Jun 9, 2020

Who do you need in your Power Team?

Power Teams continued...

Last week, Mpumi introduced us to the need to surround yourself with a Power Team, we looked at the core members of your team and the role they’d need to play. This week, we’ll take a closer look at the rest of your team.

1. Letting Agent

It is YOUR investment so you need the best possible person to manage it for you.
The letting agent must be qualified and accountable, transparent, good communicators.
Strong marketing ability, advertise your vacant properties promptly and efficiently.

2. Estate Agent

Need a professional to help you negotiate complex property transactions.
Make sure they have the right qualifications and are certified agents.
Speak to at least 3 agents, work with multiple agents until you find the right one.
Your estate agent is a crucial member of your team.

3. Architect

Find an experienced creative architect who understands your strategy.
Creative superior building design, understand building rules, able to make best possible use of the space available.

4. Insurance Broker

Need to ensure the property is correctly insured. Imagine a giant tree falls in your backyard and causes severe damage – who is going to pay for the repair to the house?

5. Bond Originator

Massive time saver, submit all docs to one originator and get feedback from many banks at once.
Easiest, least expensive and most productive way of applying for a home loan.
It is the originator’s job to assist individuals to obtain the lowest possible home loan rate and to guide you through the process.

6. Builder

Important to find someone who understands what you are doing and who is able to go view properties with you.
You want to learn from them about the average costs of doing a bathroom, doing a kitchen then call them in to confirm final figures.

7. Accountant

Make sure your accountant deals with property and understands all the property taxes and CGT implications so you get the best advice when you sell.

8. Attorney

Do not use a divorce attorney! Attorneys can review contracts when you are selling or buying. Protects your interests by checking zoning, restrictions, reviewing paperwork.

9. Property Coach

Help, inspiration, guidance on how to work with property and build a property portfolio. Most crucial member of your team.

Of course, you don’t need to assemble the whole team before you even find a property! And the team members will differ depending on your strategy. Tune in next week to find out who you need if you are chasing a Buy to Let versus a Distressed property strategy versus a flipping strategy!