Hey, Moguls, Alex Pardo here, and today I want to talk about the importance of creating standard operating procedures (SOPs). We've all read the books and heard gurus and other investors talking about the importance of building a business that's based on automation and systems. And those are important, but… I think a key component that's often left out when people talk about creating systems is:
What does it mean exactly and how do you go about creating a system?
So, in this lesson, what I want to share with you is how we’ve documented tasks (a.k.a. created SOPs) over the years to systematize our business. We documented it, tested it and then turned it over to a VA or another team member and had them do it to make sure that they were able to produce the same exact output that we produced when we did it. That way, we knew it all worked.
Who’s Down with SOP? Yea, You Know, Me!
Most of you are familiar with me…
Alex Pardo
has been investing in real estate for 9 years. Before he started working on his real estate investing business, he worked for GE Consumer Finance in their Financial Management Program. He quickly realized that staring at Microsoft Excel for 14 hours a day was the fast lane to the dreaded rat race, so he completed the 2-year program, and decided to backpack around Europe and Africa for 3 months, before diving into Real Estate full-time. Two months later, he closed his first deal and made $44,000. Almost as much as he made in 1 year at General Electric, and needless to say he hasn’t looked back. Fast forward to today, he has started several businesses and has learned as much from his failures as he has from his successes. To date his company has closed over 250 real estate transactions and has helped countless homeowners and investors in the process.