Importance of Building a Real Estate Team
You want to build a successful business, so you need to have a winning team. Glenn and Amber Schworm, founders of the Home Flipping Workshop, know the ingredients to building a successful real estate team.
Look at Glenn’s new video, Importance of Building a Real Estate Team, and get valuable information about how important your team will be to your business’ success.
One basic principle you must remember is that you can not do everything alone. It is not an easy task to build a successful real estate business, especially without a good team.
The talent of each team member has a duty and a goal. That is to do their job smoothly and efficiently for the business’s success.
WHO IS ON YOUR TEAM
When scouting talent, you should consider people with experience. They are your key players. Some of those key players you need to target include:
These key players are essential when you are about to start a real estate transaction. Each of their professional experiences will help guide your business toward success.
You need people who are experts in their field and open to the idea of continued learning as the business grows and the market changes.
Lean on these professionals to ensure you have a smooth process. The real estate industry is competitive, and you will need the right team to succeed.
LEARNING THE HARD WAY
One of the most important steps is building the kind of team described above. Many people try to do everything independently and find out that it is not very easy.
Trying to do it all yourself can be overwhelming. The failure rate of real estate companies is due to not having quality teams – this is a big mistake.
All the responsibilities are yours when you do not have a real estate team to delegate tasks. You will start to struggle with being overwhelmed and burnout, and the process can become problematic.
You could suffer more debt than you thought you would save. The project could take longer than expected, and you could eat away at whatever profit you made, or expected to earn.
HOLDING REAL ESTATE AT THE WRONG TIME CAN EAT UP YOUR PROFITS
There are fees attached when you hold on to the property, which are called carrying or holding costs.
If you hold on to any property for a longer than the scheduled timeline, you will pay the fees that come with it.
Those fees are commonly known as the monthly mortgage, insurance, and utility payments, to name a few. Ultimately, the most common and highest holding cost is paying the month value of the loan.
Mistakes are made by not planning for any unforeseen risks. If the property does not sell in the time allotted, it could cause a decrease in your profits.
Your property could cost you a fortune and become a miserably unwanted liability.
WHAT IS YOUR JOB AS A REAL ESTATE INVESTOR?
Your job as a real estate investor is to look for profitable investment deals; and to buy and sell more properties. These are the two most significant ways to use your time.
Your team is there to help you build your business. To help find deals, fund, and manage your real estate investments.
With having a team, as the investor, you will have more time to do the work that grows your business. Combining your real estate team’s professional expertise to your business’s advantage is worth the cost.
Many successful real estate investors have a talented team around them, helping them to achieve ongoing success.
THE BOTTOM LINE
It is essential to build a great real estate team that will help you advance towards reaching your long-term investment goals.
An effective team will add value to your business and support your accomplishments much faster and at a higher level.
As you bring together your real estate team, be sure to find people who will support your real estate goals.
Join Glenn and Amber Schworm at their upcoming Home Flipping Workshop. Let them tell you why going solo may not be suitable for you.
They will show you how putting together critical players committed to helping you with your dream will give you more to gain than being a lone wolf.
During this 3-day course, they will arm you with insight, resources, and support for making a lasting impact by building a successful real estate team.
We look forward to hosting you at our upcoming virtual Home Flipping Workshop.