The Best Real Estate Team Ever

Somehow, over the past few years, the noun “partner” has turned into a very common verb in the business world. It definitely sounds better than the stuffy old, “form a strategic alliance.” But either way you put it, it’s a great way to do business. Partnering with someone who has a different skill set and background is almost mandatory for an entrepreneur. It just makes sense. You can’t do everything alone.

From a real estate investing perspective, we’ve learned that there are huge benefits from thinking like a team leader – even if you’re the only one who works in your office. Partnering in this context doesn’t mean you take on an actual business partner. Rather, you’re working to get to know people that may be able to fill in the blanks for you on certain projects, and you’re trying to build a cooperative mentality between the people you already know.

Think of yourself as a football coach, if you like. Obviously, you have to bring the players together as a team, but you’re also coordinating the efforts of the rest of the coaching staff to bring those plays together. You’re working with your team owner and their staff on the administrative stuff, you’re teaming up with the media to manage the publicity – you’re building a network of relationships with one common goal: encouraging the players to win games.

And so it goes with closing real estate deals. Sometimes you’ll need the help of an attorney, sometimes you’ll need your accountant’s advice, and sometimes you’ll need to talk to that private lender who always seems to come through for you. When you’re a real estate investor, what other people do you need on your team?

First, you need a question-and-answer person. That’s the one you talk to when you’re about to hit a roadblock and need to know how to avoid crashing the deal. Partner with a good real estate coach, and see how much easier your deals go. Okay, as a real estate coach, I can be a little prejudiced about that, but having an experienced professional on your side makes a huge difference in your income potential! Check out my website, if you haven’t already done so, and jump-start your own continuing education program.

Next, you’ll need to build an in-house team. Even if this only consists of one or two administrative assistants, teach them everything you can and treat them right. Partner with your own people! Make sure you’ve got their back and they have yours, because there will come a day when something they do saves a deal.

It’s a great idea to have someone who knows title issues on your team as well. This could be a current or former employee of a title company, but in either case, you’ll want to develop a relationship with at least one knowledgeable person you enjoy working with in this area. You never know when you’ll need to tap into their knowledge bank about something.

And what would a real estate team be without those great people who send you referrals? Now there’s a fantastic group of people to partner with – and they could be anyone you know. Without deals, there are no paychecks. Without paychecks, there are no paid bills or fun seminars or vacations on the tropical island of your choice. Right? Referral fees make the deals go ‘round.

We’ve learned that the best referral source of them all is the real estate agent. According to the statistics, they’re involved in at least 75 percent of all real estate transactions. They have to complete hours and hours of training before they can obtain and keep a license, so you know they’re committed to the business. And, if you think about it, they know just about everyone in town!

As you approach your new team members, remember that you have something to offer them as well (besides referral fees and paychecks). When you specialize in short sales, you have knowledge and skills that not many others in real estate have. You are the expert on problem properties in your area – and if there’s an area in this country without real estate problems, I’d love to hear about it.

When you partner with other people in your community, you’re doing more than just furthering your own business interests. You are becoming a part of that community. You become someone that other people want to partner with. You are perpetuating the idea that it really does take a group effort to accomplish something important – in this case, helping homeowners avoid foreclosure.

Now go tap into your inner Vince Lombardi and... go, team!