If you are going to be successful in property investing over the long-haul, you need a team of very smart people around you. There is no way you can do everything yourself. You might be able to get away with doing some things, but I challenge you to tell me you can do EVERYTHING when it comes to investing in property. Even the expert property investors knows that you can’t know everything about everything.
So who should be on your team? A mortgage broker, an accountant, a property manager, a solicitor and most also have a buyers agent.
So how do you find these people? How do you know they will be the right fit for your needs?
1 – Referrals. Always the best way to find someone who is already vetted. Asking friends, families and colleagues – people who have already done what you want to do, and have already got their team in place. That way you know the potential ‘team member’ is worthy of a phone call.
2 – Ask your team. So you have a great accountant, maybe they know of a good mortgage broker? I bet if you have a mortgage broker they will know some great property managers. We all work together so if you already have one in place, ask if they know other people who could work in the team.
3 – Professional referrals. Ask the professional bodies who they would recommend. Tell the organisation what you are after and the type of work you are hoping the team member will do and the professional body should be able to point you in the right direction.
4 – Now review. Now that you have some names on the list, you need to make a short list. Once you have a few names then do a little of your own research – via Google.
5 – Interview. The only way you are going to know if they are the right fit for you is by asking them questions. Find out how supportive they are especially if you are new to the game. Don’t be discouraged if you realise that they aren’t going to work. At least it’s best to find out now, rather than later.
6 – Review. Once you have your team in place, keep an impartial eye on them. Have a look at them once or twice a year to see if they still fit with your requirements. As you grow, can your team come with you – do they have the skills?
Building your property investing team is critical if you want to grow a large investment portfolio. Do you have a team or do you do it all yourself?