Build Your Perfect
Property Power Team!
I attribute so much of my success to my property power team.
Your power team is made up of the professionals around you that you use in the day to day running of your business.
Successful business people know that they cannot do everything on their own and they hire people who are great at the things that they are not so good at.
A great power team not only ensures the smooth running of your business but also has the potential to provide you with another great source of income for your business... in the form of referral commissions!
So who's in the team?
Exactly which property experts are in your team depends on the property investment strategy or strategies that you use. So for example, if your main strategy is buying and selling property at auction then it is unlikely that you will use a letting agent much.
I would argue that if you are trading at auction then you should think about also building a rental portfolio, in order to diversify and provide for long term growth!
- Letting agent -- your letting agent will be invaluable for helping you evaluate the lettability of properties you are looking at and then to let and manage those properties that you decide to add to your portfolio
- Property solicitor / conveyancer -- a capable property solicitor will ensure the smooth handling of your property transactions. If they are experienced in creative property strategies, all the better
- Property valuer / surveyor -- a flexible property valuer will be an important member of your team if you are buying and selling or sourcing property for other investors as you'll need to get mortgage valuations, HIP's or Home Reports. Compare chartered surveyor quotes at our partner site here
- Property investment coach -- many successful investors are now deciding to add a property mentor to their team to multiply their results and keep their property business on the right track
- Property accountant -- an accountant experienced in the field of property will see that as much of your hard earned profits as possible are not swiped by the tax man at the end of the year! Don't forget that many questions about property tax can be answered by HMRC, without having to pay a professional!
- Investment mortgage broker -- a specialist investment mortgage broker will search the ever-changing finance market for the best products to fund your deals and fight your corner when things go wrong
- Bridging finance company -- if you are doing short term development projects or creative finance deals then a good bridger will be indispensable
- Furnishings company -- if you are in the buy-to-let market then a responsive property furnishings company will be very useful
- Investment property insurance broker -- whether you're insuring a rental property or a house while you refurbish it, a good broker will be able to source the best product for the purpose
- Tradesmen -- efficient and reliable tradesmen will be essential to see to refurbishment works, routine maintenance, gas safety checks, electrical safety checks and EPC's.
Outsource for profit!
While these are going to be the main members of a property team, when your property business grows to a certain size, you will want to concentrate on the bits of it that you are good at and get someone else to do the stuff you're not so good at.
For example, if you are not so great at negotiating or closing deals, ask a fellow investor who is to do yours for you for a fee. What their skill adds to the bottom line of a deal should more than compensate for the fee you pay!
Unleash the potential of referrals!
As your network grows and more people get to know you're involved in property, they'll start to ask you to refer them to your property power team.
And that's when the magic starts!
Speak to your team and negotiate a commission they're willing to pay for your referrals. In most cases they'll be delighted to do this as you're essentially helping them grow their business!
If you're unable to get power team member recommendations from a friend and have to use one of the online directories, then do look for testimonials or even ask to speak to one of their customers.
Property Power Team - Index
Use the tips and tricks in the pages below to help you build your dream property power team!
There are some terrible ones about but a good one can be worth their weight in gold!
Investment Mortgage Broker... Choosing The Best
Choose the wrong investment mortgage broker at your peril...! Here's how to get the right one on your Property Power Team...
Skyrocket Your Business With A Property Investment Coach
Top athletes and singers use coaches to reach peak performance... Should you have a property investment coach..?
Too many property deals FALL APART because of bad solicitors. Our UK property lawyer guide shows you how to stop this happening and gives our top recommendations...
Use our easy online Conveyancing Price Comparison tool to get INSTANT QUOTES and RATINGS for solicitors in your area. Buying, selling or both, all over the UK.
Cheapest Investment Property Insurance Tips
Check out our tips on how to get the cheapest and best Investment Property Insurance... We also look at how rent guarantee insurance can let landlords sleep at night!
Tradesmen and Property Maintenance
In our guide to rental property maintenance we share a bunch of top tips and show you where to find the best tradesmen in your area.
Guide to Furnishing Investment Property
Furnishing investment property can be tricky... How do you know what to provide? Is it best to let unfurnished? We answer all your questions in our easy guide...
Have Your Tenant Buy You Some Solar PV Panels
Find out how you can boost the income from your property by installing these. And get your tenant to pay for it (really).
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Your Host, John Wilson -Investing In Property Since 2003, Amazon #1 Bestselling Author.
