What makes companies and athletes like Tiger Woods successful? It’s all about having these 4 players in your team
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Have you ever wondered what lies behind the success of ultra-successful athletes or companies? I’m always correlating sports with business because there are a lot of similarities between the two. In both aspects, you have a team pushing to achieve the same goal. You have a captain who leads the team in the right direction. And there are a lot of people involved with all the different types of skills, personalities, and experiences that each player has.
There is something special about the way athletes are able to compete at a high level. And this correlates significantly with business. Tiger Woods has a golf coach, personal trainer, athletic agent, and other staff to help him achieve peak results and win PGA Championships. In hockey, you have star players who score goals, goalies who defend the net against the opposition, defensemen who focus on blocked shots and badass who fight and deliver big hits. The best team wins the Stanley Cup.
Business is the same way. You have many different players accomplishing many different goals. You have sales people who increase the company’s revenue. Then there’s the accounting to figure out what the numbers are, the social media promoters, the advertising specialists, and the graphic designers. And in real estate, you can also have maintenance staff. There are many important roles that help the business achieve its goals. You can’t be the best if you lack any of these skills.
Related: 6 Benefits of Real Estate Investing for Savvy Entrepreneurs
Four Players You Must Have to Succeed in Real Estate
The bargain hunter
This is one of the most important roles on your team. Someone who can find deals is where all the value is. Without deals, you can’t build a team, you have no income, and there really is no business. This person must be good at building relationships. Including but not limited to making cold calls, cultivating deals and finding a way to grow the business. They will be able to multiply your assets under management.
This person should also know all the investment criteria you need. So that you acquire the offers that will help you grow. Not all multi-family real estate transactions make sense or fit the business model. This person can search for offers that are listed on the market, which are usually more competitive with more bidders. This person also builds strong long-term relationships. You can contact someone who has real estate in their portfolio that may sell immediately or in the future. You must always stay in front of these prospects and communicate regularly to bring the deal to a successful conclusion.
The master underwriter
You must have someone who knows how to analyze investment transactions. When looking at multi-family properties, you need to know how many units of each floor plan there are, how many square feet, what is the rent per square foot, and how much is the monthly rent. You also need to determine what other income is received from the property. There may be laundry revenue, pet rent, pet fees, late fees, termination fees, forfeited deposits, extermination fees, parking fees and more Again.
In addition to calculating income, you must take into account all expenses. You need to figure out how much the investment costs to operate. There is a substantial amount of analysis that goes into real estate underwriting. You also need someone who knows how to arrange financing with the bank. And figure out how much capital you need to invest in the property.
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The property manager
A property manager is an important role that will generate income for your property. This person will list all the apartments and ensure that everyone moving in has a high enough credit score to pay the monthly rent. In addition, this manager will also be in charge of the maintenance staff and will ensure that the property is maintained and immaculately maintained. You need someone in this position who will work hard and pay attention to detail. Technical skills are essential to keep rental software up-to-date – to tell you who owns the rent that has been collected and who is due to receive late payment.
When you have hundreds of tenants, there will always be something to fix. It is inevitable that something will go wrong with a property. When dealing with people, there are always issues such as leaky faucets, plumbing backups, or ceiling, window, and electrical repairs to address. This person will be responsible for going from order to order to ensure tenants are satisfied and properties are well maintained. This person may also be responsible for cleaning the grounds and ensuring that the highest quality service is provided to residents.
How to start with all this?
At first, you may do some of these tasks on your own. Once you get started and have enough assets under management, you will be able to spend the money generated from the business. You can then hire employees to fill the gaps in each of these positions. But the first thing to do to get started, if you’re just starting out, is to find your first real estate transaction. You need to find that first trade to take a step in the right direction to acquire assets and start building a portfolio. Once you get an offer, you can start looking for the next one and start fine-tuning your system.
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