A Real Estate Investing Power Team can help you with:
- Finding Deals
- Finding Money
- Closing Deals
Where To Find Your Power Team
Go where your best customers, competitors, and prospects meet.
- Facebook Groups
- REIA Clubs
Give Value while you are participating in any of the above mediums. Be a resource and a connector. Even if you do not directly benefit by doing do. Be sure to get involved and form relationships. Pay it forward – by referring others you will get referrals/leads.
Who Should Be on Your Team
Bringing in professionals and other investors from all areas affected by your business to give expert advice and support will only take your real estate investing off the ground or take you into a higher volume of transactions to which you will be profiting from.
Here is a 6- step quick guide to help you choose who should be on your real estate investing power team:
- Someone with experience developing a business – starting a business, operations, experience with acquiring funding, dealt with legalities of having a business, launch, growth, exit strategies, etc.
- Someone that responsibly represents your desired target market that can give you feedback and credibility along the way.
- Someone who can give you tons of exposure right out of the gate, with opportunities to acquire great deals and interest from other investors.
- Someone not related to your business but well-grounded and “wise” in other areas of life. During stressful periods, this person will help you give you perspective, make objective decisions and support our desire to have balance in your life.
- Others who fill in the gaps of your experience such as marketing, media, legal, promotional and finance
- Someone that has actually launched or worked with a company that that has achieved your desired revenue goals in a similar industry. They have demonstrated success in your market.
Real Estate Power Team Players
- Real Estate Partners – Title companies, mortgage brokers, real estate agents, wholesalers. anyone related to real estate.
- Insurance Agents
- Attorneys – Probate, Foreclosure, bankruptcy and real estate attorneys
- Property Managers
- Private Lenders, Private Money Broekrs
How To Build A Power Team
Building a Real Estate Power Team is rather simple. Using the list of Power Team Players above – approach these people and request a short meeting or chat over coffee where you'd have the opportunity to ask them some relevant questions about your business that they would completely relate to. Invite players that can validate what your doing, offer special advice and provide an avenue where your could also support them to make money together. Try to have a casual interview per se where they get to know you and vice versa.
10 Specific Questions To Ask Power Team Players
- How did you get started in your business?
- What do you enjoy most about what you do?
- What separates you an your company from the competition?
- What advice would you give someone starting out in your business?
- What are the coming trend in your market/industry?
- What strategies have you found to be the most effective in promoting your business?
- If there were anything about your business or industry you could change – what would it be?
- What is the next big event/deal/chapter coming up for you?
- What is your biggest challenge at the moment?
- What type of customers/clients are you looking for?
This is just a quick guide we put together here at REIClub.com. Just something to help you to get started thinking about working with others to accelerate your success in real estate investing by building and working with your own real estate investing power team.