one client willing to provide a reference, something
is amiss.
• Check the references! Many investors are satisfied
with a list of names, which could be fictitious. Pick
up the phone and phone at least one of the references.
Ask the references intelligent questions – no reference
will tell you outright that the professional is “bad
news” – so ask, for example, about personal attention,
ability to solve specific problems and turnaround time.
• Insist on proof that the professional has the required
qualification and is registered with the relevant
statutory body or professional association.
Matters to resolve right at the start
• Set out your property investment goals in writing, so
everyone on the team understands what the ultimate
objective is.
• Set out your expectations of each team member in
writing so the professional is clear regarding how they
can assist you.
• Settle money matters upfront – get over any
discomfort regarding the discussion of fees. This is a
crucial part of the relationship, and in any case, if you
wait until the first invoice arrives, it will become even
more uncomfortable.
• Establish exactly what you will get for the fee you
are paying – monthly reports, a certain number of
consultations, telephonic support, a weekly meeting
– you will save a great deal of time and many
misunderstandings by ensuring all expectations have
been discussed and documented.
www.reimag.co.za
Managing your team members
• Communicate clearly and ensure each team member
understands exactly what you want to achieve.
• Then get out of their way, so they can do what they
do best.
• Be willing to listen to suggestions and carefully
consider their advice.
• Share your successes – you cannot achieve the success
you are looking for on your own, so make sure that
every member of the team feels valued and included.
• Be firm when a team member is not meeting your
expectations and address the situation immediately.
• Don’t simply hope things might improve. You are
running a business and your success depends on each
team member playing his or her part.
• Regularly review the fee structures and agreements.
• Keep looking for new partners who can add value
to your business.
Rich Dad, according to Kiyosaki, says that free
advice is the worst advice. Be prepared to pay your
team members well, provided that they meet your
expectations. Don’t skimp on these expenses – the
consequences of bad or inaccurate advice from one of
your team members will be far more expensive!
RESOURCES
Dolf de Roos, Rich Dad
Residential Handbook 2016/17
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