6 Essential Team Members to Fulfill Your Team Building Requirements
Independent real estate investors often times don’t consider that they too can, and should, build a team for their real estate investment business, assuming that the concept of team building only applies to large scale investment firms. Nothing could be further from the truth. Regardless of whether you are working out of your home office with a virtual assistant (VA) across the globe, a main office with a good size in-house staff or franchises and affiliates; engagement with others is vital to the success of your business.
Team building is essential to real estate investment success and when you establish solid relationships in your real estate investment business, not only do you maximize profits but you also alleviate that feeling of being overwhelmed with business dealings that go beyond your skill set, knowing that you’ve got someone on your team who’s got your back.
Here are 6 essential team members that you should count as part of your posse:
Real Estate Attorney
A great real estate attorney can help you structure your business, protect your assets and advise as well as assist you with your real estate transactions.
Whether you are rehabbing and flipping or buying and holding, insurance structures are essential and the right insurance agent for your real estate investment business can save you headaches and, quite possible, bundles of cash. From short term construction insurance to long term business liability, you absolutely have to have a great independent insurance agent on your investment team.
Like many real estate investment professionals, you are probably pretty good with numbers; nevertheless, your time as a real estate investor is better spent investing rather than crunching numbers. Most investors think that an accountant isn’t necessary until they’ve grown beyond their own abilities; when they’ve got so many deals under their belt that their taxes have become a hot mess. Not true. Get a good accountant on your team from the beginning. The right accountant is so much more valuable to your business than his ability to process your taxes; the right numbers person can help you structure your business in such a way that you will minimize taxes and maximize profits today.
Specialty Lenders Or Private Lenders
Nothing kills a real estate deal faster than lack of immediate and easily accessible funding. Never pass up a deal again; make sure you have private moneylenders on your real estate investment team.
Digital Marketing Team
If they don’t know about you or what you have to offer, your business will be dead in the water before you ever have a chance to deposit that first check. No business can make it today without a strong web presence and there is a lot more to getting found on the web than just putting up a nice website and waiting for the phone to ring. Search engine optimization (SEO) helps people find you and your business on the web; the elements that go into SEO, digital marketing and social media go beyond the scope of this article (watch out for a more detailed post on this subject), but suffice it to say that your business can’t thrive without it.
Regardless of whether you are simply cleaning out a foreclosure for a quick flip or doing a complete renovation, you are going to need the best trades people you can afford on your team.
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