The world is full of success stories and I’ve often grappled with understanding just what makes an individual successful. Is it hard work? Outstanding abilities? While every successful person has a different story, the first response from Google I found was broad enough to summarise sentiments that I believe are absolutely spot on:
Successful entrepreneurs reach out to mentors with more experience and extensive networks to seek valuable advice. If they don’t have the necessary technical or marketing skills, they find someone who does and delegate these tasks so they can focus on growing the business
Put simply, successful people have a great support team around them.
When it comes to the world of property ownership this statement is completely translatable. Regardless of if you are a property developer, investor with a significant sized property, or simply own your own home there is a truth to this for everyone. There are so many different elements of property ownership which require a level of expertise; from renovating through to structuring finances and everything in between, the decisions that property owners make can have a huge impact on the level of success that the property owner will have in their endeavors.
I wouldn’t want to discount that there may be extraordinarily talented people out there that are able to do everything, but the trade off is also time. If we take the example of someone renovating their own home perhaps they are “handy” and hands on, but if it meant they need to take their entire 4 weeks annual leave to do a small renovation project is this the best use of their time?
I’m a huge fan of having a network of great people around me, a team that are specialists and experts in their chosen field. For each of them their experience and abilities far outweigh what I could ever achieve in these fields and we are extremely fortunate to have found them. I’m going to share what this network looks like for us and how they can play a role for all property owners:
Great access to trades for us mean a great builder and extended network of specialist trades; electricians, plumbers, concreters, handymen, the list goes on. No matter what the task as hand is from building townhouses to dealing with a failed appliance at our own home we are able to pick up the phone and get the problem solved in a way where we can trust we are paying a fair rate. The most important attributes of the trades that we use are predictability (they turn up on time, they do the job, and they do it well) and trust (we know we will be charged a fair rate).
A good accountant does not simply process the documents you pass on to them, they add value to your unique situation. They identify opportunities for you to claim legitimate expenses and offer advice on how you should be structuring your finances. They are qualified to give financial advice, and should be used as sounding boards for any future plans.
Knowing a good network of agents can bring a wealth of opportunity. Selling agents often have their finger on the pulse and know when buying opportunities come on the market which can give you an edge when looking to buy. They’re also invaluable in managing the selling process when the time comes; and having great levels of trust and communication can mean you set yourself up to achieve the optimal sale price.
Don’t limit yourself to a network of selling agents though, buyers agents are often overlooked as an important part of a network. Again, they are in tune to off market properties (quite often work with selling agents with these), can provide a rational counsel when looking to make a purchase and absorb a significant amount of transaction hours in looking at open homes so that you can spend time on other more important things.
The Property Manager
The geographic location of many of our investments makes it impossible for us to be able to manage every aspect of managing a property. We simply can’t jump on a plane or drive an hour to fix an urgent issue, so it is important to have someone who you have a great level of trust managing your property. I find the most important characteristics of a good property manager are accountability and communication; they manage the property as if it were their own. They have an investment mindset and so to speak won’t send an electrician to change a light bulb!
The law is extremely important, and in what is an unlikely event that you may need legal advice it is important you have someone trusted in your corner. In respect to property matters, a good conveyancer is worth their weight in gold in assisting both the purchasing and selling process. We have countless examples of where our conveyancer has been flexible enough to cater to our needs (and changes in circumstance!) and crucially been able to action loan documents enabling deals which couldn’t normally happen in such time frames.
A good mortgage broker is an expert in the world of finance. They are able to quickly identify your needs and provide an appropriate product for your unique situation. They are problem solvers and can potentially enable a deal which may not have been possible. Given how significant a financial decision buying a property is, a good broker could potentially save you thousands of dollars a year in interest and costs. Good brokers will complement your existing network, from working with your accountant for your financials, to collaborating with agents and conveyancers through the buying process to ensure a smooth settlement.
So…. Who is in your team?
Recognition to our extended team on delivering a great result with a recent duplex project – something we couldn’t do alone!