There’s an old axiom in the world of business: you’re only as good as the people around you.
In the area of personal development, there’s a similar idea: you are the average of your five closest friends.
Now, whether or not these axioms always hold true is up for debate, but they reflect a very important truth: the people around you will always have a significant effect on your temperament, your demeanor, your attitude, and – well, just about everything else that plays into your quality of life.
So is it important to build a strong real estate team to help your real estate investing efforts? You might say it is.
Why You Don’t Have to Hire All Your Teammates
Putting together an entire real estate investment team might seem like a daunting task if you’re relatively new to the idea of real estate investing. But you don’t have to fret about how long it will take you to build up your company to include a team of high-powered investors and brokers.
In fact, you don’t have to be a high-powered real estate investor to start looking at your collaborators as “teammates.” For example, if you’re a real estate investor who’s been struggling with one particular contractor for a while, it might be time to ask yourself if they’ve been an active, contributing member of your team. If they’ve been giving you trouble for a while, you might ask yourself if it’s time to move on to someone that is more responsive to your individual vibe.
Take this view with all the people that you work with: you don’t have to be actually employing them for you to consider them as a part of your “team.” You are, after all, free to choose who you work with. Take responsibility for the choices you make and “fire” teammates who aren’t helping you meet your goals.
The Team: Who You Need and Which Roles They’ll Fill
If you’re the coach of your own property management team, then you’re free to create your own roles for your team members. But let me humbly suggest a few roles that have a track record of success for many a property owner over the years:
• Property manager: This is the person in charge of making sure that a landlord’s obligations to the renter are met. In many cases, property management companies handle this for individual owners, thus really re-defining the concept of how many “teammates” you, as a real estate investor, may have.
• Contractors: These people don’t work for you inasmuch as they trade with you; that is, they freelance the work you need done on properties without actually becoming your employee. Find a few good contractors and your life as a property owner will be significantly easier.
• Assistants: If you’re building your own real estate investment company, there are few people as invaluable as the people who keep track of your time, keep track of auctions, manage your contacts, and generally make your life a joy – if you can find the right one.
Keep these tips for building a quality team in mind and you’ll start to realize how easy real estate can be – after all, you’re not the only one doing the work. But remember to “fire” bad teammates in order to keep your business free and clear of headaches.