Winning In Real Estate Requires Teamwork
AVS WIN! AVS WIN! AVS WIN!
If that didn’t explain it enough, the Colorado Avalanche recently won the Stanley Cup Championship against a very tough Tampa Bay Lightning team, who had won the cup the previous two seasons.
For those of you that don’t know, Pine Financials’ headquarters is in Denver, CO. To say we’re fans of the Avs is probably an understatement. Second only to talking real estate deals, the playoffs were a huge discussion for us, and it got me thinking about the importance of teamwork. Obviously, a team sport like hockey requires exceptional teamwork to win a championship, and the world of real estate investing requires the same. It can easily be an oversight if you’re not careful.
5 Key Players In Real Estate
When we’re talking teamwork in real estate there are 5 key players. Creating cohesiveness between these 5 players is necessary for your success and financial freedom.
1. YOU
Yes, you. You are the captain; you are the one making the decisions and leading your team of chosen professionals to help you win in real estate. Having the ability, know how, and trusting your team is key to successful leadership.
2. Realtor
A good realtor can be so valuable, and a bad one…detrimental. They are the ones that can have the “insider” information on when a deal is available, and how to negotiate the price to see that you get maximum profits with your real estate, as well as structure a contract to see that you get the property under the best terms possible. When selecting a realtor to work with make sure to interview them and see that they are a good fit for you and your goals. Experienced realtors are great but don’t rule out a new, hungry, eager to help realtor.
3. Contractor
A talented, reliable, and punctual contractor is the equivalent to your best goal scorer. You’re depending on them to get the job done, and in a timely manner so you can get the most profit out of your deal. When choosing a contractor, similar to a realtor, interview them. Ask them to see pictures of work completed and ask if you can reach out to past clients of theirs to get their opinion of the work the contractor has done. Get bids from them for the job you’re looking to accomplish, and don’t rush to choose the cheapest bid. Sometimes they will be cheaper because the quality of work won’t be there.
4. CPA
A good accountant can save you money! They can be pricey, but what they can save you will far outweigh their fees. Again, interview them first. Ask friends or family if they can recommend one for you, and if you’re part of a real estate investing group ask them. Having a real estate friendly CPA, is priceless.
5. Education
OK, so this one isn’t just one teammate, more like a bunch of teammates. Continually educating yourself with books, podcasts, YouTube (Pine Financials channel is great!), real estate networking groups, and online real estate investing groups is essential. In many of these networking groups you will find investors with a ton of experience, who want to give back by helping others succeed. Having the ability to bounce questions off individuals with experience can be so valuable, and free! Who knows, they may even want to partner up with you on a deal!
Find A Real Estate Team That Will Help You Achieve Success
There can be other players that make up your team. In my opinion, these 5 players are the most important, but keep in mind there will be other players that come to the table. The one thing they all have in common is their ability to help you achieve your goals and continuously encourage you to achieve financial success.
As always, I’m here to help if you have any questions you’d like to run by me. Don’t hesitate to reach out!