One of the factors determining whether or not you will be successful in real estate depends upon your ability to build a power team. You need your real estate power team. You need a team that"s going to help you put together the infrastructure so that you can have your business and do this at the volume that you need in order to service your investors.
In addition to helping you build your infrastructure, your power team will help you network, and help you with a board of advisors. That is what we have done at HIS Real Estate, where we have a board of advisors.
For example, I may not be the most sophisticated commercial investor out there. I don"t have all the knowledge on how to do a storage facility purchase. But I do have a real estate power team.
I can pick up the phone today and call (commercial investor and HIS Board member) Gary Tharp and say, "Hey, Gary. Can you please evaluate this property for me?" Gary will take a few hours to evaluate the deal, believe it or not, and he"ll tell me whether that"s a good purchase or not.
That"s why we have the power team. Where one person is weak, another person is strong. Our power team is our network, and our network is from all over the United States. In today"s ultra-connected world, there is no reason your network -- or your power team -- has to be localized.
We have people in almost every state that are able to evaluate properties for us for inventory and tell us whether or not a particular property is a good or bad move if we"re not familiar with that market.
Some other players you may want to add to your real estate power team: a title company representative, real estate agents, contractors and/or handymen, home inspectors, mortgage brokers, and so forth, depending on your business model. It really all comes down to building the most experienced team for your business.
Because this is what I know about experience: I do not have all of it. I probably have 10 years of experience in real estate, but all my partners combined have hundreds of years of experience. You do not have to be the best. You do not have to be the most experienced. But you have to know whom you"re partnering with. That"s the only way you"re going to win.
In addition to helping you build your infrastructure, your power team will help you network, and help you with a board of advisors. That is what we have done at HIS Real Estate, where we have a board of advisors.
For example, I may not be the most sophisticated commercial investor out there. I don"t have all the knowledge on how to do a storage facility purchase. But I do have a real estate power team.
I can pick up the phone today and call (commercial investor and HIS Board member) Gary Tharp and say, "Hey, Gary. Can you please evaluate this property for me?" Gary will take a few hours to evaluate the deal, believe it or not, and he"ll tell me whether that"s a good purchase or not.
That"s why we have the power team. Where one person is weak, another person is strong. Our power team is our network, and our network is from all over the United States. In today"s ultra-connected world, there is no reason your network -- or your power team -- has to be localized.
We have people in almost every state that are able to evaluate properties for us for inventory and tell us whether or not a particular property is a good or bad move if we"re not familiar with that market.
Some other players you may want to add to your real estate power team: a title company representative, real estate agents, contractors and/or handymen, home inspectors, mortgage brokers, and so forth, depending on your business model. It really all comes down to building the most experienced team for your business.
Because this is what I know about experience: I do not have all of it. I probably have 10 years of experience in real estate, but all my partners combined have hundreds of years of experience. You do not have to be the best. You do not have to be the most experienced. But you have to know whom you"re partnering with. That"s the only way you"re going to win.