How to build your real estate team
5 Important People You Need
Pssstt….hey my friend. Yes, you. You need a team. There I said it. It’s okay to do things on your own because you’re magical like that, but a team will definitely push you further. I know it’s hard to trust your baby (the business and brand) with others. You’ve put so many long hours into this, and you simply want things to go right. However, the right team could really put you on the BEST track for success. The best companies are definitely run by a group of like-minded and invested individuals who want everyone to succeed.
It can be overwhelming to begin the process of finding the right people for the right positions on your team. However, it doesn’t have to be difficult. You really have to know who you are looking to hire and what knowledge they need to have. When you begin searching for the brilliant people who will help you build and you will help them, you’ll need to look at these elements:
- Their personality and work ethic. Do you mesh with this person and do they do work to your level of excellence?
- Their background knowledge and expertise. Do they have the knowledge you don’t have to move the team forward?
- Your needs and desires. Do you really need this person on your team? Is this the position you need to hire for?
Keep in mind, your group will advance as YOU develop. So, if you don’t get the team exactly right the first time, you can always revamp your team. Always.
So here is a rundown of key individuals you’ll need to start building your real estate investment team. These are the top 5 essential positions to help shift your brand into GO!
5 Must-Have Team Members for Real Estate Investing
1. A Trusted Advisor
I would urge you to discover somebody (nearby if conceivable) who is in the place you need to be in 5 years. This person will not be doing a great deal of ground work, but they will be the person you go to when you are ready to make an important decision. This person will more than likely be established in real estate or working on a level above where you are. They will be busy. They will be straightforward with you. They will need to know that you are serious. Be prepared to pay them for their time and heed their advice.
2. A Financial Real Estate Specialist
The money matters and who handles it matters even more. Having a CPA with knowledge of real estate finances is important. They need to know how escrow works, funding processes are handled, and have land contributing background. This will make things smoother for the team when the CPA understands the real estate industry, specifically. Be sure to ask specific questions as you search for this team member.
Having an internal legal team is extremely crucial to your success. A lawyer who specializes in contracts and agreements is necessary. In addition, a lawyer who is well-versed in land acquisition and sales is needed. A real estate attorney is the third person to complete the legal team. These three attorneys are great starting points for ensuring you are making the best legal decisions for your company.
Investors are the pillars that hold up your business. Without investors, the business is a traditional real estate agency. With investors, you have transformed your business into a real estate wholesale company. Having 2-3 committed investors on your team is ideal. This will allow you to have financing together BEFORE the cash is required.
5. Real Estate Agents & Mortgage Broker
This one is like a two-for-one. Where there is a great real estate agent, there must be a great mortgage broker. When choosing this mini team within the larger team, be sure you are choosing real estate agents who understand the mission and vision of your company. Also, make sure your mortgage broker understands the goals you have in mind for completing the buying and selling process with clarity and promptness.