It is so important to build a strong power team for your property business.
Your power team is made up of the professionals around you that you use in the day to day running of your business.
Successful business people know that they need to delegate as they cannot do everything on their own and they hire people who are great at the things that they are not so good at. It’s important to know that your properties are being managed in the right way and your tenants are being well looked after.
A great power team ensures the smooth running of your business and helps you to not miss out on those hot deals when they come along.
So, who's in your power team? If you don’t have these professionals in your power team then speak to us and we can recommend someone that we have used.
Dependent on your property strategy you will probably use different people. A basic list of who should be in your power team is:
Letting agent – A letting agent will be invaluable for helping you evaluate properties that you purchase. You can also speak to your letting agent beforehand to look at what the market rental is for the properties that are of interest to you. This is important when you are doing your due diligence on a property deal.
Online Letting agent – it’s useful to have an account with an online agent in case you decide to go down this route.
Property solicitor / conveyancer – A capable property solicitor will ensure the smooth handling of your property transactions. This is essential to make sure the properties complete in the timescale required.
Property mentor – Many successful property investors are now deciding to add a property mentor to their team to multiply their results and keep their property business on the right track. This can be of great use, as you can model someone who has achieved the results you are looking for. If you wish to find a property mentor please ask us for a few names.
Property accountant – An accountant experienced in the field of property will make sure that you can keep as much of your hard-earned profit as possible. Don't forget that many questions about property tax can be answered by the HMRC, without having to pay a professional!
Mortgage broker- A specialist investment mortgage broker will search the ever-changing finance market for the best products to fund your deals and fight your corner when things go wrong.
Bridging finance company – If you are doing short term development projects or creative finance deals then a good Bridger will be indispensable. This will allow you to fund projects that you may wish to sell for a profit after.
Furnishings Company – If you are in the buy-to-let market then a responsive property furnishings company will be very useful to you for when you do furnished-lets. If you are buying furnishing in bulk then you should be able to work out a favourable rate for what you buy for your properties.
Investment property insurance broker – When your insuring a rental property a good broker will be able to source the best product for the purpose. If you put multiple properties through one insurance company they should be able to give you a multiple property landlord rate.
Tradesmen – efficient and reliable tradesmen will be essential to see to refurbishment works, routine maintenance, gas safety checks, electrical safety checks and EPC's.