As an investor, you will inevitably learn the value of having trusted professionals by your side. While some investors adopt a lone wolf philosophy, the most successful investors surround themselves with professionals in all facets of the real estate industry. Building the right team is critical to your success as a IL real estate investor. In our latest post, we will discuss a few key players to make sure to have on your team.
The First String:
These are the people you should absolutely build business relationships with. These people help you get things done that nobody else can. By working with the best of the best, your business will only continue to get better.
A Great Agent
Many investors aren’t known for working with agents because they typically aren’t buying off the MLS. However, the best agents have connections all over town and can help you find off-market deals in addition to what is being heavily advertised. A great agent will have connections to all sorts of real estate professionals, making your job even easier.
A Trusted Title Company
You should find and maintain a relationship with a local title company. If you are closing many properties through them, you might receive incentives on prices etc. If you need something searched in a pinch, you will know that you have people working to help you make the deal happen.
A Financing Professional
Like many investors, you might not be using bank financing to purchase a property. That’s not to say you won’t ever need a loan. You might need money for rehab or to purchase a property that is a bit larger than your traditional scope. Have a lending professional you are professional to help expedite the process should you ever need a loan.
Keeping your books in order can be a lot of work, often much more than people expect. You should always have a CPA who makes sure everything is in order. You might also want to consult with a tax strategist who can help you create a tax strategy.
A lawyer is critical to have on your team. They will help you review all contracts and paperwork. They will assist in matters such as eviction or if someone is hurt on your property. You don’t want to work with just any lawyer, having someone you trust from day 1 is imperative to your investment success.
An Insurance Broker
As an investor, you will need to carry different types of insurance. You will need to change and modify your policies quite frequently depending on what’s in your inventory. You should have someone you know you can call on the fly to help you add or amend your policies as needed.
When you invest in real estate, you will inevitably have to do work on a property. Whether it be small, routine repairs, or larger, renovation projects, having a contractor you know and trust will help you save money and get the job done faster. They will also appreciate the prospect of your return business, making it a great relationship for both parties.
Having a reliable, go-to person can be the key to your success. The best assistants will anticipate whats needed so you can focus on deals, not pushing papers. When you get the right person helping you, you can do things you never thought possible. Bonus points if your assistant is a notary!
Whether you are flipping a property or renting it out, you will need to have some great photos of it. So many people make the mistake of advertising a property without using professional photos. Bad pictures can immediately turn away many potential buyers or renters. How many times have you glanced over a property because the pictures weren’t any good? Snapping pictures with your phone simply isn’t enough if you want to be truly competitive. Find a photographer whose style you love and who you enjoy working with. They should be able to capture your properties in the best possible light… literally!
An Interior Decorator, Stager
How the house is set up can have a huge influence on the level of offer you receive. A house set up to attract buyers or renters is worth its weight in gold. The right stager will know how to take a few key items and use them to increase the perceived value of the house. They will be able to help people use their imaginations to see themselves living in the space.
Other Local Investors
You should have a strong network of people around you who are doing the same things you are. These people aren’t strictly competition. You can learn from one another, partner on deals, and pass things to each other you aren’t pursuing yourself. You will have a support system and people around you that motivate you to do bigger and better things. Find a great network of like-minded people, and watch your success soar!