Serious real estate investors will often rely on the combined expertise of a team. This doesn’t necessarily have to be a group of employees, but rather a network of trusted contractors and advisors whose skills you can rely on. Running a team requires a lot of effort, dedication, and management skills, but it can prove to be mutually beneficial for everyone involved.
As with most things, there are pros and cons to using a real estate team:
+ The outcomes are often far greater than you could achieve alone.
+ It’s quicker and more efficient
+ Responsibility is shared.
+ Ideas come from different areas.
- The profits have to be split between you.
- Team members can clash or disagree
- You can end up with conflicting perspectives
The structure of your team depends a little on how you want to work. However, a useful idea is to first plan out how you want your investment project to progress. With this in mind, you’ll be able to outline a team structure that is capable of dealing with those steps. Consider roles such as listing partners, buying agents, admin staff, accountants, and other similar positions. Also, don’t forget service roles that you can call upon when needed.
Separate these team roles into specific areas and consider at which point in your investment you’ll need to utilize their talents. From here, you can make a structure that works for your needs and is effective at each stage of the process.
Tips on Building a Team
Below, we’ve highlighted some top tips for creating your real estate team:
- Look for like-minded people. Try and find people who compliment the way you work. This can be people you know, but equally could be someone recommended to you. It will make the whole process a lot easier.
- Delegate. Even if you’re heading up the team, that doesn’t mean you have to oversee everything. Make sure that you delegate responsibilities where necessary.
- Have a system. Although organically assembling a team can sometimes work well, having a clear system in place before you begin will make the task easier.
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