Building a Winning Property Team
Selecting a team of individuals or professionals that can help you achieve your property goal will get you to a place in life where you can do what you want, when you want - which is the main goal of building an asset that you can then basically live off. Read on to know how you can do it and which people you need on your team!
You need someone who understands property investments and has a good finance background. So you need a broker that you can call on and it's important to have someone who knows how to develop businesses because it’s more of a game of finance. Understanding the nuances of which bank lender to use can put you in that right direction. So get a broker that you can build rapport with, who will take into consideration your position financially so that you can maneuver and leverage. Using a small amount of money and then controlling a large asset to build that asset base for you is the first step for a successful property investment.
Real Estate Agent
I coach a lot of the people in my team to be client first and I know that agents have given themselves a bad rap over the years of being all ego and they're the most important person - but it's actually the client they should be focusing on. Your agent needs to be hearing what's going on and has an understanding of what’s coming up. If there are properties that are off-market and the values of each property and the best approach to sealing the deal. You need to be able to call your agent and they can get the data for you and help you with calls so you can make that decision quickly and build that trust.
Finding an accountant that thinks like you and has the same sort of growth mindset as you will allow your investment to grow significantly. If you want to build that asset base, structure it correctly so you're tax harvesting and getting the best that you can out of the investment. You need to have someone that makes you think, is this a good deal, should I do this, but also understands that there's risk in everything and without the risk, there's no reward. So having an accountant that can show you spreadsheets and numbers that you know will give you a fair understanding of your finances is very important to have.
Find someone that could be your mentor. It can be a development manager, a developer, a builder or just someone that's got deal of experience. They need to have ample experience when it comes to buying and developing a property. Just basically someone that has gone through the process and have invested before and was able to build a stellar portfolio. They can understand how the town planning aspect works and navigate around how you can get the best out of the town planning rules and also can push the envelope a bit and help you with that. So find a mentor or someone who's in a position where you want to be and has done it before.
A solicitor is someone you can ring up and talk about agreements and terms with. Someone that can discuss with you the structure of a deal and how it’s going to minimize your risk. And a quick tip would be to have a person that you've used over and over again since that connection will help with the creativity and understanding of how you can maneuver and get the best outcome. So find someone that you can trust in the legal system and understand the way you can navigate through it and has a thorough understanding of your paperwork.
So those are the 5 individuals or professionals that you must have on your team to start your way into investing in properties and building off a profitable income through it. If you feel like you need more knowledge in this are, feel free to contact me through any of my social media accounts!