The most successful investors are those that know they cannot do everything alone. It takes a shared vision among everyone on your investing team in order to fulfill your objectives. You may think that investing is an individual sport, but it really is best achieved when you get everyone on the same page. When starting a real estate team, it’s important all of your team members, from your attorney to your contractor, know your business goals and how you plan to achieve them. If you can get everyone working together to fulfill these goals, your business will be as efficient as it possibly can.
If your realtor doesn’t know exactly what types of properties you like, you will struggle getting anything closed. The same goes when going over a budget with your contractor or reviewing quarterly taxes with your accountant. You shouldn’t expect to work closely unless you express what you want done and how you want to do it. The best investors cannot get as much done as those that have a well-oiled team in place. If you are providing deals for your contractor, they will be motivated to close quickly and move on to the next property. The same goes with your realtor, attorney and mortgage lender. If they know that there are more deals to come, they will be motivated to work hard and efficiently for you. You are the one that needs to be the captain of your investing team.
This starts with meeting everyone individually to see if they are the best fit for you. There may be a very successful realtor in the area that you are interested in working with, but after meeting with them you may not be on the same page. They may not have the time or desire to work with you on lower priced investment purchases that can be difficult to close. The more open and honest you are about how you want to work and in what time frame, you will attract people that are a better fit for what you want to do. Not every realtor likes working with investors. There can be a lot of travel time involved. If you are buying below market properties, it can be time consuming dealing with lenders or distressed sellers. It is better to find this out before you make an offer rather than when you are going back and forth with the seller or wondering why you weren’t contacted when a new listing hit the market. A realtor can help you find deals and grow your business like nobody else on your team, but you need to find the right one for you. This takes time, but once you do, it will make your job so much easier.
If you are interested in doing any rehab work on your properties, you need to align yourself with a quality contractor. There are many good contractors in your area, but just as the case with your realtor, you need to find one that works for you. Price is always important, but with contractors it is not the most important item. If they can’t get the work done in the timeframe you are looking for, it really doesn’t do you any good. The same can be said about their quality of work. You need to be able to trust that your contractor always has your best interests in mind. If it takes meeting with five or six different contractors until you find one that is right for you, this is what you need to do. If you are constantly monitoring what your contractor is doing or worrying about the budget for every property, you are taking time away from finding deals and growing your business. Your realtor and contractor are the keys to your investing team and you need to do your homework finding the best fits for how you invest.
Your contractor and realtor are certainly important, but they aren’t the only important pieces of your team. You need to be confident that your attorney will be there for you when you need them. If you have a question, you shouldn’t have to wait 24 hours for an answer. If there is a closing, they need to be able to work around your schedule and dates. Your attorney is there to protect you and not simply be an office where you sign documents at a closing. The same can be said for your lender or mortgage broker. They should know everything about your application and situation and be able to provide you with new programs as they become available. The more lending options you have, the higher the chances that you will find a program that works for you.
If you can get all of your team members on the same page, you will become more efficient, effective and successful. Instead of having to spend time micromanaging everyone you work with, your team will know what you want done before you even ask for it. These kinds of relationships are forged over time and should be worked on during every deal. The minute you take your team for granted is when you will see a dip in production. You are only as successful as the people around you. Take the time and find the right team members for you.
