-
Click to Connect with me on:
Professional Real Estate Support Team
In my last post, I introduced you to a list of support team members for your real estate investing business. Now, I will begin discussing each one and their roles in helping your business to succeed. An important key point: Make sure that you don’t ever become dependent on any team member. When you become dependent on someone then you can become trapped within your business. Always have other alternatives to consider.
Team Member 1- Real Estate Agent
Whether or not you regularly use the local Multiple Listing Service (MLS) to find deals for your business, a good real estate agent (or agents) is still a critical part of your success. You are somewhat a reflection of what your team accomplishes behind the scenes and a good realtor can do many things for you, including: submission of offers, submission of letters of intent to purchase, streamlining closings with either buyers or sellers, and of course finding you deals or helping you find buyers. None of this requires you having to spend a lot of your own valuable time when you have the right agent or agents on your team and this is one of those foundational team slots that you need to take very seriously.
Team Member 2- Mortgage Broker
One of the most critical team members to establish early on as a real estate investor is a mortgage broker. They can be instrumental in getting your buyers qualified, and allowing you to recognize profits in a more streamlined manner. Buyer qualification is one of the tough issues in today’s real estate market and this team member alone can be hugely impactful for you and your business.
Good collaboration with a reputable mortgage broker can help give you a foundational knowledge base concerning the world of home finance. You don’t need to be up to speed on all emerging trends but what a good broker can offer you gives you informational fuel you can then pass along to your clients and help establish you as both a knowledgeable and credible investor.
Team Member 3- Real Estate Business Attorney
A good real estate business attorney can help you review your paperwork of choice to make sure it is compliant for your area and protects you sufficiently in the event of a dispute. Although it’s often not pleasant to think about needing to have an attorney as part of one’s team, it is absolutely essential, and in fact you probably should have more than one that you can get advice from. Unfortunately this and so many other professions are so tied to lawsuits and other such unsavory topics these days. Therefore you want an attorney on your team for this exact reason. The chances of being sued, especially if you have a successful business are pretty good, and you want to have an attorney who understands your business when that happens.
When choosing an attorney to handle the professional business matters that arise, my best advice to you is not to skimp here or else you may one day be sorry you did. A good attorney also does a lot for your professional reputation. Being able to reference the fact that you have an attorney or need to run something by your attorney is not only a professional and credible approach, but also discourages a client with unscrupulous intentions from pursuing their objectives. The best value a good attorney can offer is to position you where you rarely, if ever, need them.
Team Member 4- Title Company/Closing Attorney
Another critical team member is the person or organization that handles your closings. A title company (or closing attorney in some states) can add a layer of professionalism to your business by making these processes seem simple and with minimal issues. The performance of your title company can be a solid reflection of your business so it is important to choose carefully and make sure they understand the variety of transactions you will be doing with their help. Title companies also perform title searches, which can help you avoid unnecessary issues with transfers of ownership and recording of documents. I would also highly recommend to you that your closing attorney close your rental or lease option agreements. You can find no better witness if a tenant cries foul than your closing attorney. When in doubt, let your attorney do what they do best which in this case is finalize agreements between two parties, so that you can do what you do best which is buy and sell houses.
I owe so much of my investing successes to the support team members I have assembled. Each one has their own purpose and keeps my investment train on track. Next week, I will continue discussing essential team members.
There are more tips for success here: www.freemakemoneygift.com/Invitation.html
Comments
Leave a Reply
-
-
Other Blog Stuff
