You see it happen every day. A hotheaded real estate investor scores a good deal and they think they’re unstoppable. They’re an army of one - they see that real estate investing is the path to financial freedom and they want to be first through the door and down the road.
The only problem?
These investors fail 99% of the time.
Nobody can go it alone in real estate investing. Well, ok. 1% of investors can go it alone and succeed - the savant investors that have such a gift for investing that you can’t help but think they were born for this.
Is that you? You have to be honest with yourself here, because it’s probably not you. And if it isn’t you, and you still decide to go it alone, you’re going to fail and you’re going to fail hard.
Here’s the secret to real estate investing; building a quality team. You need specialists in your corner that are masters in every major facet of real estate. And you? You’re the catalyst that ties them all together - the deal maker, the networker, the mastermind.
But most of us are nothing without a good team behind us - and here are the 7 key team members you need to build your real estate business.
1. The Mastermind
This is you. You’re the one finding and closing deals, and you’re the one making connections and making money.
You’re the engine of the car - you make it move. You bring every other component of the car with you down the road, and you’re the one that pushes things forward when they seem to be stuck.
2. The Contractor
Your contractor is in charge of making sure that buildings are built, renovated or fixed up properly. A good contractor is good at keeping projects within budget and making sure things are done on time.
I can’t stress this enough - when you find a good contractor, pay them well, pay them on time, and do everything you can to hang on to them. Finding a contractor that is good at estimating budgets and timelines, and then sticking to those, is an absolutely critical component to building a real estate team.
3. The Property Manager
Your property manager is your boots on the ground. They oversee the day-to-day operations of rental properties, such as finding tenants, collecting rent, and coordinating repairs and maintenance. They ensure that the property is well-maintained, tenants are satisfied, and rent is collected on time.
A good property manager helps minimize investors’ expenses through low tenant turnover and good management practices, so a good one is worth paying a little extra for.
4. The Lender
Your lender is going to get you access to capital that you need to expand your business. They find you various loan options, such as conventional loans, FHA loans, and hard money loans.A good lender can help investors get the best loan terms, like interest rates and down payments, and make sure that their financing fits with their investment strategy.
5. The Attorney
A real estate lawyer helps investors deal with, and more importantly avoid, any legal issues that come up during real estate transactions. They do this by drafting and reviewing contracts, making sure that local laws and rules are followed, and protecting investors from legal problems.
Experienced investors know just how much a good real estate attorney can help them maximize their ROI.
6. The Accountant
Your real estate accountant helps investors keep track of their finances, like rental income, property expenses, and taxes. They help investors make smart financial decisions, like when to sell a property or put money into improvements, and make sure they get all the tax breaks they can.
They’re also the ones to sound the alarm early if you’re heading for trouble; hopefully early enough so you can course correct.
7. The Insurance Agent
An insurance agent gives important protection against risks that come with owning a property, such as natural disasters or claims of liability. They find and evaluate possible risks, and then they offer the right insurance policies that reduce those risks. A good insurance agent makes sure that investors follow state and local insurance laws and can help them through the claims process if they need to, which can save untold hours of wading through paperwork.
Real estate investing is a team sport - and you’re the captain. Building your team means you can scale your investing business while maintaining the same diligence and drive that got you into the game in the first place.
Your team is one part of scaling. The other? Real estate investing software from Realeflow. It features all of the tools, from marketing to deal analysis and more - that you need to grow.
Ready to see what Realeflow is made up? Take it for a free 7-day test drive below!