As you build a significant real estate portfolio and make strides toward your long-term investment goals, it’s critical to assemble a robust real estate investing team to support ongoing success. When you first started as an investor, you focused on real estate basics and did your best to create your portfolio. However, one of the greatest tips for real estate investing is to keep expanding your team as your portfolio, needs, and success grow.
In this guide to real estate investing, we’ve mapped out 25 must-have roles that savvy real estate investors should consider adding to their roster of team members.
As an expert on inspecting homes for damages, having a qualified home inspector on your team is imperative. They can point out significant flaws in a home to help you avoid a bad investment. Or, if you’re not looking to have the place fixed up beforehand, you will at least know what kind of damages to repair before renting or selling the property.
Having a go-to mortgage broker is one of the best tips for real estate investing! With a reliable mortgage professional, a real estate investor has financing in place to move quickly when buying new properties.
Real Estate Agent
Partnering with a knowledgeable real estate agent helps real estate investors find good properties that meet their goals. The right agent also helps property investors negotiate better deals and navigate the buying and selling process.
Finding the right insurance policy to protect your investments can be frustrating without the help of a reliable insurance agent. Having an experienced real estate investment insurance agent on your team can help you find the best coverage options at the best rates.
As your property investment business grows, you may struggle to keep track of your day-to-day calendar and calls. That’s why hiring an administrative assistant to help you schedule contractors, coordinate meetings, and handle calls can take your real estate investing investment success to the next level.
Real Estate Attorney
Having a go-to real estate attorney for legal counsel is never a bad idea. A real estate lawyer will guide you through legal issues that can come up when operating rental properties. They can also review contracts during the buying and selling proc
Taxes can quickly become a nightmare for home investors. By hiring an accountant to manage their taxes, property investors can have peace of mind about tax filings and deductions.
Hard Money Lender
Having a reliable hard money lender is critical for financing new investments as a real estate investor. As a member of your team, a partnership with this type of lender can help you acquire larger loans faster, putting you in the best position to bid on properties without missing lucrative deals.
Wholesalers are essentially “middlemen” that connect buyers to properties that sellers are ready to move. Having a wholesaler on your team gives you access to more available properties when building your real estate portfolio.
It’s an excellent idea to bring on a professional appraiser to help you understand a property’s value compared to the asking price. A good appraiser will assess a property and determine roughly how much you could sell or rent it for.
While we already mentioned the importance of hiring an accountant, a bookkeeper is also just as essential to have on your team. By hiring a bookkeeper, an investor never has to worry about tracking income and expenses for multiple investment properties.
Having a great working relationship with a title company gives an investor access to more information about a property before investing. Whether you need phone numbers or other data surrounding a potential investment, a title company can deliver that information.
An equity partner helps investors gather capital to continue building a portfolio. Look for an equity partner with experience in the real estate industry and can be a solid partner long-term.
An accountability partner helps hold you accountable for your financial goals and map a successful plan to achieve these goals. This partner can be a former coworker, a friend you’ve made in the industry, or even your spouse.
A marketing assistant helps investors find and sell fix-and-flip investments or advertise for new tenants for a rental property. When a real estate investor doesn’t have to worry about the details of listing properties to generate cash flow, they can focus on finding new deals and building their portfolio!
While most of these tips for real estate investing have applied to all kinds of investors, this one is specifically for owners investing in rental properties. The best way to maximize returns for these investments is by hiring a professional property management company to take care of the day-to-day operations.
Contractors and Handymen
Support local businesses by finding a contracting team you can always call when a rental property needs a repair, or it’s time for your next rehab project. By partnering with reliable contractors in a real estate market, you build great relationships that can come in handy for maintaining or renovating investments.
A go-to plumber can save you from significant repair costs and income loss! For example, when a property has a plumbing or leakage issue, an on-call plumber can respond quickly to prevent additional damage. Having a plumber inspect a home you’re considering investing in can also help you catch issues you didn’t notice before.
As with having an on-call plumber, a reliable electrician helps investors avoid dangerous wiring situations in an investment property. A licensed electrician also helps keep repairs and renovations up to code to avoid legal or liability issues.
When you’ve completed a property rehab, or it’s time to bring in a new tenant, property investors need a cleaning company to get properties in excellent condition. Working with the same company helps build a solid relationship with a trusted vendor to support your investment success long-term!
Pest Control Company
By having a go-to pest control company, an investor always has someone to call to take care of pest situations before they get out of control. In some cases, a new property that was abandoned or foreclosed on could need pest treatment before contractors can begin rehab work.
While a property can be beautiful in its own right, having a staging crew can increase your chances of selling a rehabbed property quickly. Investors should stage a property to showcase what it can look like when the seller moves in, increasing the overall appeal.
A mentor to guide you as you build your real estate investing career is an excellent asset to your team! As you grow in your career, seeking out someone that has been in your shoes before (and has experienced investment success) will pay off in the future.
More than anything, having a sturdy support system will carry you through tough days when real estate investing. Having a friend, family member, or spouse to buy into your goals and encourage you can help you experience more success.
Resources for Finding the Best Properties and Deals
To start and build success with real estate investments, investors need a reliable way to find the best properties and deals. While all of these team members are important, don’t forget about finding the best software and tools to deliver potential deals that meet your goals! Privy is the ideal technology solution to find and act on the best deals to grow your portfolio.
Assemble the Best Team For Lasting Real Estate Investing Success!
With these team members playing on your team, you can count on long-term success in the real estate investment industry. Learn more about how Privy helps investors find the best properties at the best prices in markets throughout the country when you reach out for a free demo!
Which team members should you start with? Find out when download our free resource, “Assemble Your Real Estate Investing Team: A Worksheet.”