One thing I’ve learned over and over again as a property investor is that to be truly successful, you simply can’t do everything yourself.
Blogger: Helen Collier-Kogtevs, Real Wealth Australia
Not only are you limited by the number of hours in the day, you’re also limited by your own expertise. We’re not all blessed with the same skill sets, so we occasionally have to turn to others for help.
This is a lesson that even billionaire property investor Donald Trump has learnt, saying, “You can't know it all. No matter how smart you are, no matter how comprehensive your education, no matter how wide ranging your experience, there is no way to acquire all the wisdom you need to make your business thrive.”
In this situation, your business is your property portfolio and as Trump says – there’s simply no way to do it alone.
So at some point, you need to create your own qualified “panel of experts” to take you to the next level.
There are a number of experienced professionals that you’ll always need on your team, including a mortgage broker, accountant, property manager and solicitor.
These are the people that will help to guide you through the many decisions you’ll make on your journey towards creating wealth, as they can offer independent, professional advice as and when you need it.
To build your panel of experts, consider the following tips:
1. Ask for referrals: If a trusted friend, relative or colleague is willing to vouch for a particular person, then you know they deserve a second look.
2. Ask the professionals: Ask your real estate agent for suggestions, or contact relevant professional bodies, such as your state Law Society, for professional referrals.
3. Review your shortlist: Based on personal and professional recommendations, create a shortlist and conduct your own Google research on each candidate.
4. Start interviewing: Interview at least 2-3 people in each industry, so you have a broad base for comparison. Always stick with the golden rule: if they don’t personally invest in property themselves, then do not use them.
5. Regularly review your expert panel: I do this at least every six months to make sure the people on my team are still the right fit.
Until next time, happy investing.