A vital part of your property success will be building a power team round you that you can trust and rely on, to ensure that your properties and tenants are being well looked after. Your property power team is made up of the professionals around you that you use in the day to day running of your business, and all members are equally important to your success.
Successful business people know that they cannot do everything on their own and they hire people who are great at the things that they are not so good at, or not qualified to do. A great power team not only ensures the smooth running of your business, but also has the potential to provide you with referral commissions amongst other opportunities. The different parties will likely agree to this as you are helping them grow their business as well.
You will be likely using a number of different people in you power team depending on your own property strategy, and here are some of the key individuals Embrace use:
Letting agent – A letting agent will be invaluable for helping you evaluate properties that you purchase. You can also speak to your letting agent beforehand to look at what the market rental is for the properties that are of interest to you.
Property solicitor / conveyancer – A capable property solicitor will ensure the smooth handling of your property transactions. This is essential to make sure the properties complete in the timescale required to ensure a smooth transition.
Property investment coach – Many successful property investors are now deciding to add a property mentor to their team to multiply their results and keep their property business on the right track. This can be of great use, as you can model someone who has achieved the results you are looking for.
Property accountant – An accountant experienced in the field of property will make sure that you can keep as much of your hard-earned profit as possible.
Mortgage broker- A specialist investment mortgage broker will search the ever-changing finance market for the best products to fund your deals and fight your corner when things go wrong. We like to use brokers who are ‘open market’ to ensure we can get the best property deals for ourselves and clients.
Bridging finance company – If you are doing short term development projects or creative finance deals then a good Bridger will be indispensable. This will allow you to fund projects that you may wish to sell for a profit after.
Furnishings Company – If you are in the buy-to-let market then a responsive property furnishings company will be very useful to you for when you do furnished-lets. If you are buying furnishing in bulk then you should be able to work out a favourable rate for what you buy for your properties.
Investment property insurance broker – When your insuring a rental property a good broker will be able to source the best product for the purpose. If you put multiple properties through one insurance company they should be able to give you a multiple property landlord rate.
Tradesmen – Reliable tradesmen will be essential to see to refurbishment works, routine maintenance, gas safety checks, electrical safety checks and Electrical Performance Certificates (EPCs). We use a trusted team of different tradesmen who have been built up over time. Always ask for a price for each job and agree a timescale for the job, to ensure that everything is done to a within a set time frame, allowing your business to run smoother.
As you can see a power team is vitally important to not only allow you to run your business smoothly, but it can also help to promote your business and lead to a referral network.
- Peter Iwaniszewski