Post by Ismail AbdulAzeez on Jul 22, 2018 10:00:53 GMT 1
Success is a team sport. Although some people say they are self-made, the fact is that nothing and no one is self-made. You need others to succeed but not just any person; you need a carefully selected group of people. Without the loyalty and backing of good teams, success is stressful and very difficult.
In real estate, if you desire to succeed, you need to know how to identify, form and maintain good teams that will help you actualise your dream. The alternative to this is working alone and that is not sustainable. You need all kinds of individuals such as mentors, professionals and other support services. A good team is a good mix of different personality strengths and skills working towards achieving the same goal.
A mentor is someone who knows the subject and has the skill and is willing to invest his/her time to transfer the fundamentals to you and guide you in its application in order to ensure that you succeed without having to engage in 'learning by experience'. He or she is willing to share with you their knowledge and contacts so that you can succeed faster. This may be a formal or informal relationship.
A formal mentoring relationship involves formally identifying and approaching the mentor for this type of relationship. It may involve specific work schedules or practical sessions. It may require regular reviews and assessments. And it may have a definitive start and end date. While an informal mentoring relationship may involve systematically following the principles and practices of an expert and applying them to your situation. These principles may be found in books, tapes, interviews and other sources of information.
Another key building block of your team is partners and professional consultants. These people are called by various names by various people such as, dream team or success group. Your partners are the people who are willing to risk their investment funds in the property business together with you. They approach the investment with the same passion and zeal like you. They are aware of the risk but they are energised by the reward as well.
A partnership could be formed formally or informally but it is better formalised. To formalise the partnership, you may need to register formally with the Corporate Affairs Commission as a business name or a limited liability company where all the partners have a certain amount of shares in the company. The partners could then raise or put down into a central account the money they require as the start-up capital. The group should also have a partnership agreement in place to guide their activities and to regulate it should they decide to terminate the relationship later with as little strife as possible. The nitty gritty of such agreements could be worked out with your lawyer. This is another reason you need professionals.
Professionals are individuals who have special knowledge and skills in their chosen area of expertise and who are willing to render such services to you for a fee. When it comes to real estate investment, some professions are practically connected with that sector such as estate surveyors and valuers, legal practitioners, surveyors, quantity surveyors, architects, town planners, building contractors, bankers and others. Working with these professionals save you both money and time. However, you need to know what to look for and how to deal with professionals.
The process of selecting which professional to use often follows the path of relationship and referrals. When you ask those you know and can recommend for certain services, you'll easily get referrals. Also, fees are negotiable based on the scale of charges of the professional and your goodwill. However, the attitude of not wanting to pay for services or unilaterally deciding what to pay a professional is unacceptable.
In addition, you need various kinds of support services such as roofers, masons, painters, builders and such like. Finding the right people is simply not easy. It takes time to identify excellent workmen. You may need to do a few background checks on them by finding out their track records in projects they have worked on elsewhere. And it is always wise to pay per stages of work done and also have a retention fee that will be disbursed on completion of the project.
Maintaining your network or team is one of the most challenging and yet fruitful undertaking you'll be involved in. One of the cardinal rules to follow is to keep your words. If you promise to pay, please pay on time and don't change the agreed fees mid-way. You should always refer businesses to them and involve them in your real estate transactions. This is a strategy for inspiring them and building loyalty.
Some real estate teams meet regularly in informal settings in order to promote bonding and socialisation. In fact, most social platforms are mediums for promoting business cooperation by exchanging ideas and sharing opportunities. Although this is not compulsory, most team building exercises involve interaction and social dimensions.
Finally, success in real estate investment is a deliberate thing. You need to plan to succeed and you need to start now. Visualise the type of individuals you need to attract and recruit into your team. And work at bringing them into your team.
In real estate, if you desire to succeed, you need to know how to identify, form and maintain good teams that will help you actualise your dream. The alternative to this is working alone and that is not sustainable. You need all kinds of individuals such as mentors, professionals and other support services. A good team is a good mix of different personality strengths and skills working towards achieving the same goal.
A mentor is someone who knows the subject and has the skill and is willing to invest his/her time to transfer the fundamentals to you and guide you in its application in order to ensure that you succeed without having to engage in 'learning by experience'. He or she is willing to share with you their knowledge and contacts so that you can succeed faster. This may be a formal or informal relationship.
A formal mentoring relationship involves formally identifying and approaching the mentor for this type of relationship. It may involve specific work schedules or practical sessions. It may require regular reviews and assessments. And it may have a definitive start and end date. While an informal mentoring relationship may involve systematically following the principles and practices of an expert and applying them to your situation. These principles may be found in books, tapes, interviews and other sources of information.
Another key building block of your team is partners and professional consultants. These people are called by various names by various people such as, dream team or success group. Your partners are the people who are willing to risk their investment funds in the property business together with you. They approach the investment with the same passion and zeal like you. They are aware of the risk but they are energised by the reward as well.
A partnership could be formed formally or informally but it is better formalised. To formalise the partnership, you may need to register formally with the Corporate Affairs Commission as a business name or a limited liability company where all the partners have a certain amount of shares in the company. The partners could then raise or put down into a central account the money they require as the start-up capital. The group should also have a partnership agreement in place to guide their activities and to regulate it should they decide to terminate the relationship later with as little strife as possible. The nitty gritty of such agreements could be worked out with your lawyer. This is another reason you need professionals.
Professionals are individuals who have special knowledge and skills in their chosen area of expertise and who are willing to render such services to you for a fee. When it comes to real estate investment, some professions are practically connected with that sector such as estate surveyors and valuers, legal practitioners, surveyors, quantity surveyors, architects, town planners, building contractors, bankers and others. Working with these professionals save you both money and time. However, you need to know what to look for and how to deal with professionals.
The process of selecting which professional to use often follows the path of relationship and referrals. When you ask those you know and can recommend for certain services, you'll easily get referrals. Also, fees are negotiable based on the scale of charges of the professional and your goodwill. However, the attitude of not wanting to pay for services or unilaterally deciding what to pay a professional is unacceptable.
In addition, you need various kinds of support services such as roofers, masons, painters, builders and such like. Finding the right people is simply not easy. It takes time to identify excellent workmen. You may need to do a few background checks on them by finding out their track records in projects they have worked on elsewhere. And it is always wise to pay per stages of work done and also have a retention fee that will be disbursed on completion of the project.
Maintaining your network or team is one of the most challenging and yet fruitful undertaking you'll be involved in. One of the cardinal rules to follow is to keep your words. If you promise to pay, please pay on time and don't change the agreed fees mid-way. You should always refer businesses to them and involve them in your real estate transactions. This is a strategy for inspiring them and building loyalty.
Some real estate teams meet regularly in informal settings in order to promote bonding and socialisation. In fact, most social platforms are mediums for promoting business cooperation by exchanging ideas and sharing opportunities. Although this is not compulsory, most team building exercises involve interaction and social dimensions.
Finally, success in real estate investment is a deliberate thing. You need to plan to succeed and you need to start now. Visualise the type of individuals you need to attract and recruit into your team. And work at bringing them into your team.