Building a real estate power team should be your main goal as you first enter into the world of real estate investing. This team will meet your needs on a wide variety of levels and help you achieve your goals and dreams.
Your team is going to provide a wide array of skills including providing assistance when it comes to finding deals, setting up and managing your business, fixing up your properties, marketing your properties, helping you with your finances, and working on and helping you solve daily problems that can spring up suddenly out of nowhere.
Are you serious about investing in real estate? When your portfolio grows – and it will over time – you’ll have to add more and more people to your team. This team is crucial because their main goal is to help you make more money, which is obviously the end result all real estate investors want to achieve.
But just as important, you’re here to help people too. And it’s impossible to do everything alone. So start thinking about your team and start discovering the best people to help you achieve your hopes and dreams and goals as a real estate investor.
Finding Your Power Team
Based on all of the various jobs mentioned above, it may seem nearly impossible to put together a high-quality power team. But it’s definitely worth it so you have to be willing to invest the time to make this happen.
And guess what? You’ll add people to your team that just aren’t going to work out. But you have to test them and see how good they are before you end up finding the ideal candidate to permanently fill the position.
What’s the best way to find people for your real estate investing power team? The best way is to get referrals from other real estate investors. You know… the people who do what you do successfully.
On the other hand, you can get referrals from people besides real estate investors. You can join a real estate investing group and they can provide rock solid leads, or you can contact a local landlord association to see if they can help you out. You can ask a real estate agent or two to point you in the direction of people they trust.
More important than anything else, you need to add people to your team that are already part of this business. They need to understand real estate investing, understand your overall goals, and be able to provide additional support to help you achieve said goals.
Even if you are getting great references, you have to remember to do your due diligence at all times. You have to look into the lender, the appraiser, or the agent on your own to make sure they pass muster. Otherwise you’ll be putting your business in the hands of somebody that you don’t really know or trust. And that’s a foolish way to run a successful investing venture like the one you’re looking to build.
Last but certainly not least, you can even use the Internet, newspapers, or the local Yellow Pages to find people or companies to add to your team. Just remember to check into their background, test them on a smaller scale at first, and you never know because you might find a diamond in the rough that could be a wonderful addition to your team.
Important Questions to Ask Potential Power Team Members
Before committing to add someone to your team even on a trial basis, you should ask the following questions to vet them properly. Those questions include:
- Have you ever worked in this aspect of real estate investing before?
- How long is your tenure in this business?
- Can you provide names and phone numbers of references to call?
- Do you have a lead on any potential investment properties for sale?
- If you aren’t the best person for the job, do you know anyone who is?
As you begin the process of interviewing potential team members, it’s important to keep track of everybody. So make sure you make a note of all of their contact information and always meet everyone in person.
Your best bet is to meet up with them for lunch to sit down in a comfortable environment. Or if you prefer, you can even meet them at their office to discuss your plans and see how they might fit into the picture.
The best way to build a relationship and determine if there is rapport is to meet face-to-face. You’ll have much better success in your business if you can build relationships with your power team members. So always keep this in mind and make strides to make these people feel comfortable because the better they like you, the harder they’ll be willing to work on your behalf.
Choosing a Mentor: Your Initial Power Team Member
Prior to building your team, the first and most important member needs to be a mentor. You need to have somebody on your team with a lifetime of experience in real estate investing so they can share the ins and outs, ups and downs, and potential pitfalls and mistakes that you could make if you aren’t careful.
How do you find a mentor? You can find them in a number of different places. For starters, you can find an active investor willing to take you under their wing. Or if you have no way of getting in touch with a current investor, you can join an association for real estate investors and find a mentor through this organization.
Ultimately, you need someone in your corner to cheer you on, coach you, teach you, and guide you to success. Everybody needs support throughout their career, but this is especially true in the beginning as you’re first starting out. They’ll help you find the right power team members like quality real estate agents, mortgage brokers, accountants, lawyers, maintenance guys, property managers, and the whole 9 yards.
Please use this information to build your real estate power team. Before long you’ll be killing it in the real estate investing world and you’ll be so happy that you have these great people helping you achieve success beyond your wildest dreams.