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