Who Do I Need on My Real Estate Power Team?
If you are going to be in the real estate game for the long haul, you have probably come to the realization that you are going to need an awesome power team. You cannot expect to do everything by yourself and those before you who have tried eventually burnt out.
When you break down your own skills, you are going to find that you have certain strengths and weaknesses. The common school of thought is to spend more time fixing your weaknesses in order to balance yourself out. This could not be further from the truth! If you look at successful real estate power teams worldwide, you will see that each team member has their own flaws. What makes these teams so effective is that they choose to capitalize on their individual strengths instead of fixing their weaknesses. You need to do the same––find people whose strengths are your weaknesses and take full advantage of that. Here are some of the people who should be on your team:
Real Estate Agent: You need somebody who is deep in the trenches of your real estate market and stays well-connected to both the buyers and the sellers. These are the individuals who are going to be responsible for setting up the deals that make your real estate business profitable.
Mortgage Broker: This is the individual that will be bringing mortgage lenders and mortgage borrowers together. Most people are going to get a mortgage for their purchase and will need a reliable mortgage broker to provide the loan. Having an intermediary is crucial to ensure that this process happens smoothly.
Real Estate Lawyer: Depending on which state and city you are operating in, there are different laws and regulations that must be respected within your real estate market. You want a lawyer who has real estate training and practical experience with applying the law to real estate.
Accountant: It is important to ensure that all of your finances, both your income and your expenses, are in order. This is vital for both your annual tax filing and for tracking your company’s financial growth. Rather than spend late nights crunching numbers, you should hire an accountant that can take care of all this for you.
BONUS – Mentor: If you can stretch it, it is worth your time to get someone who can guide you in the right direction and prevent your own rationalizations from sabotaging your success in the real estate market. Mentors don’t even have to be there all the time––weekly accountability calls to discuss progress would be far more than what most real estate teams do.
Who else do you think serves a vital role in a real estate power team? Let us know on social!
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