The most successful real estate investors recognize the importance of surrounding themselves with a solid team. Not only does a strong team help in reaching your goals but it makes your life that much easier. Instead of trying to do every task yourself you will be comfortable letting go and focusing on other areas. Anyone in business knows that finding good help is easier said than done. You may spend weeks, even months, looking for people that are a good fit for you and your business. Once you do you will feel a real change in how you do business and things will quickly take off. Here are five tips to help you find and build a successful real estate team.
- Find Good People. Sounds pretty obvious, right? However most people in business settle for the first semi-qualified person that presents themselves. Doing this starts a merry go round of people coming in and out of your business. It is always better to wait a little longer to find someone you are more comfortable with than go with the most convenient option. Every real estate investor is a little different. It is important that you find someone that can work with or offset your personality and skill sets. Regardless if you looking for a real estate agent, attorney, contractor, mortgage broker, contractor or accountant your goal should be to find someone and leave them alone. If you have to constantly field calls or double check everything they do you do not have the best fit. Building your team is too important not to take your time and think about the big picture. Don’t just find anybody to work with find the right person.
- Shared Vision. Before you commit to working with anyone there are a few things you need to get out in the open. You should treat team building like hiring someone for a job. Find out a little bit about how they operate and where they see themselves in the short and long term. Ask about previous scenarios you have had and how they would resolve certain issues. The people on your team don’t have to think like you in every aspect of the business but they should have the same core values and vision. Whether you know it or not your team is a direct reflection of you. If they are aggressive in handling an issue people may think you act the same way. You never want to be caught off guard by someone after you start working together. There will always be some degree of unknown but it is your job to find out as much as you can. How they view the business is often the most important trait in building a relationship and a team.
- Avoid Micromanaging. Nobody likes to be told what to do and how to do it. The people on your team are most likely successful professionals in your local area. They probably know what to do without being told. You can lose a good team member by micromanaging them. As an investor you are the quarterback for your team. The quarterback’s job is to distribute the ball and execute the game plan. You cannot throw, catch, block and run the ball at the same time. After you make it clear what you want and how you want it done you should step aside and let your team work. Instead of constantly checking in request timely updates and progress reports. Team building takes trust and confidence that the people around you will do their jobs. If something comes up that you are not comfortable with you should address it immediately. However these items should already be addressed before you ever start working together. The more you constantly look over everyone’s shoulder the less motivated they will be to work with you.
- Ask For Feedback. There are times in building and forming a team that you need to take a look in the mirror. It is possible that the problem may be you and not your team. One way to combat this is by asking for honest feedback on every project you are involved in. The real estate business has no room for thin skin. If you cannot accept feedback than you will not maximize your business potential. Reach out to your team and ask them if there are things that you do that can be improved. Always be open to doing things a different way. It doesn’t mean you have to constantly change gears but you should be flexible. By asking your team for their opinion they feel involved in the process and part of something. This typically motivates them to work harder do the little things every business needs.
- Show Appreciation. It is human nature to seek appreciation for a job well done. It is important that you take the time to reach out to your team and reward them for their work. Something as easy as a brief phone call can enhance your relationship and show them you appreciate all their efforts. If you want to go a step further you can drop off breakfast at the worksite or take them out for a special lunch. It is often little things like this that help turn good relationships into great ones and really solidify your team.
Once you have a good team in place your business will begin to run itself. Instead of worry about finding deals or running a rehab your real estate agent and contractor will handle these areas. It takes time to find and build a good team but once you do you will feel the difference.
