A successful real estate investment business is not a one-person effort. It’s made up of a team of experts. The best and most profitable leaders in real estate surround themselves with intelligent, diverse, and driven people who are experts in their field. Building a team of people you trust can be daunting, but it’s crucial to be successful in real estate investing. Your team may not stay the same as you grow and learn, but getting a solid real estate team beside you when you start will be one of the best steps you take for your career. 

Establish Your Goals

Before you can start putting together your real estate team, you need to understand what you want out of your real estate investing. Determine your niche, your market, and your strategy. Team members who may be good for flipping homes may not be suitable for wholesaling. Understand your short-term and long-term goals. Once you have your own understanding of yourself and your strategy, you’ll be able to start assembling a team. 

Putting Together Your Real Estate Team

Do not rush when putting together your real estate team. These are the people who will help you excel in your career, and if you don’t do your due diligence, they can also be the ones to hold you back. Start by conducting interviews with potential real estate team members, calling references, and speaking to previous employers or clients. Ask around to those in your network to see if they’ve worked with anyone that they could recommend to you. You should still perform your due diligence on anyone referred to you to make sure they are a good fit on your team. 

Vital Real Estate Team Members

Accountant/Bookkeeper

You cannot be successful in real estate investing if you do not understand your finances. An accountant will be able to help you analyze deals, track your budget, and file your taxes. If possible, see if you can find an accountant who has experience in real-estate accounting. If you are not great at bookkeeping your finances, this is someone you’ll want to have on your real estate team. They help you keep detailed records of your finances and will organize your books. This enables you to understand your expenses, profits, budgets, and ROI quickly and easily. 

Administrative Assistant

The administrative assistant on your real estate team will handle any calls or emails that come in and direct them. Depending on whether or not your administrative assistant is in-house, they may also manage files, update property management software, and keep the data up-to-date for all of your properties. 

Attorney

As a real estate investor, you need sound legal counsel to ensure your paperwork is correct. They also help you structure your business and protect your assets. If you are in property management, they will also help ensure any eviction processes are followed legally and deflect any potential lawsuits before they become issues. Starting off, your attorney will be an outside role. As you grow, you may consider bringing one in-house. 

Cleaning Company

Finding a good cleaning company that you trust and can build a relationship with is a considerable asset in real estate investment. As you grow your portfolio, you’ll be able to give them repeat business and form a working relationship. 

General Contractor & Team

A good, trustworthy general contractor will be one of the most significant assets in your real estate team. As you continue to grow your portfolio, having someone you can trust to do good work on your properties will be essential. They will determine so much regarding the successes of your properties in terms of appearance and functionality. 

It would be best if you also utilized the team that your general contractor has already established. He has his own resources of trusted people who work on your properties already. Get to know them and develop good relationships with them.

Electrician

If you are a flipper or in property management, you want to have an electrician who you trust. Once you build a good relationship, they’ll be someone you can call if anything goes wrong. You know they will do an excellent job on all projects. 

Handyman

Most of the day-to-day property management business you will deal with is making minor repairs. Don’t get caught having to hire an expensive company to handle small issues. Instead, form a relationship with a handyman who can quickly arrive on-site and repair any problems quickly and relatively inexpensively.

Inspector

Ask around your network to see if anyone has a trustworthy inspector that they would recommend. This is someone you will form a close relationship with, and you want someone you can trust. Ensure they have some form of credential, whether that be an inspector license or an American Society of Home Inspectors membership.

Insurance Agent

It would be best if you put a reliable insurance agent on your team. They provide business liability, property protection, and rental home coverage. 

Leasing Agent

Leasing agents are great to have on your real estate team, as they are the ones who post rental listings and handle showings. Once you select an applicant, they can supervise the move-ins and take care of the lease signing. If you are looking to delegate some of your responsibilities, this is a great place to start.

Lenders

You never want to be in a position where you have a good business deal set up, but you can’t get the funds for it. Establish a strong relationship with both private money lenders and hard money lenders. This will cover you for just about every type of deal. 

Mentor

Choosing a real estate mentor is a massive decision and one you should not make lightly. They are going to be one of the most important members of your real estate team. You will learn more from your mentor than you ever will from books, podcasts, or videos. This person should be someone who has accomplished the goals you set out for yourself. They should be experienced and open to help you learn. In return, you will listen and learn and work to help them achieve their goals as well. 

Mortgage Broker

When you are selling a property, your mortgage broker will make sure you get your money promptly. Find a broker that is aggressive and will fight to get your transaction through quickly. 

Pest Control

Hopefully, you won’t have to worry about getting a pest control company. But, it’s essential to do your research ahead of time. That way, if anything ever does happen in regards to pests, you’ve done your research and know who to call. 

Title Company

The title company ensures the sale of a property is legitimate. They are a great type of company to build a relationship with because you will always need them for any property sales. 

Wholesaler

Wholesalers are other real estate agents who can connect you to properties that are selling under market value. While they likely won’t be part of your “team,” they will be a valuable asset to continue to network with. 

Do you know of any other vital real estate team members that weren’t on this list? Let us know in the comments!