What’s the smartest way to scale your real estate investing team, and who should be on it?
If you want to see bigger results from your personal real estate investment portfolio, it helps to have more minds, hands, and time. Sounds simple enough, right? Leading real estate investment personalities have teams working to help them reach their goals in one form or another. Mark Cuban has a small army of startups and even sports teams doing a lot of the work. Warren Buffett has an army of businesses and CEOs under his control at Berkshire Hathaway. The top Realtor in your market likely has many other agents, assistants, and marketers doing the vast majority of the work for them. The wealthiest and most successful real estate investors in your area probably have extensive networks. Do you?
Even if you don’t want to build a real estate business or portfolio, there are many advantages of recruiting others and building a team. They’ll make achieving your goals less stressful, add speed, help in everyday tasks, and enable you to enjoy more of what you really want.
Building a Real Estate Team
Whether you are a Realtor, passive income real estate investor, CEO or a company; who are some of the people you might want to add to your team?
- Personal assistants
- Appraisers and property inspectors
- Mortgage lenders
- Title company reps
- Insurance agents
- Real estate attorneys
- Transaction coordinators
- PR experts
- Property managers
- Lead generators and handlers
- IT experts
Building a successful real estate team can seem overwhelming at first. Of course not everyone has to be on payroll, and large teams in each of these categories don’t have to be hired immediately to invest in real estate.
How Turnkey Property Investing Can Minimize the Staffing Burden
Great turnkey property investment solutions can incorporate many of the above functions. This can include marketing for deals, tenants, and resale, property management, and closing deals, and workers needed to rehab, renovate and clean up rental units. Most will also cover many legal and bookkeeping needs too. The ultimate result is that passive income real estate investors can leverage this system and reduce their costs, liability, time, and stress, while hopefully elevating their net returns and time freedom.
For those not looking for truly passive income and rental properties, this may not be the solution. Even for those that do decide to take advantage of all of the perks turnkey property investing and programs offer, there may still be some others to be leveraged. Passive income investors may still want to leverage the time and expertise of:
- Real estate coaches
- Mortgage brokers
- Strategic partners
- Advanced tax professionals
- Estate attorneys
- Virtual assistants
- Individuals to help forward charitable and philanthropic goals
None of these individuals necessarily has to be on a payroll as such, and can be leveraged on an as needed basis through outsourcing platforms like UpWork, or by contracting their services directly.
Smart Scaling for Real Estate Investors
All investors can obviously benefit from both direct hands on investing in real estate. With both directions, the key to successfully scaling a team of workers or strategic resources is to do it sustainably. Start with the basics, but always prioritize quality, and then create a network of assistance that allows you to leverage other people’s time on-demand, and which is scalable both up and down as needed.