BUILDING YOUR REAL ESTATE TEAM

According to this video by Glenn Schworm, Importance of Building Your Real Estate Team, there are some significant steps real estate investors need to take when building a business.

The famous time management guru, Stephen Covey, makes a significant point about effective teams. He says, “Management is doing things right; leadership is doing the right things.”

 How does this relate to building a real estate team?

 Building an effective real estate team means working with a diverse group of individuals and businesses to bring your vision into reality. What is assumed is that you have an idea?

A Vision for Your Real Estate Business

Vision comes first. Your vision comprises what your mind’s eye has seen that the world has yet to behold.  

  • When you see a dilapidated house, what do you see?
  • Can an older community be vibrant again?
  • Whom do you see purchasing a particular home once your renovations are complete?
  • Who will get to renovate the property you’ve just contracted and have determined to wholesale?
  • What will your real estate investment business be known for doing? Operating?
  • These bullet points are what we identify as vision. Vision is an eagle-eyed approach to business development.   

    Your vision is not just for the here and now but should have at least a 5-year outlook.  

    Vision is ensuring managers do the right things to make the vision reality.

    Management of Your Real Estate Business

    Management comes second. Management involves doing things right on a day-to-day basis.

    Management is the conduit of vision. It is vision’s muscle. Management ensures the vision moves systematically from the visionary’s mind’s eye into the purview of others.

    Management is concerned with the order and division of labor because that will determine the successful completion of the vision. 

    Management also focuses on the specific tasks associated with each step of the plan. Each assignment builds upon another, solidifying the longevity of the vision.

     Management is an integral part of building your real estate business because it will determine the pace at which projects get done.  

    Remember, the slower the speed, the greater the cost.

    You and Your Team

    As a real estate investor, you must occupy the leadership role. No one else sees what you see because they are not in your head or heart. 

    Your vision is 100% your own. That is your leadership space. 

    Leaders see with an eagle-eye view, while managers stand upon the ground awaiting direction. The eagle says go to the east for suitable land, and the managers take the team east. Once in the location, they await the leadership’s vision concerning the land and how best to occupy it.

    When building your real estate team, you must lead the effort. You must soar high and have the appropriate team members on the ground ready to move in whatever direction you say. 

    Building a real estate team is critical also because it allows you to do what matters most – find good deals, which is imperative to sustaining an excellent real estate team.

    Who’s on your real estate team?  

    According to Glenn Schworm, members of your team should include the following:

  • A thorough home inspector familiar with real estate investment, not just homeownership.
  • A good title company focused on servicing real estate investors.
  • Insurance agent who understands ensuring investment properties.
  • Private Lenders for quick access to capital.
  • Architects who understand real estate investment and maximize profit margins.
  • Bona fide contractors with a good reputation for finishing their jobs that are licensed, bonded and insured.
  • Landscapers who can beautify yards affordably.
  • Staging companies that understand buyers in a variety of markets.
  • Real Estate agents who move quickly and have vast networks.
  • Accountant adept with real estate investment business.
  • Your team will need more than these people, but these are the primary team members. You must ensure that you have these people on your team before attempting to flip a house.  

    If not, you may find yourself doing this work you are not skilled enough to do. The project is slowed to a snail’s pace when this happens, and your holding costs skyrocket.  

    The most detrimental aspect of doing all this work or even some of this work yourself is that you forgo the leadership space and become a manager of work you are not an expert in. 

    Your expertise is best when you focus on finding more deals to maintain a robust real estate investment team and prosper.

    What's Next?

    Building a strong team will require you to become a savvy investor. That means you need training.  

    Join Glenn and Amber Schworm at their upcoming Home Flipping Workshop.  

    You will learn what it means to become a real estate investor. You will know where to start and how to continue. Nothing is left to chance.  

    Connect with them today and become the leader you need to be.