Success In Real Estate Depends On Your Team
Mar 18th, 2009 by kyle
If you intend to be seriously involved in the real estate investment business you must understand that it is practically impossible to become successful on your own. You must have a team of professionals working with you that would include a mentor, realtors, inspectors, builders, re-modelers, appraisers, attorneys, accountants, banks, mortgage brokers, property managers and many others. Your success would depend on a careful selection of your team.
Let us briefly examine what role these professionals play in the real estate investment game.
Mentor
Entrepreneurship is an art that flourishes under an able guide who trains you to spot opportunities for smart investments. Therefore, a good mentor is a must on your team.
Realtor
A Realtor is always present right in the midst of multiple real estate dealings and will be able to look out for properties in line with your investment strategy and style on your behalf.
Legal professional
Real estate dealings involve lots of documentation and need contracts, agreements, title deeds and many legal papers to be examined. It becomes necessary for you to have a good real estate attorney on your team who can take care of all this and advise you on the legality on your actions.
Mortgage professional
A mortgage broker on the team needs to be a smart real estate savvy individual who is experienced in working with multiple investors, banks and other similar agencies. Their advice and liaison services will prove very helpful in structuring real estate deals that provide the maximum advantage.
Escrow official
Having one on the team can be of tremendous help in closing deals faster. As a part of your team he will always watch out for your interests.
Certified Public Accountant
Taxes are of real concern and real estate transactions can involve substantial tax implications. A smart CPA who is well conversant with real estate dealings can help save a tidy sum through eligible write offs.
Insurance professional
One is always unsure about eventualities. When you have an insurance agent on the team you are reassured of having someone with the right connections having your interests in mind if something negative happens unexpectedly.
Reliable contractor
Investment property usually stands in need of extensive repair and renovation. Good contractors are difficult to find and when you have one in your team you are favored with the advantage of getting things done well in time and within your budget. This can greatly protect your profit margins.
Quality handyman
You will find that there are numerous big and small things coming up daily when you acquire fresh investment property. An intelligent handyman in the team is an invaluable asset to handle such problems that are trifle but vexing and keep cropping up regularly.
Property Manager
A property manager is always in touch with the property market and is aware of the rental scene, what and where renters prefer and can provide solid advice about locations worth considering from the investment angle.
Real estate investment is a business involving large sums of money. It is therefore essential to ensure that all the members in the team share the same business philosophy and moral and ethical values. Having the right people with you will make your decision making process a lot easier and lead to good and satisfying end results in your real estate investment endeavors.
When I first wrote this article, I also suggested that besides having the same business philosophy and moral and ethical values, all the team members should also have similar personalities to you. After thinking about this more, I decided that this was not necessary and, in fact, could be a negative aspect. The reason I say this is that having a diverse set of personalities means that you can call upon different people in your team to deal with different issues that may best be dealt with using a specific personality type. That doesn’t mean that you should have people on your team that are difficult to work with. That could just tear the team apart. Work together. Work smart.
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