Building and Effective
Real Estate Power Team
Once you start building your business, finding opportunities
and potential deals, you're going to realize you can't do
it all on your own, and you're right.
One of the biggest traps beginning investors fall into
is that they try and do everything themselves. They think,
"I'll get my first deal done and once I make some money,
then I'll build a team". Unfortunately, what usually happens
is they get stuck trying to learn and do everything in a
limited amount of time, then get discouraged by either getting
no results, getting scammed or burned from doing it wrong
then ultimately giving up.
It is important to understand you need to work
smarter not harder. This is the only way to
run a successful real estate investing business. Not only
will this make it more profitable but also more enjoyable!
Though you will not need everyone for every strategy you
are focusing on, here are the top ten you should establish
relationships with when you are starting out (in no particular
1. Home Inspectors
2. Insurance Agents
4. Mortgage Brokers
5. Property Management Companies
6. Real Estate Agents
7. Real Estate Appraisers
8. Real Estate Attorneys
9. Rehab Crews
10. Title Companies
Every professional whether an agent, attorney, appraiser,
etc, makes their money through different methods but these
fees are minimal when you consider the money you make in
comparison as an investor! When putting together your power
team, here are some guidelines to follow:
- Make sure you work with those that have experience working with investors similar to yourself. For example, a real estate agent that primarily works with clients buying large multi-units when you are wholesaling single family homes will be probably not be a good fit.
- Make sure they have experience working in the area or vicinity where you are investing.
- They should have at least 2-3 years of full time experience in the area you are hiring them for.
- Don't depend on just one in each category. For example, having 2-3 agents, brokers and inspectors will give you more flexibility, a larger network of contacts, and more competitive options for different circumstances.
- Always ask for referrals so you can expand your team using the best people.
Finally, be sure to approach potential team members with a win-win mentality.
For example, when calling you can say, "I wanted to
find out what services you offer to a professional investor.
I'd be interested to meet and see how we can work together,
and I'd be glad to refer you to the rest of my team."
You want everyone on your team to make money just from
knowing you. Not only will they enjoy doing business with
you, but you will be a higher priority in their business.
Just like the other aspects of creative
real estate investing, you need focus on creating
win-win relationships. Success breeds success.
The bottom line is: The more you utilize the expertise of
those around you, the more lucrative and *easier* your business
will be. Period. Once you understand and apply this, you
will be well on your way to achieve the fastest and most
aggressive results possible!
To your success,
The Creative Real Estate Team
Maximizing Profits from Today's Real Estate Trends
For our in-depth real estate investing system with all
strategies, tools, forms, etc. go to: