How To Build Your Real Estate Power Team.
As mentioned several times before in my other blog posts you cannot become financially independent, buy back your freedom, or do anything of greatness without a team of amazing people to help you.
As a wise real estate investor you will need to build your real estate"POWER Team". This is simply a team of real estate professionals that are great at what they do. You will focus on only the things you like or love to do and are good at. Everything else you will delegate to others that are better than you.
This is how guys like Donald Trump, Robert Kiyosaki, Richard Branson, and I scale to own multiple companies and brands while still having the freedom to do what we love. This is one of the many things I teach my coaching clients how to do effectively. I mean what's the point of creating wealth if you never have the opportunity to enjoy it, right?
So...Who ya gonna call?
So who do you need on your team? Who are you going to call when you need help? Let's take a look at some of the people you may need in order to build your portfolio while still maintaining your freedom to do what you love.
Real estate coach, teacher, mentor(s)
Real estate lawyer
Contractors ( electrician, roofer, plumber, etc)
Private money lenders
And the list goes on and on...
How to select the best POWER team!
Your team members are going to be a very important part of your business success so be sure you choose them wisely! You want to make sure that whomever you choose is great at what they do. Do not just settle for the first person that comes along or the people that charge the lowest fees.
Here are a few suggestions when building you team......
1. Interview several different people for the position you are looking to fill.
2.Make sure they are someone you can work with for the long hull.... ask yourself, is this someone I would go to dinner with? Make sure your personalities are compatible. This will help ensure you have a long, happy working relationship.
3. I always want to find people that also invest in real estate. For example, all my real estate agents, mortgage brokers, accountants and my mastermind group all invest in real estate. This is all part of surrounding yourself with like-minded people.
4. Ask for references. You want to check with their current clients.
5. Ask about their experience, do not be afraid to ask questions, dig deep and look what's going on behind the curtain.
6. Always look to work with people that are honest and have integrity. Believe it or not this can be difficult to find! Over the years I have been screwed by a few different people. If you come across people like this, get rid of them as quickly as possible and never use them again. Do not be afraid to use the words of Donald Trump and say "YOU'RE FIRED".
Remember you are in control. Do not settle for less than the best.
Delegate your weaknesses
Do what you love and love what you do therefore delegate all of the rest. If you can focus solely on your talents, strengths and abilities during the number of hours you have available to work, you can dramatically increase your income.
What you need to consider is to rid yourself of those things that you are not good at that can rob your time away from the things you love to do. This is where delegation can dramatically help free your time.
Delegation is requesting another person to do all or part of a task you need completed. By asking a person to help you to do a specific task that you have been neglecting, you have the opportunity to complete that task with little or no effort on your part. I believe in doubling down on your strengths.
Others have strengths where they may enjoy doing those tasks that you have neglected or are not good at. It is especially important to delegate tasks that are of lower hourly rate than what you make during that same hour.
For example you may delegate a task that you do not like to do like mowing your lawn. By getting a student to mow your lawn for $15 an hour, while you make $100 in that same hour, it is a win-win situation. You get to do what you love to do while still making money with delegating a task that doesn’t appeal to you.
I once spoke to an investor who had a few investment properties but did not believe in the investment of property management because to him, he felt he would save more money, but, at what cost?
Shortly after speaking with him, I found out that he has never been on vacation with his family because he had to stay back tending to his properties.
He has lost the opportunity to create memories with his family on vacations. He was never able to take family vacations and even worse will never have the opportunity to go back because the time he wasted is gone forever...
So find others that like to do tasks that you are not good at and delegate these tasks to people who are proficient in completing them. You will be happy knowing that the tasks are taken care of while you do what you love to do, get more done, and earn more money.
Hire People that are Better than You!
Are you the smartest person in the room? I hope not. Do yourself a favor and surround yourself with people that have strengths, experience and knowledge that you may not have.
Have members of your real estate POWER team that have dedicated their life to specific subjects, areas, skills, and careers that you are not proficient in.
Coaching tip: Hold a mastermind meeting with members of your real estate POWER team. Let ideas start flowing, and your team will add so much value and insight that you will be able to act upon new opportunities and make them a reality.
Ask your knowledgeable and resourceful team intelligent questions and listen to the answers emerge. Like Tony Robins says "the quality of your life is dependent on the quality of the questions you ask"
Focus on your strengths
What are the 3 things you love/like to do; and are good at?
Successful people focus on what they enjoy. When you do what you love you will be better at it. Contrarian to the masses you need to focus on your strengths and delegate your weaknesses!
Once you master this it is very liberating. Your life will be less stressful, you will have more time, you will get more done, and you will be able to serve more people resulting in a much more lucrative income...
I hope this was helpful. If so, please share it with others you C.A.R.E. about...
Until next time always remember " The More You C.A.R.E. The Less You Work"
Your real estate-based wealth coach,
P.s Whenever you are ready here are a few ways I can help you earn more money, create more freedom, and scale your real estate business
1. Join the C.A.R.E. community and connect with other real estate investors that are taking massive action. It's our new Facebook community where smart real estate investors connect, learn, and grow! Grow your wealth, Freedom, Impact, & portfolio! CLICK HERE to join today.
2. Watch this FREE training video. In this video you will discover the 2 key areas you need to work on in order to create financial independence as a real estate investor. CLICK HERE NOW to watch this video.
3. Work with me and my team privately. If you would like me to help you avoid costly mistakes and grow your real state business so that you can have the finances and time to fund your desired life let's chat. CLICK HERE to grab a complimentary strategy session. This way we can chat and get to know each other better. This is not a sales call I do NOT work with everyone. I want to see if we are a good fit and help you. If you decide you want to continue to work with me and you meet my criteria we can explore what that may look like. Because I am actively running my real estate businesses and value my free time I only work privately with a small select few every year. BOOK YOUR SESSION HERE.