GETTING STARTED
GETTING STARTED
Building Your
Property Team
Find a network of professionals
BY MONIQUE TERRAZAS
The hindrance of being very independent , highly skilled and self-reliant is the tendency to do everything yourself ,” says Dolf de Roos . However , even if you are the most brilliant and organised property investor in the world , you cannot be an expert in every aspect of the complex property investment field .
For this reason , you need to build a team of experts in their relevant fields around you who can ensure your interests are protected at all times . Having a team to do things for you will greatly benefit you and help ensure you keep all the balls in the air . For example , just keeping up with the changes in the tax legislation or the regulations concerning rental agreements can become a full time job .
Creating a team of experts around you allows you to use Other People ’ s Time to the maximum . In the section “ Getting the right mindset ” we discussed the fact that entrepreneurs leverage Other People ’ s Time to ensure they can achieve much more than they can own their own and trying to do everything by themselves .
Trying to do it all yourself will only detract from your focus on building a property portfolio and the unfortunate result would be that you start working “ in ” your business , instead of “ on ” your business .
Your role as a property investor is to assemble an exceptional team and to manage your team members well . Let the experts take care of the details , while you focus on the bigger picture and drawing all the expertise and experience together into a
winning strategy . In this way , you will not miss the opportunities that come along everyday for those who are prepared and waiting .
So who should be on your team ?
• Property investment clubs
• Estate agents and property brokers
• Auctioneers
• Property portals
• Property Valuers
• Property Inspectors
• Bond originators
• Attorneys
• Conveyancers
• Rental management companies
• Insurers
• Accountants
Choosing your team members
• Don ’ t just appoint the first professional you meet ! Speak to more than one professional in each field , so you can make an informed decision .
• Robert Kiyosaki recommends using a “ Hot List ” for recording the details of the prospects you considered being part of your team , along with your impressions and comments . This way , if the relationship with your top prospect does not work out for whatever reason , you don ’ t have to start the process from scratch .
• Work only with professionals recommended by other investors .
• Ask for references – if a professional cannot find
6 Residential Handbook 2016 / 17 www . reimag . co . za