It may seem crazy but starting a successful real estate business is possible without hiring a single person. While it may not be completely free (depending on what tools and vendors you choose to implement), it can be a lot cheaper than hiring multiple employees that you must pay whether you succeed or fail. This means more money you can reinvest in yourself and your business.
A lot goes into building a successful team, and if done properly can create lucrative business opportunities. Being able to network is one key to finding the right people you want to work with. Having reputable and knowledgeable professionals in your corner that you can turn to can be mutually beneficial and help you scale your business. The trick is finding people you synergize with that work in a related or adjacent industry.
With that said, let’s take a look at how you go about building a killer team without having to hire a single person.
Real Estate Vendors
An important ingredient to any successful operation is choosing the right vendors to work with. This includes everyone from real estate appraisers to virtual assistants. Choosing the right vendors goes a long way, because they can provide you with peace of mind knowing that your clients are being serviced at a higher level.
You also can outsource tasks to vendors as a way to delegate some of your business operations, leaving you more time to meet clients and build relationships. Vendors can also help refer you to other industry related professionals. For example, appraisers often work with lenders throughout the financing process or attorneys in cases where there needs to be a value on real estate to help determine an equal division of assets (ex. divorce or probate).
One of the best professionals you can add to your team is a network of preferred lenders. Establishing relationships with multiple lenders is perfect because it can be mutually beneficial. You can feed each other clients looking to purchase new real estate.
Lenders are also a great contact if you ever need any quick pricing information regarding a buyer’s potential mortgage payment or if you have credit qualification questions. If you have enough rapport, they may even be able to cut your clients a deal on their closing costs or be able to creatively structure a deal to help get your buyer approved for a new loan.
Attorneys and CPAs
Much like lenders, attorneys are a great resource to bring into the fold. In many cases, it may be best to stick with one or two reputable attorneys that you trust the most. Not only can attorneys be a great networking opportunity, but they can also provide you with (limited) legal advice with respect to areas such as disclosure requirements, legal advertising practices, and approved forms.
CPAs are equally important and should be considered along with attorneys to be part of your team. Unlike some attorneys, CPAs are intimately familiar with client assets and can advise clients on how to optimize their money for tax advantages. They are a great referral source for investors or new homebuyers looking to purchase new real estate.
Title Companies and Insurance Agents
Getting to know title companies and insurance agents that can be included as part of your network will only make your business run smoother. Having a preferred title company will allow you to obtain commitments faster for your clients. Similarly, insurance agents will be able to process quotes for new business, which is needed for clients looking to obtain a new mortgage. Both are excellent referral sources and ideal candidates to incorporate into your business network.
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