Building a real estate team is not an easy task, nor should it ever be taken lightly. If for nothing else, a well-assembled team can take your business to a higher level than you can ever imagine. With the right people in place, there is no reason you cannot expect to realize success on a higher level. And within lies the secret to optimizing your own investing business.
The smartest investors out there in the market are well aware that they cannot do everything by themselves. And while there is much to be said for the successful individual that manages their own business, without the guidance of anyone else, not a single person can take the place of a whole team firing on all cylinders. Building a real estate team, minimum one that is put together correctly, is one of the best decisions an investor can make. With the right people in place, it is possible for success to become habitual and your workload to be lightened.
Everyone from your repairman to your real estate agent plays a part in your success. Consequently, overlooking to build a team with the proper components is a sure-fire strategy to place yourself “behind the eight-ball.”
Rather than waiting until there is a specific need, you should take any down-time to look for the best fits for your business. It will take quite some time to get everyone in place, but once you do, your team will be a force in your area.
Real Estate Agent
An excellent real estate agent usually is behind every successful investor. They can be the best source for leads and make you aware of deals you did not even know before though not every successful real estate agent is a fit to work with investors. You need to do your research and find out if they are a good fit for you. Do not be afraid to ask them where and how they find new listings. Be specific and ask them if they own any investment properties themselves and if they work with other investors. Try to treat this as a job interview. There are lots of real estate agents in every market. It is essential that you can find one that knows your intentions and can help you accomplish them. Surely, you will work together on loads of deals, so you also need to be comfortable with them. A right agent is a significant piece of building a successful real estate team.
If you concentrate on rehabs, you need a quality contractor. In the same way that you find your real estate agent, you should start looking for your contractor. The odds are that you will not use the first one you talk to. You can find a contractor through networking meetings, personal referrals, or local real estate clubs. Once you contact them, you should ask for availability and references. A legit contractor should be able to supply you with both of them quickly. It is not practical for them to drop everything they are doing for you, but you do need to feel important. Moreover, you want to feel like you are on the same page and can work smoothly together, moving forward. A great contractor can support, keep you under budget, and finish your projects within your given time-frame.
If you are searching to develop your rental portfolio, you need a reliable property manager to run your properties. A good property manager manages projects for you and enables you to focus on other areas of your business. Getting new tenants, rent collection, and scheduling regular maintenance is not only a burden but can consume most of your time. By not having to deal with these matters, your rental business can almost run itself. Again, a great property manager is well worth what you are paying them.
Real estate is actually a numbers game. You want as numerous different lead sources as possible. Even if you have the best real estate agent, there is always room for a quality wholesaler. Wholesalers need loyal buyers that can instantly close on deals. If you can easily prove that you are a reliable outlet for deals, your wholesaler will reach to you with as many deals as they get.
Real estate investors have basically one goal: closing deals. Your attorney will further push the deals you are working on over the finish line. Also, they are there to protect you and keep your most beneficial interests in mind. Much like with your agent, you must know that your attorney works with you and how you want to invest. For beginners, you should be sure that they focus on real estate. Following, you need to know that they will be accessible when you need them. With a skilled attorney behind you, it will provide you the confidence to pursue deals.
You can never be sure when something will happen surprisingly on a rental property. When it appears, you need to be able to get anyone to the house as quickly as possible. You must build a relationship with someone that can do various tasks for you. Not only is finding anyone in a pinch time consuming but can end up being costly. A handyman can manage everything from repairing appliances to changing locks. In time, they will end up saving you a bunch of money.
Another team member that will save you cash is your accountant. Many people think that your accountant is only significant at tax time. This is where they make their capital, but they will also help you with payments and budgeting. If you do not get the numbers and are not your strong suit, you will lean on your accountant to control everything from bill payments to security deposits.
When should you build your Real Estate Investing Team?
It would be best if you started your real estate investing team as soon as possible. The value of your team increases as you build your professional relationship. These individuals are your teammates, and recognizing these key individuals early on can assist you in achieving success faster. Your real estate team can help during the due diligence period before purchasing.
Building a real estate team takes much time. It wants you to put yourself out there and find the best talents available. With a reliable and robust team in place, your investing business will run smoothly and be as productive as possible.