08 Dec Building Your Power Team
Your Power team consists of Industry Professionals you would in most cases need on your side to assist with buying and selling Real Estate. Your power team may include:
- Mortgage Brokers
- Home or Property Inspectors
- Property Managers
Why is it important to have a Power team?
Put simply, You can’t do everything yourself, and more importantly, you want to make sure everything is done correctly so your deals are transacted smoothly.
Why are they called a Power Team?
Because they’re professionals in their industry and having a powerful team you can rely on makes your investing career a whole lot easier. You want to ensure you’re working with people that are used to working with investors, not just consumers or first home buyers. “Investor Focused” is important.
It’s also important your power team fully understand what you’re wanting to achieve, however many properties you want to own so they can help you strategize to get you there. You want them to know your current financial circumstances so organizing deals is quicker and easier with fewer surprises or roadblocks.
You also want your team to know that YOU are a professional, you’re organized and you know what you’re doing, the last thing you want to do is pay for wasted time!
What can you do to help your Power team do their job?
- Be organized.
- Be clear on the details of your deals.
- Provide the right documents upon request.
- Give your Power team a heads up you’ve got something coming down the pipe, this helps
- a) So you know that they’re going to be available when you need them; and
- b) They’re ready once you engage them and they can execute their work quickly.
How do YOU build your power team?
- Referral’s – Other RE investors
- Relative Experience in the industry (Investor Focused)
- Networking with like-minded people
Get out to as many RE investing meetups as possible, and build your network aggressively. We hold monthly Mastermind events in the Calgary area to help people get started in Real Estate Investing and to network with like-minded people and ultimately build their own Power Team. Event information can be found under the events tab on our website or on Eventbrite.