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Team development is essential for successful real estate investing, since the key to being successful and growing the business requires collaboration and coordination among resources, skills and tools.
If you are new to real estate investing, we always recommend growing slowly, establishing a solid foundation and undertaking a lot of the tasks yourself as to understand the moving parts of the real estate investing business.
However there are some parts of the team that you should establish as soon as possible:
- Title company: You want to connect from the beginning with a title company that is “investor friendly.” An investor friendly title company understands how investors operate, how to work with double closings, assignments, construction escrows and it is up to date with mobile and virtual closings.
- “Boots on the Ground”: If you plan to invest virtually, either for wholesaling, buy and hold or fix and flip, you need to rely on people local to the area where you invest to help you with scouting and showing properties, deal with local buyers and sellers, and manage the property if you plan to rent it out.
- Network : Being a real estate investor is sometimes a “lonely” business. Networking, connecting with the right tribe, can not only help with not feeling alone in the business, but also provide referral of real estate professionals that can be an aid for your real estate investing business. Referrals can include title companies, attorneys and private lenders.
As your business grows, you might want to add VAs (Virtual Assistants,) Acquisition Managers, Marketing teams, etc.
The more money you make in real estate investing, the more you have to invest in a team and resources, and the less you personally work. You will gain true freedom (financial and also time.)
Here are some key considerations for team development in real estate investing, depending on your business goals:
- What team members do you need? Identify Key Roles: Determine the specific roles needed in your real estate investing team. This may include a lead investor, acquisitions manager, property manager, real estate agent, contractor, accountant, and legal advisor.
- Work with the “best” Professionals. Remember. Your business is as strong as your weakest link. Seek specifically individuals with experience in real estate investing. Look for individuals who have a track record of success and understand market trends. Consider networking events, real estate forums, and online platforms to find potential team members.
- Build a Network of Professionals: In addition to core team members, develop relationships with professionals such as real estate agents, appraisers, lenders, inspectors, and contractors. Having a reliable network of professionals will help you streamline your investing process and access valuable resources.
- Foster Continuous Learning: You and the team you work with must be willing and open to stay updated on real estate investing trends, strategies, and regulations.
- Establish Clear Communication Channels: Effective communication is crucial for a successful team. Establish regular team meetings, both in person and virtual, to discuss progress, share updates, and address any challenges. Utilize project management tools and communication platforms to streamline information sharing.
- Encourage Collaboration and Synergy: Foster a collaborative environment where team members can share ideas, learn from each other, and work together towards common goals. Encourage cross-functional collaboration to leverage the diverse skills and perspectives of team members.
- Review and Optimize: Regularly evaluate the performance of your team members and the overall team dynamics. Provide constructive feedback and recognize achievements. Don’t be afraid to let go of team members who underperform or sabotage certain areas of your business.
Remember, building a strong real estate investing team takes time and effort. It’s important to find individuals who align with your investment strategy, share your vision, and complement each other’s skills.
