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!
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!
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!
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.
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!
Choose the wrong investment mortgage broker at your peril...! Here's how to get the right one on your Property Power Team...
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.
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!
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.
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...
Find out how you can boost the income from your property by installing these. And get your tenant to pay for it (really).