Everyone knows that a lot goes into being a successful real estate investor – getting a great education, putting in hundreds of hours of hard work, and building a good reputation for yourself. However, people often forget just how important it is to have a great real estate team behind you as well. But how do you find and build that awesome team? Read on to find out.
Determine your needs
Every real estate business has different needs. If you’ve been killing the flipping game and you want to take on even more flips, you might want to consider looking for a business partner so you have someone to divide some of your costs and responsibilities with. If you’re not so great at the renovations yourself, but you’re awesome at bringing in leads and making deals, you might be better suited hiring a contractor to work on rehabbing your houses. If you’re a new flipper and don’t have your real estate license, your best bet is to consider hiring a realtor to help you with showing your properties to buyers. Everyone is different. Don’t focus on what you think a team “should” be or who other people you know are hiring – think about what YOUR business needs most and go from there.
No one is perfect, and no one is expecting you to have every detail of your business worked out before you hire your first team member. But at the same time, no one wants to work for a business that doesn’t have any clear systems in place either. Try to start simple – make sure you can clearly communicate your goals, and make a set schedule that will help you reach those goals that you can share with team members (and be prepared to stick to it). You should also figure out how you want to structure your team. Who is in charge? How do you split commission and fees? What are the expectations placed on you? What are the expectations placed on other team members? If you can’t easily answer these questions, you’re not ready to build the team of your dreams.
Take your time hiring
If you want to build a power team, hiring the right team members might not always be a quick process. However, you need to remind yourself that this is perfectly okay and that taking your time is important. Even if things are seemingly dragging on – maybe you’ve interviewed five people over the course of a month and none seemed quite right – you should never settle. It’s much better to spend a few extra weeks working extra hours and interviewing more candidates than to spend years working with someone who doesn’t have the skills, passion, or personality that you and your business need.
Keep the whole team in mind
As your real estate business grows, your team will need to grow, too. When you reach the point where you need to hire additional team members, though, you need to keep the rest of your team in mind. Interviewing someone alone and making hiring decisions independently isn’t your best move anymore – you should get everyone on your team involved in the recruiting process! Remember, everyone is going to have to work together, so if two of your team members don’t get along, your entire business will suffer. Plus, one of your team members might notice something about a candidate that you missed! Keeping your team in mind as you grow will help you build the best team you possibly can.