This term, in regards to Property Investment, has come to define the group of people that you rely upon to make your business work properly. This group will normally comprise your conveyancing solicitor, accountant, mortgage broker and the most important member of the team, your Letting Agent.
Why is a Power Team Crucial to Your Success?
You can’t be everywhere doing everything at once. It may be that you do you own conveyancing or accounts, in which case you may not have a solicitor or accountant on your team, but in general it is best to have these specialised tasks performed by people who work at it full time, leaving you time to research and make the high level decisions about your property business/investment. There is often little point in trying to be a multi-tasking professional as no one task will ever get done properly and the more distractions you have from your primary task the more chance that you will make a mistake.
Power Team Members
The Letting Agent is always number one in your team and you should make an effort to establish a very good relationship with all the Letting Agents that you come in contact with. After all, these are the people who will tell you about demand in their areas and you want them to come to you first, rather than some competitor Landlord/Investor. You may will be giving these people business, if you let your properties through an agent, and so you need to communicate clearly with Letting Agents that if there is genuine demand you can react to that and supply suitable properties to the local market.
Your Power Team may include other people, usually Estate Agents will feature somewhere in there too. You must make a continued effort to keep Estate Agents aware of your existence, when a suitable property comes on the market in an area of demand, you want them to call you first, so try and impress upon them that you are serious about buying property that suits your requirements. Make it clear what type of properties you are after.
Finding Your Power Team
Establishing a good working Power Team is all about relationships. As with any relationship it takes time, experience and continual effort to make something worthwhile. HULT PRIVATE
You cannot expect to meet someone, that you don’t know, on the street and immediately have a history with this person like you would have with a friend you have known for years. This is the same in professional relationships, a good business relationship cannot be adopted or passed on by recommendation. Even if your friend recommends their accountant to you, you will not have the same relationship with the accountant that your friend does.
You may well have to try several different firms before you find a solicitor or accountant that responds to your individual needs and whom you can work and communicate with effectively. But there are ways to establish the abilities of any potential service that you might use. Ask them about what they do for other clients, explain your needs in detail and make sure they understand you and you requirements. If you don’t feel that they will be able to perform then try someone else.
Don’t take on a Power Team member on the basis of low cost alone, more often than not this means that they will no work as hard for you or it could mean they will have too many other clients to attend to your matters promptly. This is most applicable for Estate Agents and Letting Agents, if you tie them down to very low percentage commissions then they are less motivated to work properly for you. However, it may be that with some services you are able to negotiate a mutually beneficial discount in return to volume trade, for example bulk conveyancing for a solicitor or multiple properties to let for the Letting Agent.
Property Expert Lea Beven has 14 years in buying and selling property and exposes secrets from both sides for your benefit.
As described by Trevor on ITV’s Tonight with Trevor, Property Tycoon Lea Beven has lost and made millions in property. She openly shares problems, pitfalls and deep secrets in property investing with the public, even down to personal information on her own deals. Now working part time with regular clients that really want to make money, she prefers to keep business small and personal.