Building Your Property Investment TeamProperty Investing is a huge commitment with many important decisions to be made throughout the process. Making the right decisions throughout the process of your property investment journey is vitally important as they lead to the success of your property investment.
Making so many life altering decisions can be incredibly daunting, therefore, having a supportive team behind you throughout each stage is essential. Whether you are a new investor or an investor with years of experience, support from a knowledgeable team can improve your property investment greatly.
In our experience of working with property investors we have learned who is required to make a property investment team strong and potentially assist in leading an investment to success. Within the following article we have highlighted who we have found to be essential parts of a team throughout the years.
Property SourcerInvesting in property is a great way of making a second income, however, it is an opportunity that takes commitment and time to ensure its success. Finding the right property to invest in can be extremely time consuming, and often time is a luxury investors do not have.
By working closely with a Property Sourcer the time spent finding a suitable property can be reduced and investors can focus their energy elsewhere while experts find them the right deal.
Property Sourcers are also a great benefit to investors as they hold a knowledge of their local market. This knowledge equips them with the ability to find investors the right properties for them to invest in.
Meanwhile, Property Sourcers often have years of experience under their belt. Pairing their experience with their knowledge gives them incredibly strong assets when it comes to sourcing a great property.
Through their experience and time in the industry, Property Sourcers are also blessed with the advantage of a well-connected network. By working with a Property Sourcer, investors can often utilise this network, proving as an incredible benefit.
Letting AgentMuch like a property sourcer, Letting Agents hold a great knowledge of local markets as a result of their experience. These will allow the Letting Agent to utilise aspects of a property, such as its location, as a USP.
The right property agent will be as dedicated and passionate about your investment as you are. As your Letting Agent, they will make your property’s needs their priority, assisting in the success of your investment.
SolicitorAs previously highlighted, investing in property is a huge commitment on many levels. It is important an investor is prepared for each part of the investment process, otherwise, risk is heightened.
Property investment comes with many legal hoops that investors must jump through, therefore, a great Solicitor is an essential part of an investor’s team.
Failure to have a knowledgeable Solicitor on their team can be detrimental to a property investment. Solicitors play an important role in multiple stages of the property investment process, and are, therefore, an integral part of the team.
Renovations TeamRenovations, big or small, can have a great impact on a property and its value. Whether an investor is investing a buy-to-let or a flip, the standard of renovation can make or break their future deals.
This is why it is vital for investors to work with a Renovation Team that strives for high standards. A renovations team that delivers quality refurbishments can help ease an investors nerves.
Mortgage BrokerThere are many options for financing a property investment, however, working with a Mortgage Broker on your team brings an array of benefits. Mortgage Brokers have extensive experience in the property investment industry, and therefore have knowledge they can pass on.
Mortgage Brokers are a great source for advice on investments, and in addition to a Property Sourcer can provide assistance in securing a property deal that is right for you.
AccountantProperty investing is about making money, therefore, the aim of an investor would be to keep their money safe. This makes finding and working with the right Accountant crucial. Investors can benefit greatly from working with an Accountant who holds in-depth knowledge of what property investment entails.
An Accountant with limited knowledge around the subject may have strengths within their field, however, their lack of property industry and investment knowledge could negatively impact an investor’s property investment.
The right accountant will be able to provide expert advice on taxes, profits etc.
ConclusionProperty investing is an incredible way to make a large profit or a side income, however, the process can be tedious and requires a variety of important decisions to be made. Investors are typically busy people and therefore, therefore, the time to involve themselves in so many decisions can be limited. Additionally, inexperienced investors may not hold the knowledge that these decisions require.
This is why many investors choose to work closely with a ‘Power Team’ during the investment process. Having a strong Power Team can greatly influence the success of your property investment, therefore, choosing the right team is vital.
Disclaimer: This is information based on our knowledge gained throughout years of experience, education and learnings. This information is open to interpretation, therefore, you must carry out your own due diligence regarding the subject.