It’s a big challenge to grow to your full potential if you are tied down doing too many lower value tasks. I’ve made the mistake of not getting help in my real estate business, and this is a mistake that many new real estate investors, agents, and business owners do as well. When you are attempting to learn and master every single area involved in real estate, while staying abreast of the changes that happen within the industry, you are doing too much at once. Technology is helpful, but there is no substitute for including others in your progress. If you truly want to make a real estate career work for you, I emphatically recommend that you find good people to play on your team. If you do, you will notice better results.
Make your 2017 the best business year yet by bringing the following six types of individuals to your team.
It’s important to bring on a savvy and experienced CPA and tax guru to help you prepare your taxes, advise you on structures, and aid in maximizing profits and tax breaks. If you do not find yourself a good accountant, you are setting your business up for a stressful audit. It might be a smart idea for you to bring on a Bookkeeper to help you throughout the next year. The people that you add to your team do not have to be full-time employees or in-house, but can simply be available for you to call when needed.
Many are against property managers, but without a doubt, if you surpass having this component to your team, you won’t enjoy the maximum financial rewards or personal gains. You simply can’t stick to a DIY property management approach for the long-term. Having a property manager allows you to be more efficient and accomplish more. There are so many options to hiring a property manager— from turnkey to tech savvy remote systems— know you have options.
Real Estate Agents
Although a sensitive topic for many real estate investors, I’ve learned that investors are better when working with real estate agents as opposed to against each other. Real estate agents are adept at discovering deals and can offer great insight. Every investor should have a few agents out there that are bringing them the deals. You will be surprised at how much of the burden that agents can lift from your shoulders without a taking as much of the pie as you would think.
It’s just a fact in real estate investing that you will need an attorney. At some point, you may want a corporate attorney, tax attorney, or one who specializes in real estate planning or real estate specifics. Find them before you are in a time crunch. You will be happy to have their advice when you need it.
The contractors that you have make a difference on whether you will win or lose in your real estate game. Having bad contractors will put you at a disadvantage when it comes to reviewing deals, fixing up properties to rent-ready conditions quickly, and maintaining your assets. It can seem difficult to find good contractors, but they exist. The best way to find them is to ask for referrals.
It’s amazing how many of the tasks that currently occupy your time could be efficiently taken care of by a personal assistant. Lower-value tasks can be delegated to someone else so you can focus on those important, high-value activity. You can assign assistants to do a myriad of tasks. To figure out if it financially makes sense for you, deconstruct your annual income goal by the hour. If the functions within those hours can be outsourced for less than you can do them for, assign those responsibilities to someone else.