Top Members Of Your Real Estate Investing Team
The best real estate investors excel because they’re aware of what they know—and what they don’t know. That’s why behind every successful real estate investor is a team of experienced professionals who advise on or manage certain crucial aspects of real estate investment. If you’re looking to take your business to the next level, these are the people you need on your team:
- Accountant: When it comes to bookkeeping and accounting, you need a professional who understands your objectives and can look at your entire monetary picture to ensure your books are up to date and accurate. Whatever you do, don’t let tax time sneak up on you without already having a good accountant on board!
- Financial advisor: While it might seem like an unnecessary expense, hiring a financial advisor who understands your priorities is the best way to get an extra set of experienced eyes on your roadmap to success. And when you find someone who isn’t afraid to speak up when your plan needs adjusting, you’ve found an invaluable team member.
- General contractor: A general contractor who understands your vision, comes in on budget, and delivers quality work is a team member worth keeping. Of course, those same criteria apply if you find a great plumber, electrician, or other specialty tradesmen like roofers and masons.
- Insurance broker: You insure your car, home, and even your life. So when it comes to your investment properties, why mess around with unforeseen risks that could cost you a fortune? A good insurance broker knows what the concerns and liabilities are when investing in property and can make sure you and your investments are adequately protected.
- Marketer: An experienced marketer knows how to use all necessary media, social media, and other platforms to present your listings in an enticing manner that gets your property noticed by your target market. Since your property is an investment, get a marketer on board early on in the process so you’ll have tenants and rent coming in as soon as possible.
- Property lawyer: Having an experienced property lawyer on your side is crucial to knowing how to best proceed when and if legal wrinkles arise. While it’s not cheap to have a lawyer on retainer or to even just pay for a consultation or contract review, it’s the only way to ensure you don’t wind up dealing with costly and complicated legal problems later on.
- Property manager: A property manager with good communication skills, a positive attitude, and great organizational abilities can easily be your MVP when it comes to saving you time and effort. Because he or she assumes the ongoing responsibilities of property maintenance, tenant issues, and rent collection, investing in a good real estate manager will generate both short- and long-term returns.
- Real estate agent: A professional real estate agent who understands your investment goals and has solid connections to the areas and neighborhoods you’re looking at is a key player on your team. Deals often happen at the speed of conversations. That’s why talking to a real estate agent you trust early on in the investment process can mean the difference between closing on a high-potential property and missing out on the deal of a lifetime.
Always keep in mind that the longer you work with people, the better and more cohesive your team becomes. So if you take the time to find the right professionals now, it will be an investment that can pay off for the rest of your real estate investment career.