Building Your Power Team: Part 1

We have reiterated this on multiple occasions: success in U.S. real estate all depends on who you know. I don’t think any successful person can honestly say they made their accomplishments without the help of others. As I mentioned in previous posts, building your power team should be your first focus when deciding to invest in U.S. real estate.

It’s all about relationships

When Forbes wrote about building strong business relationships, they enforced that consistency is essential. They also provided three tips to get started in the right direction: ask the right questions, become a better listener, and master the follow up. We’ll talk more about asking the right questions when building your power team next week, which inevitably requires you to become a better listener to absorb the information you’re receiving. Mastering the follow up means making the right impression with the connections you are trying to make.

“Surprise them all together by not sending an email and give them a phone call,” says the article. “Be personable, memorable, and helpful and it doesn’t hurt to add a bit of humor to the mix.”

Also important to remember is that knowledge is power. Knowing exactly who should be on your team will make sure your investments are successful without a hassle.

Making the team

Here is a simple breakdown of who should be on your team.

The title agent is the individual responsible for getting your title insurance. They help you close the deal and ensures everything is done properly during the transaction.

When you need something fixed on your properties or need to ensure your new acquisition is tenant-ready, you will need a contractor. The contractor gives you estimates and manages repairs.

The project manager is responsible for the coordination and completion of projects, meaning they set deadlines, allocates work to the team, and monitors the progress of the project.

Your property manager manages the daily operations of your commercial or residential U.S. real estate investments. They help you market your properties to minimize vacancies within a local market, negotiate rental agreements, collect rent, as well as respond to tenant requests and perform general maintenance on your properties. They can make or break your team.

Like I mentioned previously, knowledge is power. Next week, we will go through the other members of your U.S. real estate power team and tell you what kind of questions you need to ask to make sure you are getting the best of the best.

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