Building a property team will accelerate your success within property investing. Property investing is not an individual sport, it is a team game, and you are the coach of your portfolio. Every successful property investor has a team around them that helps to facilitate their success. You cannot play the role of half a dozen people and expect to succeed. When beginning your journey and throughout it, you need to build your property team which assists you in working towards your goals. You want to find people that are experts in their field and understand your goals and what you are trying to achieve. The following professionals are people you may want to consider adding to your team:
Mortgage broker
A mortgage broker will help pave the way for success. When looking to obtain finance an individual can either deal with a bank or a mortgage broker. Both have the ability to assist in obtaining finance. However, the approach they take and the strategy they employ will be vastly different. A good broker first understands your goals and ambition and then seeks to assist you in achieving your goals. They create a plan and think numerous steps ahead to ensure you are able to execute your investment strategy.
Tax accountant
A good tax accountant can be instrumental in saving you money and minimising your tax. Investment properties inherently have numerous tax advantages. However, these added benefits can be hidden from the general population. Employing a tax-savvy accountant can help minimise your expenses and put more money into your pocket over time.
Property manager
Ease your stress and concern with a property manager (PM). A PM assists in the managing of a property during its tenancy. Some investors elect to manage a property themselves, but this requires a much more active approach. Engaging a PM makes it easier to rent a property and manage any dealings with the property during your ownership. They also have a great deal of knowledge of their market and can suggest ways you can maximise your rental return.
Buyer’s agent
A buyer’s agent (BA) can assist in the purchase of an investment-grade property. Whether you are a novice investor or simply time-poor, a BA has numerous advantages within the buying process. They can assist with the A-Z of a property transaction and help fill the void an investor may face.
Solicitor/conveyancer
A solicitor can assist in the legal processes involved in a property transaction. A property is vastly different from many other transactions. During the purchase process, there are numerous legal hurdles that need to be jumped. In order to successfully purchase and property and mitigate and potential risks, an investor should employ a solicitor. In doing so, they can hold your hand through the legal side of purchase and ensure a smooth transaction during the settlement period.
Building and pest inspector
Engaging a building and pest inspector can be critical in identifying what you are truly purchasing. Property is physical in nature and therefore there will be physical concerns associated with property investment. When evaluating a property, a B&P report can be instrumental in highlighting any concerns associated with a property. Particularly any concerns not identified by the naked eye. Moreover, an inspector will be able to give an investor a greater idea of what work may need to be completed in the future. These reports can be extremely powerful negotiating tools for investors as they can further knock down the purchase price of a property.
Mentor
A great mentor can help build the mindset needed to win. Seeking out and finding a mentor may keep you motivated and help educate you throughout your journey. A mentor should be someone who is transparent and has achieved a similar feat to what you are trying to achieve. Success leaves clues and to be successful you don’t have to reinvent the wheel. Instead, follow the footsteps of fellow successful people and employ what they teach you.
You
Each of these individuals can go a long way in assisting you to achieve your financial dreams and purchasing the best investment properties for your circumstances. However, another person who has not been mentioned is yourself. You should build a quality team around you, but they are supplementary to what you do as an individual. You must be the catalyst to achieving your goals. Don’t expect success to happen just because you have a team around you. You need to steer the ship and direct it towards your investing and financial goals.
The verdict
While building a property team can catalyse the success achieved by a property investor. Successful investing does not have to be achieved alone. If you are looking at taking your investment game to the next level, consider employing some of these professionals to help you along the way. By building a property team you can delegate tasks to individuals who are experts in their field. This allows you to benefit from their knowledge and experience. By building a team an investor can utilise their team’s knowledge and experience to make better-educated investment decisions.
