You are fired up and ready to crush it in your Real Estate Investing business, right? But now, along with all of that energy, comes a crazy and demanding schedule that you need to fit into a short 24-hour day. Well, the truth is that you are only going to be able to do so much on your own, so it will become important to build a great team of skilled people to help you.
The fact is, most successful Real Estate Investors are able to scale their businesses to 6 or 7 figures largely because they have a talented team to help them. We all only have 24 hours in a day, and when it comes to maximizing your results in that window, having talented team members around you is the secret to scaling. So, now that you get how important it is to build a great team, who should be on it?
There are 10 key people you will want on your team, or to at least have a relationship with, in order to build a successful 6 Figure Real Estate Investing business:
- Financing alliances: Relationships with these individuals will help you to capitalize on all of the opportunities that come across your plate. It pays to have relationships with hard money lenders, private lenders, and other investors who are willing to partner with you, especially if you don’t have a lot of your own money.
- Real Estate Attorney: This power player can cost a pretty penny, but can save you a lot of time, money, stress and heartache in the long run. Make sure you have a seasoned RE attorney who has a great reputation in the community and has a good understanding of the Real Estate law you’re looking for assistance with.
- Closing Agent: Depending on what state you live in, this could be an escrow officer, title representative, or closing attorney. Take the time to find one that you like, because having a great closing agent is a game changer. In the space that we are in, speed and efficiency are critical. These are the people who will make things happen for you when it’s crunch time.
- Tax Advisor or Accountant: Whether it is part time or full time, you need someone to oversee your accounting and bookkeeping functions. These people help to keep the scorecard of your business. They provide a window into your business through your financials which are a snapshot of how profitable (or not) your business really is. They also help with your tax planning and will make sure you are getting the write offs you deserve.
- Insurance Agents: Be sure to ask for referrals for these individuals, because although you can easily find them anywhere, the best ones stand out from the pack. Be sure your agent has the right product to cover your specific needs, whether it’s for a rental property, flip, or other real estate investment.
- Contractor: This is a critically important individual to have on your team. They can either make or break your profit margin, and have the power to either elevate or tarnish your reputation. Finding a great contractor that will stay within your budget, do quality work, and finish on time, is hard to find. Ask around, interview a lot, and don’t settle until you find the best. Not sure where to start? Get my free guide on how to hire a quality contractor here.
- Appraisers: Because you are usually buying for cash, you may not utilize these people often. However, it pays to have a relationship with these professionals as they can give you important insight on market trends and property values that are vital to your business. Not only will they be very helpful in unique situations when it comes to valuing property, they are often well connected in the industry.
- Inspectors: Develop a relationship with a few of these people. You often need them to respond quickly, and when one is not available, you will need to be able to contact someone else. I use inspectors for every one of my purchases so I know exactly what I’m buying (or deciding not to buy depending on the findings). It is important to have pest, home, pool, roof and so on available in order to complete your due diligence the right way.
- Stagers: Many people don’t see this as an added value to their businesses. But I have to say that over the years, my stager has been a huge part of my brand development and growth. A stager helps to showcase your project for potential buyers and helps them visualize how they themselves can furnish and use the space. Statistics show that professionally staged houses sell faster and for more money than homes that are not staged. This relationship is more fruitful than most give it credit and when leveraged property, has turned into deals and consistent lead flow.
- Mentors: In my opinion, the most important member of your team is a mentor or a coach. Every successful investor I know who is making 6 or 7 figures has a great mentor or a coach pushing them in the right direction, holding them accountable, and significantly shortening their learning curve while avoiding mistakes they would be making otherwise. I have had a coach at every stage of my career and would never consider not having one as the goal is to always level up and become more efficient in achieving your goals. If you want to accelerate your investing success, learn more about the mentorship and coaching packages we have available to our community members here.
Now you should have a better understanding of the relationships you want to build or the individuals you want form alliances with in order to achieve your investing goals. Remember though, that just like any great relationship, building these will take time so start sooner than later.
Since I have only briefly touched on this important topic, feel free to watch this full video where I go into much more depth on each of these key team members.
At the end of the day, no matter how big or small you want to go, having trusted relationships with these key players will be critical to the success and longevity of your real estate investing business. Did I miss anyone that you feel is important to have on this list? If so, drop me a comment with your thoughts or leave me any questions you might have below. I enjoy connecting with each of my readers and seeing how I can help you reach your investing goals faster.
See you on the flipside,