Building your team of value

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Building your team of value. I know where you’re coming from. You might be thinking, lawyers, accountants, pest and builders, valuers, depreciation majors. Whoa, whoa, whoa, so complicated. And so expensive. We see them running around in suits or very well dressed, and sometimes we think, “I shouldn’t need all that help. I can go do it on my own.” You couldn’t be anymore far from the truth. Because with these professionals, yes there may be other items of work, they might be very, very expensive, but in terms of property, it’s quite reasonable. If you think of the financial decision that you’re making and the investment that you’re making, it’s actually only this much of the overall cost. Let’s talk about why it’s important to build your team of value, considering they’re the experts that are going to help you actually make this purchase go through, but most importantly, go through well. 

Let’s start off with who you may be engaging first, because that’s the billion dollar questions. There’s so many places to start. I personally feel that the two people that come to mind, are your mortgage broker and your property professional advisor. Because then you can really understand who is going to be able to help me see how much I can borrow, but then also whose going to help me see what type of property I should be looking for, or can look for. Then when you can use this, you can take a step back and speak to some of the other professionals. For example, your accountant, quantity surveyor, or a lawyer. And why you might want to speak to them, is to understand if the type of property I’m buying and how much I can afford, is being put into the right structure and if I’m aware of what things to review and how I should review them when working with a lawyer on contracts. 

There are a few things to consider, but the important part is, you need to make sure A., you are building a team, but, B., it’s actually making sure you refer to each from their expertise. What really confuses many people is when you go to your accountant, or you go to your lawyer and you talk to everyone else saying, “No, my accountant said this about property. My lawyer said that about property.” Actually, we’re all professionals, or they’re all professionals in each of their areas, but I’m sure when you speak to them they all tell you that they’re not, in whole, the property professional. That doesn’t mean there aren’t accountants or lawyers out there doing great in the property world, who can share some things, but that’s just a thought to think about. Each of their experts in their own field, and there may be others that can supplement the field overall. For examples, buyers agents or mortgage brokers, to some extent. 

When considering building your team, not only look at that that you need, all their expertise, but actually understand who you’re going to for what, and where their opinions can cross over. If you’d like to understand the best ways to figure out how you should build your team, is to consider the previous experience, testimonials, how many people they’ve helped, what type of deals they’ve helped, and maybe who are they recommended by. What’s important to understand is, is someone also getting a kickback through this recommendation, and could that be actually clouding the absolute recommendation to you. Do your homework around building your team, but trust me when I say, it’s not as expensive as we all think when you compare it to the financial investment that you’re wanting to make for your future. That’s it from us here at InvestorKit, the experts in wealth creation, helping you take action.