Welcome back to another episode of The Property Nomads Podcast with your hosts Rob Smallbone and Matt McSherry. In this latest episode Rob and Matt talk through the 14 people that you will need in your property power team, so you can be as successful as possible.
Teamwork is an essential part of being successful in property and with these 14 roles on your team, you will drastically increase your chances of prospering.
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KEY TAKEAWAYS
Team-Work is a fundamental. It’s important to leverage other people’s education, time and experience. Having a circle of professionals around you can be a great way to acquire more business leads. Teamwork creates synergy, so having the best team possible around you will help you to prosper. Having all of these roles can save you a lot of time and money. Remember for all of these roles, word-of-mouth recommendations are really important and the best way for finding the right people.
1) Mortgage Broker. They will do a lot of the paperwork that you would have to otherwise do. They can locate the best products and complete a lot of the administration for you. Matt and Rob both recommend paying someone to do these kinds of tasks for you, so you can leverage your time more effectively.
2) Finance Broker. Some individuals will be able to do both the mortgage and finance.Sometimes you will need someone with more specialist finance expertise. A finance broker can help with bridging short-term lending, and they can utilise their connections to help you.
3) Solicitor. They are really useful people but it can be a challenge to find a good one. Word-of-mouth is the best way to find a solicitor but it's dependant on your property strategy. Sometimes solicitors ego can get in the way so make sure you find someone who has lots of experience and can turn things around quickly. Be careful to check that they have the capacity to help when approaching someone who has been recommended. If given the option always use your own solicitor rather than the mortgage brokers.
4) Accountant. Again word-of-mouth recommendations are important for this. Accountant's can help you potentially save a lot of money in a lot of areas as they know their stuff. It’s worth paying a small fee to save a potentially large cost, taking into consideration the cost of your time
5) Insurance Broker. They are going to have good connections with the insurance companies and find the best deals. Like with all these members of your team make sure you are building that relationship with them from day one. Having the right insurance inplace can save you a lot of time and hassle when things potentially go wrong
6) Builder. Rather than an individual, this is a team of people, from bricklayers to painters and decorators. They can often help with the project management of larger builds, and help to monitor maintenance work. Use Trustpilot to find the right people. Trial and error is often the best way of finding the right people.
7) Lettings Agents. They know the market very well and understand the up-to-date regulations by utilising their experience on the ground. It means you won’t have to deal with the faulty taps, or the damaged the floor and are able to leverage your time more effectively elsewhere.
8) Estate Agents. Building relationships with estate agents is key. They have their ear to the ground so can help you find deals as they have experience and knowledge of the area. Effective relationships can really can work in your favour if you are open and transparent. If you talk the talk make sure you walk the walk.
9) Commercial Agents are similar to estate agents but they deal with commercial properties. They can be really useful if you are looking to purchase land, or for commercial purchases and can often be more flexible than estate agents.
10) Mortgage Valuer. Always good to get on the right side of this person. If you take the time to build a strong relationship with mortgage valuers, you may find that the valuation will increase. They may also be able to answer helpful questions about the local market.
11) Architect's are incredibly useful, especially if you are looking to add more rooms or renovating a family house to a HMO. They are very creative and meticulous people. Architects will always be able to add value to your property, especially on the bigger developments.
12) Planning Consultants. You don’t always need a planning consultant. They can help where there might be some controversy around a certain usage of a building by the council for example. They can be really helpful with bigger renovations.
13) Tax Planner. Tax doesn’t have to be taxing. You can save you a lot of money by hiring a tax planner. Any decent tax planner will come up with ways of saving tax in different contexts for you.
14) Sourcing Agents are a key way for leveraging experience and knowledge of an area. Utilising a local source can help you build your portfolio. They can help find and do the project management of a property. They will save you time.
BEST MOMENTS
‘Teamwork creates synergy.’‘Property is a people's business.’‘Two types of Mortgage Valuer: My Happy or Mr Grumpy.’‘If you talk the talk make sure you walk the walk.’‘Take time to build that rapport.’‘Make sure you do your due diligence on each person.’ABOUT THE HOSTS
Rob Smallbone and Matt McSherry, the hosts of The Property Nomads Podcast, are on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob & Matt are just two guys who want to make a huge difference to people around the world. They are here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions. They’ve travelled, explored, and invested. And they’re not planning on stopping these activities anytime soon. Buckle up, sit tight and enjoy the ride that is life.
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