How To Build A Strong Investing Team
By Paul Esajian on December 2, 2016
Team building is an important part of any business. While most people think of real estate investing as an individual endeavor it requires a strong team to be successful. Everyone from your real estate agent, accountant, contractor and attorney play a role in shaping and growing your business. Your business can often be defined by the strength of the team you surround yourself with. It is not enough to commit to working with the first qualified person that presents themselves. You need to take your time and find the best possible fit for your personality and how you run your business. Finding the right team member can completely change the course of your business. Here are five tips to help you build the strongest possible team.
- Character First. Trust is an important component in any relationship. If you do not fully trust the people around you your business will struggle getting off the ground. When looking to build your team character should be the first quality you look for. Sure, experience and contacts are important but they shouldn’t make a difference if the character is poor. You don’t want to have to worry that someone you work with doesn’t have your best interests in mind. Unfair or not you are directly judged by the people you associate yourself with. If someone on your team does something you don’t approve of at one of your projects you may get lumped in negatively with them. A bad reputation can be very difficult to shake. You can avoid this by carefully choosing who you work with. Your instincts are usually a pretty good indicator of character. If the character is poor nothing else should matter.
- Personality. Think of some of the best teams you have ever been involved with. Whether you are talking sports or work teams the common thread is that you were most likely a close knit unit. Of course there are always exceptions to the rule but the more you like the people you work with the harder you will work. You don’t necessarily need to be best friends with everyone on your team but you should enjoy their company. If you are intimidated by calling a team member if you have a question you need to consider why you are working with them in the first place. If someone on your team is constantly negative even when things are going well it will eventually begin to wear on you. On the flip side if you are surrounded by problem solvers who are upbeat and eager to take on anything you will see the impact in your results. You want to be able to enjoy your business every day. There are many people who can do the job you are looking for. If you don’t like their personality you should find someone who is a better fit.
- Forward Thinker. Experience is always nice to have but is far from a necessity when building your team. There are many investors who rely solely on experience when making their decisions. Experience should be viewed as an indicator of past results and nothing more. You are better served working with someone who has less experience but a clear vision of where they are going. A local real estate agent who is brand new to the business may not seem like a valuable team member. However they may be willing to work harder to establish themselves than the agent who has been in the business for years. Real estate, like any business, is constantly changing. The way things have been done in the past may not be where they will be in the future. If your team is resistant to change and stuck in their ways you may not be able to change with the business.
- Are They A Good Fit? How does someone on your team compliment you and what you bring to the table? When assembling your team it is important think about how they fit with your vision. There is always a fine line between stepping out of your comfort zone and knowing where your bread is buttered. If someone on your team is constantly pushing the envelope or questioning everything you do they may not be worth the headaches. This doesn’t mean that they can’t have opposing thoughts or views but you need to consider how strong these views will be. If you are constantly bickering and going back and forth you won’t get anything accomplished.
- Know When To Move On. As difficult as it may be you need to accept when it is time to move away from a team member. Everyone goes into a relationship with the best intentions. However things can change the more you work with someone. If you realize that things just aren’t working out you need to end the relationship. This doesn’t mean you need to scream and yell and end things in an unamicable fashion. There are ways you can end a relationship and still remain civil towards each other. Whatever happened in the past this is always the best course of action. The real estate business has a funny way of bringing people together. You never know your paths will cross again. However when it is time to make a change you need to do so quickly and decisively. The longer you wait the more difficult it becomes.
A good team not only increases your chance for success but makes every day more enjoyable. Use these five tips to help build the strongest possible team around you.