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Investing or developing properties can be lucrative, but it's not a one-person job. Building a strong and reliable team is critical to your success. Whether you're a seasoned investor or just starting out, assembling the right people can make all the difference in achieving your goals.
What you know in business is very important, but who you know can be game-changing. Your power team should consist of the people you trust to work with you to bring your vision to life.
In this blog, we'll look at how to build a professional team in property. But first, these are the key members you should consider having on your team.
- Real Estate Agent: A good real estate agent can be a valuable asset to your team, as they can help you find properties that match your investment criteria, negotiate deals, and provide market insights. Look for an agent with experience in your target area and understanding your investment strategy.
- Property Manager: A property manager can help you oversee the day-to-day operations of your rental properties, including finding tenants, collecting rent, and handling maintenance issues. Look for someone with a strong track record and good communication skills.
- Project Manager: An experienced project manager plays a crucial role in ensuring that the project is completed on time, within budget, and to the required quality standards. Build issues are very common in property development, so finding a project manager you can trust to manage your project and communicate with your contractors is vital.
- Contractors: A reliable and skilled contractor is essential for any property renovation or development project. Look for someone with experience in your project type, who can provide references, and who is licensed and insured. Alternatively, find a project manager that can recommend a team they have already worked with for increased ease.
- Accountant: An accountant can help you stay on top of your finances, prepare your taxes, and advise on tax strategies. Look for someone knowledgeable about real estate investing who can help you maximise your returns.
- Conveyancer: Unfortunately, conveyancers are often known to slow down the property sales process, which can result in a deal taking too long to complete or, worse, falling through. Building a relationship with a conveyancer ensures your deals are dealt with.
- Architect: By working closely with an architect, you can benefit from their creative vision, technical knowledge, and problem-solving skills. They can help you develop ideas, refine plans, and ensure that your project meets local codes and regulations. They are also critical in ensuring your project is profitable.
- Planning Consultant: A good planning consultant knows planning policies and regulations and can help you maximise the use and value of your land and mitigate risk.
- Finance Broker: An experienced and well-connected finance broker can help you find the best funding options for your deals and help you navigate the complex process of obtaining finance. This is critical as the right broker can be the difference between obtaining favourable rates and terms that generate a higher return on investment, as opposed to a less-experienced broker that cannot - thus reducing your profit.
- Mentor: A mentor can provide guidance, advice, and support as you navigate the world of real estate investing. Look for someone with experience in your area of interest and who achieved the kind of success you aspire to.
Here are some tips on how to build a professional team in property investing/development.
- Identify the necessary roles for your team: The first step in building a power team is to identify the roles required for your projects. Consider your strengths and weaknesses and identify the roles that you're best suited for.
- Network: Attend property events and network with professionals in the industry. Look for professionals with experience in property investing/developing with a track record of success. Get to know people and their skills, and consider adding them to your power team if they can contribute to your projects.
- Build relationships: Once you've identified potential team members, build relationships with them. Meet with them regularly, communicate your vision and goals, and ensure everyone is on the same page. Having open communication is key to building a successful power team. This will ensure that everyone is working towards the same goal and that the workload is evenly distributed.
- Review progress regularly: Regularly review your team's progress to ensure that everyone is working efficiently and that you're meeting your goals. Make adjustments where necessary, and ensure everyone is accountable for their responsibilities.
In conclusion, building a team is critical to the success of your property investing/developing ventures. While there will always be challenges in property due to so many moving parts and an ever-changing market, having the right people around you increases the chance of your projects running smoothly, efficiently, and profitably.
Building a team takes time and effort, but it's well worth it in the long run. By assembling the right people, you can minimise risks, maximise returns, and achieve your investment goals. Remember to choose experienced, reliable people who share your vision, and don't be afraid to make changes if someone isn't meeting your expectations. With the right team, you'll be well on your way to building a successful real estate portfolio.
Who is the broker in your team?
Merryoaks provides growth-based property finance advisory for investors and developers. Our aim is to help you fund your next investment or development project and be part of your ongoing growth to bigger, better and more aspirational deals.
Speak to our Funding Specialists today to discuss your next move.
