5 Characteristics Needed to Build a Strong Investing Team
By Paul Esajian on March 30, 2015
It is often said that you are only as good as the people you surround yourself with. This is the case in the world of real estate investing. The most successful people in business know the value of a good team. As an investor, you need a good realtor, attorney, mortgage broker, insurance agent and contractor to get the most out of every deal. If any one of those people drop the ball, you will feel the impact. How you build your team has a direct impact on your business. You can find people to do the job, but not everyone is a great fit. To build the best possible team, there are five major characteristics that you should look for in every member.
1.) Value: Everyone that you work with should bring a unique skill set to the table. There has to be something about them that makes them valuable. Your mortgage broker may have investment programs that your local lender does not. Your realtor may be able to get bank owner listings before they hit the market. Whoever the team member is, they should do something in a way that you can’t find anywhere else. Before you decide to work with them or before the next deal, ask yourself what they bring to the table. If you are only using them out of habit, there may be better options available.
2.) Attitude: In general people work with people that they get along with. You should be comfortable speaking with anyone on your team. There are many people who act much busier than they are. If you are someone who is intimidated calling your attorney you need to find another attorney. Not everything in business is going to be sunshine and roses but there is a way to handle issues without making enemies. If you like speaking with a team member you know you have a good addition to your team. If they are always complaining they may be more trouble than they are worth. A good attitude isn’t the most important trait but a bad one cannot be ignored.
3.) Trust: You have to be able to trust that everyone on your team has your best interest in mind at all times. If you have to drive to your property every day to check up on your contractor you are doing extra work. You need to know that your attorney or realtor isn’t just pushing you to close so they can get a check. It may take a few deals for you to develop trust. You should be able to trust that you are getting the best out of everyone around you. There are untrustworthy people in every business and real estate is no different. Never leave your business in the hands of people you don’t know. Once you surround yourself with trustworthy people it will free up time for you to focus on other areas of your business. You should never have to think about whether you trust someone on your team. If you do it may be time for a change.
4.) Performance: Trust and attitude are necessary qualities but if someone can’t do the job they won’t do you much good. You and your team are judged on how well you can perform whatever task you are doing. Your realtor may be a great person but if they can’t get your offers accepted you should look elsewhere. Your contractor may have the lowest bid but if the work quality is poor you will get what you pay for. It is important that you are comfortable with the performance of everyone you work with. You should never have to consider whether they are going to do their job well. If the performance is poor it will cost you money trying to compensate for it. It may also cost you a deal if they drop the ball. There has to be a certain level of performance required for everyone on your team.
5.) Availability: Being available is one of the most important things you can do in business. If someone has to wait two days for you to call back you can bet they won’t want to work with you again. Your contractor may do great work but if they aren’t available until next month it doesn’t do you much good. You can’t expect everyone to drop what they are doing when you call but you shouldn’t have to wait in line either. Little things like making time to show you a new listing go a long way. With all the current technology available there is no excuse not to stay in touch. If you want to grow you team you need to make yourself available.
A good team will completely change your business. Instead of having to be in ten different places at once, you can focus on what you do best. You will see more deals and higher profits come your way because of the team around you. Once you have your team in place, you can bounce ideas off each other and think of ways to get business that you may have never thought of. Building a team is important, but you need to do so with the right people. If you focus on these five characteristics, you can build a powerhouse team around you in no time.