One of the biggest roadblocks for a lot of investors is doing it on their own. This is such an old school Australian issue. We are all familiar with these old school investors, “she’ll be right mate”, “I can do it”, “I can take care of it”. This is an Australian habit, but when it comes to property investing, it’s a poor one, and it’s holding people back. Please don’t make this mistake.
Property investing is a team sport. You need a team of quality people around you.
I’m really passionate about the strengths I bring to property investing. I love the research, the hunt (I’m a real hunter for properties), I like to uncover the deal and pride myself in putting together a strategy before other people are even noticing that a particular market is about to grow.
I’m passionate about this part I play in the property investing space which provides the luxury of this being my main focus. I don’t work in a traditional way – all I do is invest in property. I have the time to dedicate where my passions lie. But, there are parts of being a really great property investor in which I have no skills and limited interest. So building a quality team around me was crucial.
The No.1 Key to Success
If you’re on your own and don’t have a great accountant, or you’re dealing with one bank, you could be really holding yourself back. Just dealing with one bank could be holding you back more than you could imagine. I would go as far as saying that this specific point could be the number one thing that proves you need a quality team around you. Building a great team is key to the success of property investors, so please don’t underestimate it.
Surround yourself with:
- A team of experienced and passionate property investors and professionals.
- A great accountant.
- A great mortgage broker.
These would be the bare minimum. People who have property experience and passion are going to help fuel the flames. These are the people you want to be surrounded by.
I have built an extensive team to help me with research, including experienced property strategists that are always working on the coaching and strategic requirements of developing great game plans in the market.
There are many levels to my team and they all play an essential role from acquisitions through to post-settlement.
At the bare minimum start with a great Property Strategist, great Broker and a great Accountant. Whatever team you build beyond that is going to help you gain momentum. It’s going to take the weight off your shoulders and propel you to success.
Avoid Common Mistakes
Experienced property investment professionals have access to a whole range of lessons that they have learnt along the way. Valuable lessons that you can benefit from.
Having seen a lot of unnecessary mistakes made by property investors who didn’t have the right people around them, why would you not take the opportunity to learn from mistakes others have already made, so that you don’t make them yourself.
Being around the right people helps in so many ways. Make sure that you invest in building an experienced and quality team to keep moving forward.
Remember—it’s a team sport!