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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!





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