In order for a business to be successful, it needs an alpha team. The better the team is able to perform the more it wins. The best business leaders will surround their selves with incredible teams, teams that are driven and perform better. Building a competitive team might seem hard but it’s worth it as one cannot build a great business without a team. It is true that your team will grow as your business grow but you need to start with the right people.
Building that alpha team
Before you build your team, make sure you have a clear vision, have already determined your market, niche, and have a clear strategy that you are going to follow. You need that even if you are going to hire the smartest people. Because you are going to be the leader and you will have to show them a picture of what you are going to achieve together. And if you don’t have a plan and a strategy, then no smart team member can really help.
With that being explained, here is a list of people you need on your side to get to the next level of your real estate investing business.
Knowing your financial goals and your current financial position is critical. If you are not really sure about your financial situation and where you see yourself in five or ten years, it will be hard for you to put an effort towards it. After all, a ship that doesn’t have a destination doesn’t know which direction should it go? Find an accountant that knows what he or she does and has a little knowledge of real estate. The real estate knowledge will help you analyze deals better and helps in handling taxes.
An inspector is going to tell you if a property is worth investing in. That by far is one the most important thing in an investing business. Do your due diligence when hiring an inspector. You might want to hire a licensed inspector. It is even better if you know a member of The American Society of Home Inspectors, and if you don’t know one, you better find one and build a working relationship with him.
Private Money Lender
A company or an individual that has no affiliation with an institution or a bank is called a private money lender. They often help buyers secure their deals by providing them with earnest money. They are most relationship-based.
Hard Money Lender
A hard money lender works differently. It uses the property that you are going to purchase to decide the loan. Hard money lending is quicker and simpler, which is an easier option as compared to other options. However, it costs more in terms of fees and interests.
If you are not an electrician, which I am sure you aren’t. You need to have one on your team because electric work is not something you might want to DIY. You don’t want to get in trouble by doing it wrong and pay the price.
Having a cleaning company saves you time and money, especially when you are in the multifamily space. You will often need the services of a cleaning company. They will help clean the property after one tenant vacate and before the new tenant occupies the property. You will also need cleaning services right after you rehab your units. Find a good company that is located in the area and you will get great service whenever you need it without the hustle of finding a new company and testing it.
An assistant is always a great asset to people with big goals. You can outsource email handling, call handling, and setting up meetings to an assistant. It will save you a great deal of time and opportunity to focus on your most important tasks.
Property management companies and property owners often deal with small repairs like fixing the door lock, a fuse, minor plumbing. One can’t outsource these small repairs to companies obviously.
Handymen are jack of all and master of none. Whenever you need a serious plumbing problem, you would need a professional plumber instead of a handyman. So, find a reliable plumber. Establish a relationship, take care of him and you will get good plumbing services in case of an emergency.
Property management professionals are responsible for managing the property. They take care of everything from regularly communicating with everyone to maintenance supervision to advertising, showing the units to potential tenants, and rent collection. They also conduct routine inspections and pay all the bills.
What is the most important job after owning a business? It is connecting to the right set of people. And it is the job of your marketing manager to devise a strategy to market your business and attract your target audience through advertising your business and let the prospects know why exactly they need to connect with you.
You can add and drop professionals from the list in accordance with the kind of real estate business you are running. Keep in mind that the real estate investing business is often considered a solo journey. However, it is better to build a team and run your business smoothly.
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