Building The Right Team For Your Business
By JD Esajian on January 10, 2014
You don’t need to know everything to be a successful real estate investor, but you do need to know what you don’t know. That may seem a little contradictory, but some of the smartest people in real estate surround themselves with people who are much smarter than them. They understand that you need to have a solid team in place that knows what they are doing in order to move forward in the business. You may be stubborn and think you can do or know everything yourself, but what you will find is that you will end up wasting time, money and opportunities.
If you surround yourself with “yes” people or you feel the need to do everything yourself, your results will be noting more than average. If you don’t know how a short sale or tax lien auction works, work with someone who does. If you want to save money and work with a part time accountant, you should not complain when it ends up costing you more money. Even though you are working for yourself and you are the final decision maker, it does not mean you cannot have a competent team around you.
Your realtor or a fellow investors may have a different approach when it comes to landing a deal. Don’t take it personally if they try to sway your way thinking. What may have worked on one deal in the past may not work for your current situation. Always keep an open mind for different ways of doing business. If you take ideas from many different angles and people, you will end up forming your own plan of attack.
Every website you go to or investing club meeting you attend has information to be gained. The same applies to everyone you work with. You may not agree with every contractor, realtor, attorney or even fellow investor, but each of them can open up your eyes to a different approach. If you work with people that don’t know what they are doing, they aren’t adding much value to your business. A good realtor or attorney can completely change how you do your business and open doors to get more deals done.
If you surround yourself with smart, honest, ethical and hardworking people, your business will begin to run itself. Once that happens, all you have to do is drive the car and enjoy the ride. Your business won’t get to this point without plenty of trial and error. You don’t always have to prove to everyone all of the time how smart or how successful you are. Truly smart people will always recognize and respect the fact that you know your limitations and are willing to reach out to people who may know more about a topic than you.
It takes a team of people to make a successful real estate investor. The sooner you recognize this, the sooner you can work on putting this team in place.