In real estate you are only as good as your weakest link. You can have all the motivation in the world but you need a good team around you to make it happen. Even though you may invest individually you need the support of the people around you. Your team consists of many individuals that either help to find deals, evaluates them or protects you every step of the way. You should take your time to find the professionals that are the best fit for you and your goals. Once they are in place you should go out of your way to treat them like gold. Whether you know it or not they all play a big hand in your success. Here are eight professionals every investor needs on their team.
- Real Estate Agent. A good real estate agent does more than to just help find potential deals. They have a real understanding of what you want and where you want it. This goes a long way to streamlining your business and making it as efficient as possible. They also influence what number you list your property and how quickly they sell. You can do everything right with a rehab but unless it sells quickly it doesn’t matter. A good real estate agent should be one of the first team members you have on your team.
- Inspector. The inspection is one of the final steps you take before you close a deal. You need to develop a relationship with an inspector that you trust. The inspection process is designed to inform the buyer of any defects with the property. A good inspector may go the extra mile and search for problems that may not be available on the surface. Finding an unexpected item can save you thousands of dollars or help get away from a bad property.
- Builder. You never know when you will need the assistance of a good builder. From time to time you may come across an opportunity to purchase land or build on an existing plot. There is a big difference between managing a rehab and building a property from the ground up. The amount of paperwork and licensing alone can be a real issue. Having a builder that delivers quality work that you can trust can open the door to opportunities you may have never thought about.
- Mortgage Broker/Lender. Having a mortgage broker on your team can serve a number of valuable purposes. The first is they can often be a great source for new deals. They deal with dozens of applicants every week that may not fit lending guidelines. Their best option is often to sell as quickly as possible. The second purpose is that they can prequalify any potential buyers you have on properties you are selling. Instead of wasting time on offers that will never close you can be more selective and choose the best possible offer.
- Property Manager. One of the best ways to generate short and long term income is through rental properties. As great as they are they can often be difficult to manage. Instead of self-managing your investments you can utilize a professional property manager. A good property manager frees up time so you can focus on other areas of your business. They will handle maintenance requests, collect rent, review leases and keep an eye on your property. Instead of running to the property every time there is a call a property manager can make your life much easier.
- Attorney. Every real estate investor can use the council of a good attorney. Not only does an attorney provide advice but they also protect you and your business. They are the ones that review the contract and make sure you are protected. They deal with sellers to push your deal to closing. They also advise best entity protection for your business. A good attorney is the last line of defense on many deals and will offer piece of mind to help you sleep at night.
- Accountant. There is more to being a good investor than just closing deals. You need to be able to monitor your profits and let your money work for you. Here is where a good accountant is important. Many people only think about their accountant come tax time. While they are certainly important in preparing taxes they also help manage funds year round.
- Marketing Manager. Things have changed in business in recent years. There has been a dramatic shift in how businesses are marketed. You don’t necessarily need to be a tech expert but you should have someone on your team who is. Having someone help with your website or with social media posts can prove invaluable. A large majority of sellers are turning to the internet to start their search. You need to have a team member that will help keep up with the changing technology.
Every networking meeting you attend is an opportunity to grow your team. You should follow up with every business card you receive. You really never know when you will need to add someone new to your team. Your team members often go a long way in determining your success. Investing in real estate is difficult enough by yourself. Surround yourself with the best possible team.
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