In this article, I will share how to build the best real estate team to do the things you can not do yourself. Plus, a team is your biggest leverage in the business. You can have their time, effort, and intelligence to build the perfect real estate business you want. But you must select the best person for the job or else all your money may go to waste, and you may face serious troubles.
The real estate team structure I will share with you might not be necessary. But you must know what they do best and when to hire them. These team members are common in every city. Every agency, investor, and other professional has them.
Table of Contents
- Ten Real Estate Team Members You Need
- 1) Real Estate Attorney
- 2) Real Estate Agents
- 3) Real Estate Accountant
- 4) An Architect
- 5) Civil Engineer
- 6) Professional Surveyor
- 7) Site Assessment Engineer
- 8) General Contractors
- 9) Finance Broker
- 10) Insurance Agent
- Top Ten Real Estate Team Names in the World
Ten Real Estate Team Members You Need
Okay, before I share, I want to give you two special tips on selecting a good team member. Find a relationship-oriented person, not a transactional-oriented person.
- Relationship-oriented: A person who values relationship over money and focus on building long-term friendship.
- Transactional oriented: A person who only wants to have money. He does not need your friendship and does not worry whether he will be hired again or not.
Listen, do yourself a favor, and avoid all the transactional-oriented people. So that you dont have to worry about them, as this real estate business is a team business, and without good relations with each other, things will not work. So here are those ten real estate team members you need in your real estate business.
1) Real Estate Attorney
Don’t hire a normal attorney because he is not familiar with the real estate law in your local area. Hire a specialized real estate attorney who has the required experience. He knows how to deal with property disputes. Do a background check on them and find out the following things.
- Any past bad claim on the attorney?
- Relation with other attorneys and clients?
- Their charges, is it hourly or weekly?
Before you select a team member, know them well personally and find out if he is relationship oriented.
2) Real Estate Agents
Here I will say most real estate agents or brokers are transactional-oriented, and you can’t do anything about it. But some people you may have seen also focus on serving their clients. You have to find their reputation and character to know the agent well as a human being.
Plus, find out if that agent can serve your unique purpose, as every agent has a different niche. Some agents work in residential real estate, some in commercial real estate, and some in multifamily homes. Find the real estate niche that matches yours.
3) Real Estate Accountant
Every real estate business needs an accountant for taxes, data management, money, and reporting. Hire a real estate account, not a business accountant, who don’t know the real estate tax laws. Taxes are your biggest expense. Save them as much as possible. A good accountant will help you do that.
4) An Architect
If you flip homes or develop homes, you may need an architect to design the house well enough that it attracts people’s attention by following the Local Building Regulations. A professional architect knows what is allowed here and what is not, and he will suggest some designs that match the neighborhood and are cost-effective. Hire him for your team if you need him.
5) Civil Engineer
This guy is not that necessary to have on your team. But if you need a Civil engineer, the architect can help you find him. Mostly the architect will do all the basic work an engineer does. But when the case becomes out of the architect’s reach, you may need one to analyze the site better.
6) Professional Surveyor
Yes, a professional surveyor is required when doing the due diligence for a property. They help with many things that no other guy can do, and they have a license for it. Services like:
- Check the building code.
- The exact size of the house.
- The line and location.
- Traffic sand environment.
- Soil and other physical analysis.
If you are an investor and want to make your due diligence error-free, you need to hire a professional surveyor for your team.
7) Site Assessment Engineer
A site assessment engineer checks the property for potential hazards. You don’t want any future property damage after you have bought it. This guy checks it toughly and tells you will the house be damaged in the future by something or not. If you can identify that damage before you buy it, it will save you from huge losses. For investors, a site assessment engineer is necessary while doing the physical analysis of a house.
8) General Contractors
A general contractor is common and does all the rehab stuff. Whatever your business is, you need a contractor in your real estate team. A good contractor will complete the task on time, focus on quality and reduce your expenses. All the house flipping investors has a permanent connection with them who do all the fixing work and give an estimation of how much it will cost. Hire a general contractor for your team.
9) Finance Broker
Fiance broker helps you find finance for your investment. They will take your project to potential investors and ask to fund it with a little commission. Every investor needs them as you will not have all the money in cash to buy a property. Find a broker who has a good track record and hire him for your team.
10) Insurance Agent
You may not need insurance for your investment, but it’s always a good idea to have one, especially if you are buying a house near a cyclone-prone area or a bad neighborhood where your property may get broken. But before you hire this guy, check your budget and see if it fits.
Top Ten Real Estate Team Names in the World
Now here are the top teams in the world with a huge reputations. You can join them and get all the benefits, But these property teams have a few rules you need to follow.
- Loken Group
- Minnesota Real Estate Team
- Peggy Hill Group
- Redbud Group
- Rhodes Team
- Rob Ellerman Team
- Golfi Team
- Justin Havre and Associates
- Hughes Real Estate
- Rider Elite Team
So this is how you build a successful real estate team that can do all the work effectively. But never hire someone you know or from your friend circle. If he is qualified, then it’s okay. If not, then don’t hire them. First for the skills and then friendship or relationship. That is a mistake people make when hiring people. Don’t make the same mistake. Go for the talent. I wish you the best of luck. Thanks for making it to the end. See you soon.