Updated: Aug 16
On my first property investment I let the builder just get on with it, what a mistake that was! - Dan Hulbert
In my experience delegation is key, however, delegation does not mean abdication. When you are at a certain level either starting out or doing a couple of projects a year you must be involved in the day-to-day.anagement because either the investor is too busy or they think that it builder should do it all.
In my experience delegation is key, however, delegation does not mean abdication. When you are at a certain level either starting out or doing a couple of projects a year you must be involved in the day to day.
I want to share the important distinction between abdication and delegation. When abdicating, you are essentially “passing the buck” and relinquishing responsibility. With delegation, you are taking an active role in determining how the work should be completed.
It’s essential to ensure that key stakeholders i.e. investors if you have them or the lenders if it is a bigger project are informed throughout the process. Keeping stakeholders involved gives them a sense of ownership which will ultimately create successful outcomes.
When delegating, it is important to identify the best person for the job, ensuring that they have adequate experience, knowledge and training in the projects you work on. Establishing clearly defined expectations and goals will assist in setting benchmarks when measuring success.
Providing direction and guidance to those who have been delegated tasks will ensure clear communication across all stakeholders. Effective communication systems such as using project management software can ensure all stakeholders are continuously updated on the progress of the project, I use Trello as it is a simple but effective tool. Then Monitoring the progress of any tasks that have been delegated is also important to ensure they are completed on time and within budget.
Ultimately, taking a hands-on approach when delegating tasks on a property refurbishment, renovation or Building project will ensure that the project is completed successfully and to a high standard. Taking the time to understand the distinction between abdication and delegation will help you achieve your desired outcomes.
I hope you have found this useful, if so please pass the blog link to others you know that would benefit from this content.
All the Best Dan.
Coach | Consultant | Investor