired.

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Related posts:

1. Starting a New Business: Where Oh Where Do You Begin?
2. What Can You Learn From a Team at Harvard Business School? A Lot.

I wrote a post in March. It was called “Being Right”.

Here it is, the entire post:

“ ‘Sometimes it’s harder on a person to be right than it is to be wrong.’

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What does this mean to you?

And, can you be wrong about something right now?”

That’s it. Guess what? It received zero comments. In fact, even my related posts plugin refused to find a single related post. Huh.

This post has sort of haunted me.

Just as the quote did when I first read it.

Here’s what I think.

Sometimes I want to be right so bad, I’ll push an issue long past its shelf life. I’ll make arguments for my side until it feels like it’s the only thing I think about. I’ll re-visit conversations and become increasingly, agitate-idly (not a word, I know), soooo not going to drop it.

But… wouldn’t it be easier, or saner, to let it go? (I know, I’m still making words up, but you get the idea.)

When I think about this quote, I think about:

• Giving an inch.
• Having an ability to see the other side.
• Possessing the graciousness to acquiesce.
• Being able to say, “You’re right!”

The result? Wow, life can be so much easier.

To me, this quote says, “don’t dig your heels in so deep a Mac truck couldn’t get you to budge”.

It’s okay to be wrong. (Even if maybe — just possibly — you’re not. But who’s to say, really?) Wouldn’t it be easier to cry “Uncle” sometimes?

You do realize, don’t you, how liberating it is to say, “Hey, I just may be wrong about this.”

For the sake of sanity? Or creativity? Or innovation?

Try this,

“You know, I really think I’m right but that’s okay, I’ve been known to be wrong before.”

Rarely is something solved singularly (is that the correct use of an adverb? I could be wrong). And thank God for that. There are so many ways to do a single thing well. And correctly, or right.

For example, in your business you may have a certain way of doing things. Yet… wouldn’t your team be empowered if you let them find their own solution to a problem? To let them innovate if it supports the larger vision or strategy? Isn’t it okay if they take another route to a solution that works?

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Finally, the very first thing that popped into my mind when I read this quote was the idea that the next time I argue about something with my husband, it would be so much better to say,

“You’re right. I’m wrong.”

Easy, isn’t it?

Your turn. Can you be wrong about something right now? Have you ever suffered by being right? Have you dropped something just for the sake of making life more pleasant?

Related posts:

1. Asking Someone to Mentor You and Part II of the Joel Comm Project
2. Owning a Part Time Business While Working Nine to Five

Last week I published a post called 12 Great Quotes to Help You Think Like an Entrepreneur.

This was my very favorite quote:

“Inside my empty bottle I was constructing a lighthouse while all the others were making ships.” — Charles Simic

Wow.

When I first found the quote and decided to include it in my list of 12, I hopped online and did a little research. I always do this when I publish quotes by previously unknown (to me) people. After all, they could be famous for their exploits as a Nazi war criminal…or simply a really bad person who is quoted often, but for dubious reasons.

That’s when I say, “Next.”

However, in Mr. Simics case, I was extremely impressed. What a remarkable story and bio.

Wikipedia refers to him as a Serbian-American poet born May 9, 1938. And I found this little gem in the article:

“Critics have often referred to Simic poems as “tightly constructed Chinese puzzle boxes.”

This statement sums up his talents beautifully…for his quote above is amazingly complex in its simplicity. Think about it. All the others were making ships. Not a bad thing to own a ship and be the captain of your own destiny.

But Simic built a lighthouse

A lighthouse that affected all of those individual ship owners with its guidance to safe harbors. It offered a solution to thousands. It solved a problem faced by the masses at sea. This goes way beyond owning a single ship.

So, how does this idea help you?

Well … let’s take real estate as an example. I own a real investing company. I’ve bought and sold commercial and residential properties for years. But do you know what? Owning an apartment building or a single family property is like owning a ship.

What if we owned the lighthouse?

The perfect story of someone who built a lighthouse

Trey White is a billionaire with a great story. He is the Founder and Chairman of Evolv Health and he is an extraordinary entrepreneur. My husband and I have met Trey on several occasions. When I first met Trey I fell in love with his story.

The following quote from the Evolv Corporate Team page tells it best:

Mr. White’s philosophy is defined by investing in forward-thinking solutions with an eye toward technology and first-to-market advantages… To date, he has placed capital of more than $1.5B into companies he founded or co-founded.

Mr. White co-founded NewHomeSearch, a revolutionary electronic real estate listing service for Realtors® and new home builders, gained 100% penetration in the Dallas market within two years of inception and grew to ten markets with an innovative client-server-based application. NewHomeSearch, renamed HomeBuilder.com in 1996, created the first Internet portal for searching real estate listings, quickly expanded to seventy-five markets and became the official Web site of the National Association of Homebuilders. Mr. White oversaw the merger of HomeBuilder.com with Realtor.com and participated in taking the two companies public as HomeStore.com, raised $800M in two offerings, drove stock to $160 per share and resulted in a $9B market cap at its peak.”

See what I mean about building a lighthouse?

Trey made a fortune by thinking beyond owning a single ship.

Your turn.

Take a minute and think about your business endeavors. Are you the captain of a ship or have you built a lighthouse? What does the Charles Simic quote mean to you? Can you think of other modern day examples that illustrate the concept of a constructing a lighthouse versus a ship?

Related posts:

1. The Entrepreneur’s Resume – Why You Should Have One and Some Tips on Creating One
2. Are You Consciously Creating the Results You Want?

1. George Burns

“Don’t stay in bed, unless you can make money in bed.”

2. Lilly Tomlin

“The trouble with the rat race is that even if you win, you’re still a rat.”

3. Charles Dickens

“Few great men would have got past personnel.”

4. Charles Simic

“Inside my empty bottle I was constructing a lighthouse while all the others were making ships.”

5. Alan Greenspan

“I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.”

6. Tom Peters

“The best kept secret in the global economy today is this: When your service is AWESOME you get so stinking rich you have to buy new bags to carry all the money home.”

7. Sam Walton

“The key to success is to get out into the store and listen to what the associates have to say. It’s terribly important for everyone to get involved. Our best ideas come from clerks and stock boys.”

8. Vince Lombardi

“People who work together will win, whether it be against complex football defenses, or the problems of modern society.”

9. Bill Gates

“You’re most unhappy customers are your greatest source of learning.”

10. Albert Einstein

“The significant problems we face today cannot be solved at the same level of thinking we were at when we created them.”

11. Peter Drucker

“So much of what we call management consists in making it difficult for people to work.”

12. Cynthia Heimel

“When in doubt, make a fool of yourself. There is a microscopically thin line between being brilliantly creative and acting like the most gigantic idiot on earth. So what the hell, leap.”

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Related posts:

1. 30 Tips to Becoming a Great Leader
2. Neverware: A Great Story of a Young Entrepreneur

I’ve spent the past twenty years studying, practicing, teaching and writing about how to think differently.

The first observation I can make is that intellectually we all GET the idea of thinking creatively. We KNOW we should look at ideas from a new perspective.

The second observation I’ll make is that very few practice it.

And my third observation is that if we don’t take personal responsibility for looking at things in a different way, someone else will. And they will reap the rewards.

Where do you begin?

Sometimes you just need a thump on the head.

How do you take an idea and start running at it from a million different directions? They key is to start with a single thought and start throwing some wildly creative thinking at it.

I don’t spend my days thinking creatively on a global basis. In other words, I don’t approach everything thinking, “How I can look at this differently?” Some people do… take my little brother for example. He’s known as the “what if” kid.

But I LOVE to take a single idea and explore it. From every angle I can come up with. It’s not as hard as you might think. The following posts are full of ideas on how to look at things in new ways. On how to take ordinary thinking and turn it into extraordinary thinking.

Here are my Top 7 Posts to get you on your creative thinking way.

How to Ask Amazing Questions

Want to look at something in a completely fresh way? This post will help you break out of habitual thinking. If you knew you couldn’t fail, what would you be doing right now?

A Shift in Thinking

How do we change direction so that we don’t end up where we are heading? A shift in thinking would be, “I’m going to take a different route today.”

It’s Time to Start Talking to Some New People

Think about the people you know who are really busy and involved with life. Who continue to learn and explore new things. Maybe you should ask them out to lunch.

Believe Impossible Things

This is about looking at things as they are and seeing them as they might be with a nudge here and a twist there. It’s really about creating new worlds out of the one in front of your eyes.

Who, What, When, Where, Why, and How? is an excellent place to start.

The Art of Creativity in Business

Change your question. Challenge current conventions. Reverse your viewpoint. Ask yourself what is missing from the picture. What happens when you turn an idea upside down?

8 Ways to Avoid Business Burnout or How to Get Unstuck

Some simple things you can do today to get unstuck. Such as, Clean desk, clean mind. That piece of paper you’ve handled three times? Toss it. File it. Delegate it. This applies to email too.

Neverware: A Great Story of a Young Entrepreneur

Take a look at this remarkable story of a ‘kid’ with an innovative idea, tremendous perseverance and no quit in him despite hearing “No” from almost every corner.

There’s an old Wayne Gretzky quote that I love. ‘I skate to where the puck is going to be, not where it has been.’ And we’ve always tried to do that at Apple. Since the very very beginning. And we always will. —Steve Jobs

Why sit on a great idea? Are you ready to invest in yourself, trust your crazy idea and turn it into an extraordinary one? To explore your most innovative thinking?

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My friend Sheila Atwood over at Newbie Lifeline is holding a Headline Blog Challenge. This post is my contribution to her challenge.

If you haven’t been over to Newbie Lifeline, The Beginners Guide To Making Money Online, please take a minute and hop on over there. Sheila has been sharing hot tips and money making ideas like there’s NO tomorrow! She’s one of the most generous bloggers I know.

There’s still time to join the headline challenge. You have until midnight April 30th, MST to write your post. Visit her site for the contest guidelines.

Oh, and one last note. These 7 extra headlines? Just icing on the cake.

Your turn.

How do you shake off old paradigms and see something with new eyes?

Related posts:

1. Got a Great Business Idea? Why Are You Sitting On It?

I thought a little cliché might brighten your day! Did it work?

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There’s nothing more appealing to your customers as when you answer your phone with a smile on your face (and by extension your voice).

This may seem obvious, but… have you tried it? Do you you answer your phone with a smile? Back when I was a headhunter in training this was drilled into me until it came naturally. We also practiced standing up when we talked on the phone. You might be surprised at how much of this stuff comes across a phone line. Or at your front door.

It also does wonders for your own attitude. And your attitude can positively influence sales and customer relations.

When was the last time you said ‘Buenos días’ to a complete stranger? In some cultures this goes without saying. Or rather, it goes with saying… morning, noon and night. Buenos días, Buenas tardes, Buenas noches. Nice isn’t it?

I recently had a coaching client hire me after finding me on the internet.

When I asked her how she arrived at my blog she couldn’t recall. “Darn!” I thought. It would be so good to know this. I could do more of it. Was it facebook? Twitter? Did she search for coaching?

So I asked her the next obvious question. “Why did you decide to call me rather than the other coaches you found online?”

Her answer? “You look so happy.”

A smile goes a long way.

The way you are being influences others. Who would you rather work with? Someone who loves what they do or someone who begrudges every minute spent on the job?

Do you remember the song “Don’t Worry, Be Happy”? Have you ever wondered why a song like that gets stuck in your head?

Related posts:

1. “What happened to 44%? We lost money!”
2. You Had Me at Hello

I cut my teeth on real estate investing with single family properties. I flipped, renovated, bought, held and sold duplexes and single family homes. As an investor – not as a real estate agent.

One day we decided to meet with the owner of a small boutique brokerage house. The firm specialized in small to medium sized apartment buildings.

I briefly considered starting with a younger broker in the firm. Someone who might be really hungry for business. Unfortunately my ego got in the way. It was the owner or no one for me.

His receptionist brought us back to the conference room. I almost always take the chair at the head of the table. To me, it’s kind of a joke. I like to see what the other guy will do. The one who usually sits in that chair. I also like to subtly send the message that I’m a client with an agenda. And that I’m there do to business.

As the meeting began, and without any prompting from me, my husband said, “I’m only along for the ride, Marc, my wife is the real estate expert here. So, talk to her.”

I was pretty impressed with my husband. I didn’t ask him to say that… but I did want to lead the meeting. Alas, Marc couldn’t care less what my husband said. He spent the next 45 minutes pretty much ignoring me… and talking to my husband.

And that’s when I got my first inkling of what a good ol’ boy world commercial real estate was.

Finally, once this guy Marc got it in his head that I would be buying the apartment building, he said, “Start with a duplex”. I don’t think he quite added ‘little lady’ but it was pretty much there in neon flashing above his head.

It was all very motivating.

My Mom tells a story about when she announced her decision to go to law school to a group of ‘friends’. An attorney pointed a finger at her and said with a boisterous guffaw, “She thinks she can be a lawyer. Hahaha”

She had just finished undergraduate school as a single mom of six — at the age of 35. How the heck did he know whether she could make it or not?

By the way, she’s been practicing law for a long time now.

And we started with a 30 unit building.

The moral to the story.

My Mom claims she finished law school on the pure grit she got from that single comment. Nothing inspired her as singly as that misguided pig headed lawyer who knew absolutely nothing about her. I knew I had the education and experience to move into multifamily investing on a larger scale than a duplex.

If you are truly excited by something, or passionate about a goal, don’t let naysayers get in your way.

With education and some true grit, you can be anything you want.

Inspiration can be found in “No”.

When was the last time you accomplished something in spite of being told it would be impossible or beyond your abilities?

Related posts:

1. Pay Yourself First
2. Do You Wish You Were More Creative, Productive and Better Looking? #7links

Today’s awesome guest post is written by Daniel M. Wood of Looking to Business where he blogs about Motivation and the Principles of Success.

We had an amazing Skype call yesterday for about an hour. It wasn’t really related to this guest post, we just decided to talk one step removed from online.

And let me tell you this.

Daniel is smart. Really smart. I love his blog — I hope you pay him a visit. You are guaranteed to be inspired.

Enjoy!

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Today’s globalized high competition society requires us to do more and more. It requires us to produce better and better results.

What makes this difficult is that we aren’t only expected to produce more, but everything we produce has to be of a even higher quality.

If you are to be able to produce more you can either work for a longer time or you can start learning time management and improve your efficiency.
Either way works, but there is a limit to how much time you can spend working, after all you only have 24 hours/day.

How I doubled my efficiency

A few years back I was given the honor to start a new office for my company.

I went from a regular manager role to being in charge of advertising, recruiting, sales and all the fun administrational duties that come with it.

I know what you are thinking, delegate!

The problem was that there was no one to delegate to, I was alone at the office.

All the work was up to me.

Sure, as we built I would be able to start delegating, but when I started I had to do everything myself.

I started working my regular 8-17 and realized I just couldn’t keep up.

I had to work later and later, before long I worked from 7.30-22.00 every single day (On weekends it was enough with 9-17).

This was of course not sustainable and I knew I had to do something.

I talked to my bosses and all they could do was offer some advice on how to work faster, I talked to my friends who told me to quit.

Luckily I got advice from one of my customers to start reading about time management.
I read books from Stephen Covey, Brian Tracy and David Allen. Before I knew it I was caught up. I started producing better and better results. I could start coming home earlier and earlier at first 9 pm then 8 pm, 7 and finally at 5 pm like my colleagues.

The techniques below are the ones that saved me. You might be using some right now, but if you aren’t using all of them, try them out and you will start seeing a difference in how much you can produce.

Plan Your Weeks

Start by listing everything that I know will need to be done during the week (this can be saved, as the basic week looks pretty much the same), then I plan it out.

What do I do Monday, what Tuesday and so on.

I have a basic plan for what I do each day and can from there organize it to make me as efficient as possible.

The ABC Method – Organizing Your Days

Prioritization is the bread and butter of time management. Choosing your most important task and sticking with it until it is completely finished will save you lots and lots of time.

There are 5 types of tasks (in order of priority).

A – Tasks with severe long-term consequences.
These are tasks that, if done, will have a great effect on your long term success.

B – Tasks with moderate long term consequences

C – Minor long term consequences

D – Tasks that could be delegated to others (a typical quadrant to action is to delegate all of these tasks to others as soon as you can).

E – Tasks that should be eliminated.

They might even have a negative effect on your future if completed.

Prioritize at the beginning of the day

Every morning go through the tasks you have planned for the day and assign them a letter.

If you have multiple of a letter call them A-1, A-2, B-1, B-2 and so on.

Start with your most important task and work down the list

Conclusion

If you use these 2 simple techniques your days will be a lot more productive and will be able to produce more and more every day. You will produce better results which will help you move forward quickly in your career.

I hope you liked this article and found it useful.

If you would like to read more from Daniel M. Wood you can find more at his blog Looking to Business.com. He writes mainly about Motivation and the Principals of Success.

Related posts:

1. Do You Wish You Were More Creative, Productive and Better Looking? #7links
2. Are You Running the Whole Show?

I kind of live by the philosophy ‘don’t explain’. Some would call it ruthless or inconsiderate. I call it good business.

The amazing thing is that when you start explaining things, you’ve usually done something that needs explaining. Like you arrived late. Or you said you’d get something done – and you didn’t. Or you rescheduled something — over and over.

Why do we make promises? And why do we make promises we know we can’t keep?

I know. I know. Things happen. All the time. But if you keep it in your head that you do not want to be someone who makes explanations, you might be more careful with your planning (and your promises).

And then there’s the other side of it too.

I usually have pretty solid reasons for doing what I do. My main goal usually isn’t to look good so I don’t spend a lot of time trying to. Explanations are generally superfluous. Doing the right thing isn’t.

When do you find yourself doing the most explaining?

Related posts:

1. You Are Not Your Ego — It’s An Illusion
2. Do You Wish You Were More Creative, Productive and Better Looking? #7links

I used to write blog posts that had ridiculously long preambles leading up to what I really wanted to say. Then I learned to go back and delete oh, usually the first 9 or 10 sentences. Now I try to just cut to the chase.

That means I usually pick a sentence in the middle of the second or third paragraph – the one that actually has something to do with my point – and I start with it. Nine times out of ten it’s the best point in the entire article.

That’s your attention grabber.

I found it hard to delete all that copy at first — erasing the brilliant prose I just spent time writing did not come easily. Then it started to feel a little bit liberating.

That fluff at the front end of your presentation, speech or article is the surest way to lose your audience. You can talk yourself right out of a sale by starting with the entire background story. It was dark and stormy night should be saved for bedtime stories.

A big smile, a confident handshake and a succinct description will win the day every time. Less IS more.

*********

Have you ever met someone who loved the sound of their own voice so much they talked themselves out of a sale? Or bored you to tears? What techniques do you use to keep it interesting — and short?

Related posts:

1. Poor Negotiation Skills and Saying Way Too Much in an Email
2. Start At The Top

I’ve been known to say, “There is no such thing as competition.”

Say, what?

Let me also say there are tons of people who have adamantly disagreed with this statement. You may be one of them. I say it so others will stop and think about their mindset.

Consider this. You may possess a highly competitive mindset — to the exclusion of other possibilities. Hmmm.

I’d much rather promote the philosophy that everyone is a potential joint partner. And that to collaborate is divine. Here’s a short post I wrote a while back on the The Art of Competition. Reading it might put you in the right mindset.

I love to support people who are in action. I love to share the spotlight. Should I worry about sending my visitors to another blogger’s site? Especially one who writes on the same topics as I do? Someone who has similar products and courses? Or is a fellow coach?

I don’t think so.

As I meet more and more fabulous people through my blog and through social media, I am constantly amazed at what’s going on out there in the business world. My friends are starting new businesses and launching products left and right. They have businesses that simply rock!

You know who you are.

So, in honor of all of you extraordinary entrepreneurs, today’s comments are wide open. You can ask questions, you can brag, you can even engage in some shameless self promotion or networking.

Here are some ideas for getting in the conversation:

• Is your business so awesome you’re just dying to tell us about? Go for it.
• Are you launching a product or service? Would you like to test the market? You’ve got a great focus group right here.
• Do you have a business question? Ask away.
• Do you have a little challenge you just can’t get your head around? Let’s talk.
• Are you looking for a partner or a mentor? Well… 95% of the people who will help you…  you don’t know yet!

Ready… set… go! You can leave as many comments as you like. There is only one rule. If you totally spam us (that would look something like, “Nice post, here’s a link.”) – I’ll moderate.

Related posts:

1. How to promote your blog, website, product or service
2. Shameless Self Promotion: Here’s Your Opportunity

In a former life I had a headhunting business (aka corporate recruiting). During those years I learned some great marketing strategies. I also learned a lot about human nature. Things like, How to ferret out what someone doesn’t want you to know. (A little tip I picked up from Mom and refined by interviewing thousands of employers and job candidates.)

One of the best marketing strategies I learned was to start at the top. Of any organization. Big or small. You want to deal with the CEO, Founder or President.

Here’s why.

Chances are they will refer you down the chain. That’s a good thing. Then you get to say, “So and so (CEO, President, etc.) suggested I talk to you.” This gets the attention of middle management every time. It’s exactly the same as having a very warm lead.

It’s been my experience (and I’ve done this literally hundreds of times–no kidding) the people at the top are more accessible than you would ever imagine. They are not protecting their position with the company like a middle management guy would. They got to the top by being professional. They understand networking.

There’s a common belief that the ‘guy’ at the top got there by being ruthless and well, a regular S.O.B..

Not so. If you own a company you KNOW this isn’t true. You got there by hard work and by being accessible to people. You completely understand the importance of being a team player. Frankly, there really aren’t that many jerks who rise to the top.

Sure, there’s usually a ‘gate guard’. That would be the admin’s or lower level executives. Hard to get through? Not necessarily. Try using a perfectly honest approach.

When I was marketing to companies as a headhunter I was looking for clients. I was actually selling my services. Even so, business owners and top execs were still very willing to speak with me. Sometimes I was just looking for advice. Or an answer to a simple question like, “Do you guys hire your top level executives through corporate recruiters?”

See what I mean? Perfectly straight forward. No subterfuge. (That’s when you get yourself in trouble.)

On the occasions I simply could not get past the office door (figuratively speaking), I explained why I was calling and asked who the appropriate contact person would be. That’s okay too. You still have a warm introduction. When you call that individual you’ll say, “The CEO’s admin assistant (insert name) suggested I call you directly.” Works like a charm.

The only time this doesn’t work is when being told ‘No’ hurts your tender sensibilities. But then, you wouldn’t be in business for yourself if that were the case, would you? ‘No’ won’t kill you.

You’ll also make some awesome connections.

Why start at the bottom?

Do you have a product or service you’d like to get in front of some influential people? Try this. Do you want to run an idea by someone who might have some great answers? Start at the top.

Can you think of something right now where this strategy might help? What is it? Are you willing to give it a shot? When? There’s no time like the present.

Related posts:

1. How to Give a Great Sales Pitch!
2. Start With Why

Last week I wrote a post about the perils of not having a team help you run your business. One of the responses I received raised an interesting question. It’s one I’ve often pondered.

My friend Ruzanne of Oh!SomeAngels made the excellent suggestion that I consider hiring a VA (Virtual Assistant) during those times when I need some extra help. A VA could help out with things like customer service, writing, editing and proofreading and for social networks site management. It’s a great idea.

But here’s my little dilemma:

When is it okay to hire someone to manage your social media for you?

In other words, is it acceptable to pay someone to be ‘you’ on social media sites such as Twitter, Facebook and Linkedin? I believe the obvious answer is yes. But…. I find myself wondering.

I have a friend who is widely known as a guru in the wealth building industry. She’s billed as a top expert in her field. She has built a multi-million dollar business and over the years has created a huge team that supports her. (If you read my blog with any regularity you know I am a firm believer in hiring a team and in delegating the work of running your business to that team.)

A number of years ago she mentioned to me that she has trained some of her employees to speak in her ‘voice’. They know how to sound exactly like her. She’s tasked these individuals to handle all aspects of her social media presence.

They tweet, post and engage online as her.

I’ll admit to being fascinated by this strategy. And I was surprised by it. It seemed like a good solution for someone who was incredibly busy while at the same time it struck me as slightly disingenuous.

I found myself thinking, “You mean all this time you were replying to my tweets and ‘liking’ my posts on Facebook, it wasn’t really you?”

Over the years I’ve found myself presenting this as a viable option to some of my coaching clients. I’ve recommended this strategy to people who have zero time to devote to social media but desperately need to incorporate social media into their business marketing strategies.

I’ve even suggested my husband consider doing this.

In some ways, this is a classic case of “Do as I say, not as I do.”

For example, when I engage with you on social media, it really is me doing the liking, sharing and tweeting. Yet, over the past couple of weeks I was so busy I pretty much disappeared from the social media scene. Now I’m wondering, would it have been acceptable to bring in some temporary help to stay active and current?

I’d love to know what you think about this. Is is okay to have your team manage your social media? If so, is it acceptable to have them speak in your voice? Strategically what is the best way to go about this? How much time do you spend managing your social media? Would you consider delegating this to a member of your team? Is it disingenuous or is it an acceptable practice?

Related posts:

1. Social media, changing the way we do business.
2. How do you use social media in your business?

I’m barely inspired lately.

I’m totally exhausted.

And I’m elated this is almost at an end.

Last fall we fired a property management company (for extreme gross negligence). That’s a story of its own. And not a short one. Sadly. Then we hired a new ‘professional’ company (or so we thought). Now they are gone (their reputation suggested they were perfect for the job — but they totally flaked on their promises). That too is a long story. Both stories should probably be told. Some day. I know I’ve learned a great deal.

However, today’s story is about what happens when you don’t have a team working with you. It’s about the perils of doing everything yourself.

It’s about working IN your business not ON your business.

This entire week I’ve struggled to feel inspired enough to write. And then a light went off in my head.

Of course I’m not inspired.

During a normal day I’m meeting tons of people. I’m hearing stories. I’m reading things that truly inspire me. I’m listening to the radio, exploring the internet, constantly exposed to snippets of great ideas and thoughts.

I’m strategizing on where my projects are going. I’m looking to the future and working on things that support my vision. I’m achieving goals. I’m around people who are in action and doing great things.

Instead, this past few weeks, I’ve been working 14 hour days while scrambling to fit my other businesses in. I’ve been buried in paperwork, interviews and phone calls. Operating and managing a 29 unit apartment building is a job. I’m not growing a business, I’ve been buried in running a business.

I lost touch with my favorite people. I’ve had almost no time to visit my favorite blogs. Friends like Phil at Philz Corner are tweeting things like,

@bigfishtopdogs You are quiet lately! Still busy with the business? Hope all is going good. =]

(Thank you Phil, it’s nice to know someone realized I disappeared. Don’t send out the rescue dogs just yet!)

I have disappeared. My husband hardly sees me. We have a quick dinner and it’s back to work. I’m not reading for pleasure or following the news.

The net result? I’m barely inspired. My typical energy level has dissipated. It’s been sucked into the minutiae of a million little tasks. Tasks somebody else should be doing.

This is not a woe is me post. I’m writing this to demonstrate what happens when you do not have a team to handle the daily tasks. Those tasks that keep your business running.

Hopefully this will help make the point that if you want to grow a business, if you want to be inspired and have the bandwidth to be innovative and creative, you’ve got to hand off the running of your business(s) to someone else.

You cannot run a business alone and expect it to be a success.

You can’t be cheap and try to save a buck by not hiring staff.

You’ve got to have a team. It will pay off in spades. Having a team allows you to monetize your business. It frees you up to do the things that will grow your business. It allows you to keep your eye on future results.

It also contributes to a growing economy. This is what entrepreneurship is all about.

Has my story helped you step back and take a look at what you’re doing? Are you doing everything yourself? Are you working super hard or are you working super smart?

***

I’ll admit, I have had some fun this past week. I did a couple of Skype calls with some blogger friends (thanks Phil & Stacey!). I got my eCourse done from start to finish (something I sat on for a full three months). Stacey over at The Beginner Businesswoman interviewed me for her Meet the Experts Column. I took on two new wonderful coaching clients.

Collaborating.

Engaging.

Connecting.

Creating product.

Getting new clients.

These are the things I want to be doing. btw — we did find a new management team. There is a light at the end of the tunnel.

Related posts:

1. The Logo Project – Day 3 – Working With a Graphic Designer
2. Owning a Part Time Business While Working Nine to Five

Today I’m going to ask you to hop on over to Stacey Nobbe’s blog. You’ll recognize her as The Beginner Businesswoman from her frequent comments here.

In a word, I ADORE Stacey and I think you’ll love her too.

This week Stacey has graciously included me in her interview series Meet the Experts (read her post at this link). I’m truly honored to be highlighted on her on blog.

But this post is about Stacey.

She sums it up nicely in her ‘About Me’ statement:

“I’m a wife, mother, teacher and friend, with a dream, an invention, and the drive to make it all come true.”

Stacey is the mother of five kids (and yes, they all still live at home), she’s married and she teaches full time. Yet she made a commitment to do something every day to get her business started.

And she writes about it on her blog.

Her commitment to business and success is off the charts. I would put Stacey in the top 1% of those who are truly in action, connecting with others, setting goals and learning from every single experience she goes through on her way to building her business.

You want to be inspired? Read her blog – regularly.

She has created a wonderful space where she shares her stories in a delightfully disarming way. She has a generous heart and is inspiringly insightful.

Last week Stacey left a comment on my post Got a Great Business Idea? Why Are You Sitting On It?. I just have to share it with you.

Her comment says it all:

“For me, in the beginning, I lacked the self-confidence to believe that I had what it took to take my idea and market it successfully. When I first started my blog, I had the fear of failing in front of so many people. If I tried this business venture “quietly” and failed, no one would know about it, and I would still have my pride. Now that I’ve “put it out there” with my blog, everyone will know if I fail.

I do realize now that since I’m committed to taking action in front of my audience, I’ve increased my chances of success. I’m also finding that I’m gaining respect from many people, and I have people who are willing to help me to be successful! I’m starting to hear people talk about how their board game boxes are falling apart, and they can’t wait for me to manufacture the Game Hero. It’s still scary, and extremely exhausting, though.”

Stacey truly lives what she writes. I know you’ll love her.

You will be inspired by her journey.

***

What inspires you? How do you keep working diligently toward your goals?

No related posts.

You can create an idea out of nothing.

You can spread or share that idea using tools your parents didn’t have. For free. Easily. Networking and connecting with others in and outside your field is an accepted practice.

Your grandparents wanted the big brands. Your friends and connections want you. Your idea. Your solution.

Products and services are easy to launch. Social media has made this a foregone conclusion.

Do you have something that soothes others pain? Makes life easier? You can test the value and viability by simply asking… and you can ask hundreds. Before you invest the big bucks bringing it to market.

You can start a business selling things or services people normally buy. Target markets can be reached easily. Prospects, customers, mentors and inspiration are at your fingertips. New technologies are tools your grandparents, and even your parents, didn’t have.

You don’t need to rely on luck.

So my question to you is,

Why wouldn’t you test your idea for a business?

You might discover your biggest challenge is in meeting demand. Nice huh?

One last thought …. have a price and ask for it.

Yes, it really can be this simple.

What’s stopping you? (This is not a rhetorical question.)

Related posts:

1. If Your Kid Started a New Business, What Would It Be?
2. 331 Business Ideas: Start With Your Passion and Your Skills