What does it take to be a great property investor? Week Six: Power Team
WHAT DOES IT TAKE TO BE A GREAT PROPERTY INVESTOR?
WEEK SIX: POWER TEAM
Looking for steps to follow to ensure greatness on your property journey? Here are eight characteristics you need to cultivate to become unstoppable:
2. INSPIRED VISION
3. STRATEGIC PLAN
6. POWER TEAM
Each week, we will focus on one of these skill sets so by the end of eight weeks, you'll have a rock solid action plan! If you miss a week, you can find them all on my website: www.tanyahaffern.co.za
Week 6: POWER TEAMS: This week, we will focus on power teams (next week, service!)
Successful property investors know that they simply cannot do everything on their own. As a result, they surround themselves with people who are specialists in the areas they are not so good at.
Your power team will consist of professionals that you use in the day to day running of your business.
I am a BIG fan of power teams and attribute so much of my success to my property power team.
So…who do I need in my team?
Well, that all depends on the property investment strategy or strategies that you use. For example, if your main strategy is buying and selling property at auction then it is unlikely that you will use a letting agent. By the same token, if you only buy picture perfect houses that require zero work, you won’t be needing an architect any time soon.
Let’s run through the major role players:
Coach: Hands down, the most important person on your team! Many successful investors use a coach to multiply their results and keep their property business on the right track
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
Attorneys: A capable property attorney will ensure the smooth handling of your property transactions. If they are experienced in creative property strategies, all the better
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!
Bond Originator: A bond originator 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
Insurance Broker: Whether you're insuring a rental property or a house while you renovate it, a good broker will be able to source the best cover for the purpose
Builder: An efficient and reliable builder will be essential to see to renovation requirements, routine maintenance, gas safety checks, electrical safety checks and EPC's.
Architect: An architect will ensure that a home is up to code and meets certain building standard requirements. It is a necessary expense that you may regret not making at a later stage if you are playing in the development space – or even if you are adding rooms to an existing property.
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.
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 are helping them grow their business!
And that's when the magic of collaboration starts!
WHAT I AM WATCHING: The Crossing: Johnny Clegg's friends
The country is united today as we mourn to loss of the White Zulu, Johnny Clegg. The outpouring of grief has been deeply moving. He is a legend. In the midst of our tumultuous political landscape, here stood a man who united all ages and races through his music.
In 2018 a group of well-known musicians came together to celebrate the life and work of Johnny Clegg and recorded a special version of his song - THE CROSSING.
The lyrics of this song give me goosebumps:
Oh, it's funny how those once so close and now gone Can still so affect our lives
Indeed Johnny, indeed. You provided the sound track to our lives and your legend will live on in our hearts forever.
QUOTE OF THE WEEK: Thank you Johnny for making us feel as strong as the African Day
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