Do you know how important your real estate team is in making your investment in properties worthwhile? In real estate everyone has a job to do. They must take it seriously and do it well. Critical members of your team are your realtor, lenders, rehab team and your accountant. In this article we'll discuss the significance of all these components of your team. Everyone is equally as important to you. They need to see and believe in your vision.
Let's talk about your realtor and lender. Your realtor and lender think of you as an income generator. They work partly if not fully on commission. You want them to consider you as their boss and understand that you know what's best in each and every situation. They must believe wholeheartedly that you have their best interest in mind, both in closing deals and making a profit for them. If they understand and trust your Business tactics, you will become their best client and they will go the extra mile for you. When the most profitable homes hit the market, you'll know about them first. When those special loan programs that may not pay the loan officer much commission become available, he 'll still offer them to you. These are two people who are proving they are and want to be on your team.
Your subcontractors (rehab team) certainly must believe and, most importantly, respect you and your Business. This group can easily take advantage of you if they think you are not knowledgeable about their trade. Subcontractors are a special part of your team. They will be the largest factor in determining if you will be making or losing money. If your subcontractors believe in what you're doing, like your realtor and lender, they will go to bat for you. If they do not, you'll think this Business is not worth the hassle. Once you build a good team, they will sign on for future investment projects. They will be the largest reason you made a healthy profit on your properties.
Your accountant is also an important part of your investment team. He is the one who will manage your team profits. Your accountant will also keep your other partner happy. You're probably wondering what partner I'm talking about. I do not have a partner. Oh yes you do and his name is Uncle Sam. This team member will keep you right with the IRS. You will make a lot of money, and legally have a lot of write-offs available to you. If your accountant is not familiar with real estate investing laws, you will owe much more in taxes. You must have an accountant that understands what needs to be done through the year to less your tax burden. As tax laws change from year to year, he will keep you updated on the necessary adjustments needed before the end of that tax year.
As you can see your investment in properties depends heavily on a solid team that encompasses several people. Each one is as important as the last. With a knowledgeable and responsible team, your real estate Business will thrive. If you respect them, they will respect and work hard for you. If they believe you support them, they will never leave you. So take your time, build your team, and they will build your riches.