It’s easy to tell yourself that you don’t need help. It’s a trap many real estate investors fall into. However, while it may seem more appealing to do everything yourself, that way you can fully maintain control. It’s often of the most detrimental things you can do to the growth of your business. After all, if you are completely bogged down with lower value tasks, it’s going to be impossible to focus on the big things that can really help you advance your career in the real estate industry. While technology can help a lot, it’s still no substitute over the power of leveraging others. If you truly want to make real estate work for you and get the best results you absolutely can, you need to make sure you have these 6 people on your team in 2017.
The first type of person you will want to recruit is a good CPA. The real estate industry is not a place for just any old tax prepare. Rather, you need a savvy and experienced accounting/tax pro to help you prepare your taxes, advise you on the best structures, and aid in maximizing your profits and tax breaks. All the while without setting you or your business up for an unnecessary audit. Granted your CPA does not have to be full-time or in-house, but you do at least want them on call.
The next hire you’ll want to make is a property manager. If you only have one or two properties, it may not be necessary at this time. However, if you intend on growing your estate business or already have a substantial amount of properties, a property manager is a must. They will be able to help free you from the daily tasks that arise when dealing with contractors and tenants. And It will give you someone you trust to handle the daily and inns and outs, without you needing to be bogged down with the details.
Another hire you want to make, albeit a controversial higher, is a real estate agent. By having a real estate agent working for you, rather than working against you, you can accomplish a whole lot more. Real estate agents can find deals, provide great insights, and take a lot of burden off of you for a lot less of a cut than you might think. Every investor would be wise to have at least a couple agents that are on their team helping them bring in the deals. Plus, they’ll have access to different tools like, Multifamily Leasing Technology, in order to help you find the best deals available.
An attorney. Sooner or later you’re going to want and need an attorney. Whether this is a corporate attorney, tax attorney, real estate-specific attorney, or just one who specializes in estate planning. It’ll be wise to find one before you are in a crunch. And you can also benefit from their advice and avoid and deal with issues immediately as they arise.
The fifth hire you want to make is a contractor. Honestly, in order to win in the real estate game you need to have a good contractor. If you don’t there are disadvantages when it comes to evaluating deals, fixing up houses, and keeping your assets maintained. While it may seem difficult to find a good contractor, they are out there. Ask your friends in the industry for referrals.
The final hire you’ll want to make is a personal assistant. Many of the daily menial tasks are what drain our time and energy, and in reality these tasks that can be done by a personal assistant. After all, do you really have the time to figure out the ins and outs of something like multi family leasing technology? By delegating some of the lower-value tasks to someone else, you can free up your time to do better research and look for deals to help grow your investment empire. If you don’t, and you continue to focus on the menial tasks it will be difficult if not impossible to reach your financial goals.