9 Important Members You Need on Your Real Estate Team
Although all successful businesses are often started and led by one person, they are mostly built around a team that consists of unified members who have a common vision and goal.
What is a “real estate team”? A real estate team is a group of people who work together with the aim of materializing a real estate dream and goal(s).
A real estate team is composed of people who play different roles to achieve success in the form of high returns on investment. A real estate team should consist of trustworthy and honest people who can rely on and cooperate with each other.
No matter how smart and hardworking a real estate team leader is, in terms of their output, they can only be as good as the sum of the output of the members of their team. But before you put together a real estate team, make sure you have justifiable reasons why you’re putting together a team.
Are you capable, accountable, and ready to be a leader? Can you lead by example? Are you educated and competent enough to handle a team and delegate tasks to team members? Do you have the right plans and systems in place to guide a team to success?
If your answer to these questions is “yes”, then you will likely succeed if you actually work and lead a real estate team in a manner similar to that of prototype real estate team leaders.
This article discusses the important members, especially professionals, which you need in your real estate team in order to create a level of output that would definitely attract success. The following are nine important members you need to have on your real estate team:
Almost everybody, if not everybody, needs someone who has more experience and whom they can look up to for advice in a particular area of life, most especially during challenging times or tricky situations.
During your career as a real estate team leader, especially if you have little or no experience, you will need advice from someone who has real estate experience and can provide you with valuable insight that can help to keep you in the right direction; this person will be your mentor or advisor!
If you don’t have a mentor and are wondering how to get one, you would have to create and establish relationships with real estate professionals or experts who are more experienced than you.
One way you to find a mentor or advisor is by associating with real estate professionals or joining a real estate club or association where you can interact with real estate owners, agents, or practitioners with whom you can start developing relationships, and giving them value while receiving value from them.
2. Real estate agent
Although would be possible to get deals without employing the services of a top real estate agent, there are a lot of benefits you can gain by having an agent on your real estate team.
An experienced and well-connected agent can evaluate the values and prices of properties, and give you valuable information such as the types of properties and locations that are most marketable in your local real estate market; the prices that different types of properties are being bought, sold, or rented; the comparable sales data of properties; the vacancy rates of properties; etc.
You need to have a lawyer or attorney on your real estate team so that if certain threatening situations arise, they would use their knowledge of the law to create legal documents and invoke proceedings to protect your business.
A good lawyer can give you the best advice on what to do to protect your properties, evict tenants who don’t pay rents on time, handle challenges or situations that are tied to the laws of the land, etc.
The more you acquire properties during the course of your real estate business journey, the more likely your properties would be targeted by other people who may even sue you to court. This is the main reason why you need to have a lawyer or attorney on your real estate team.
4. Property manager
Regardless of whether you have sufficient time to manage your properties, or not, you need a property manager on your real estate team; someone who can manage your properties and tenants, especially if you are aware that your real estate business will have the potential to continue growing.
A property manager can publicize your vacant properties, show your properties to interested people, give and receive applications for your properties, supervise renovation or maintenance of your properties, choose the best tenants or clients for your properties, etc.
Having a property manager on your team can save much of your time and effort which can be employed in other important areas of your business.
Properties usually have aesthetic or structural issues that need to be addressed. Therefore, it’s important to have a contractor or contractors on your real estate team for different purposes (plumbing, tiling, roofing, etc.) because they are capable of providing solutions for various maintenance and renovation issues in properties.
Bookkeeping is crucial to the success of any business, particularly when huge amounts of money are involved. Therefore, you need a knowledgeable and honest bookkeeper on your team; someone who can keep a record of the expenses that are being made, the profits that are coming into your real estate business, and be able to reconcile all transactions on a periodical basis.
7. Certified public accountant (CPA)
Usually, different locations or parts of the world have their own laws that govern tax and other matters that are associated with real estate properties. A certified public accountant would provide you with tax recommendations and a plan that can prepare you for tax in the upcoming seasons; in addition, a CPA can prepare tax returns, produce financial reports, and help select the most beneficial tax-saving strategy for your real estate business.
Regardless of the amount of money you have, you might not always have sufficient money to finance every real estate deal from your pocket. In some/many cases, you would need a lender to help you get deals financed.
The lender(s) on your real estate team can be either an individual, a group of individuals, an institution (for example, a small or large bank, mortgage broker, mortgage company, etc.), or many institutions that would have access to different types of loan programs which you can apply for
9. Insurance broker
Although it’s important to get your business insured by acquiring insurance, you need an insurance broker who can help you screen insurance companies, evaluate significant information about them, and select the company that can offer the best insurance coverage and rate.
A good insurance broker can effectively handle regional or state policies on any insurance that would likely be associated with your properties; help you tackle issues concerning change, expiration, and cancellation of insurance policies; and also help you switch your policy in a way that won’t affect the location of your business.