In part two of our series, Building Your Real Estate Team, we go over several strategies on sourcing the perfect members of your real estate team!
FINDING THE MEMBERS OF YOUR TEAM
In today’s technology age, it is not hard to find potential members for your team. However, the real task is narrowing down and finding the perfect fit in a specific profession to occupy a spot on your team. NETWORKING is key! Network online, network in your community, network everywhere you go. Here are a few ideas to find the perfect members to fit into your team:
Locate and go to as many REIA groups as possible and network with people there. There should be a REIA meeting in almost every city in every state in this country. At any given REIA meeting, you will find all sorts of people trying to connect with others and promote what they do and sharing what their skills are. You will find other investors, investor friendly real estate agents, mortgage brokers, wholesalers, bird dogs, title company representatives, hard money lenders, bank representatives, web developers, etc. There are all sorts of people at REIA meetings that are trying to promote themselves and their businesses. What better way to connect with them and let them know what you are looking for. You could be the person that they are looking for as well.
Pass out your business cards, ask for business cards, take notes, ask for phone numbers, and just get as much information about everyone as you possibly can. Follow up with email afterwards to let them know you appreciated meeting them. REIA meetings are social events set up to easily find the people you need in your business. A lot of times, REIA meetings have a set time for meet and greet. If it is a large meeting, they will allow you to go to the microphone and promote yourself. Attend as many as you can. You may find your next partner at one of these meetings.
JOIN “THE MEETUP”:
Meetup.com (also known as “The Meetup”) is a website that makes it easy for people to connect online and then meet in person. There are many types of groups on meetup.com such as movie lovers, food fanatics, sports fans, business professionals, insurance professionals, dancers, etc. One of the largest groups on the meetup.com is…you guessed it… Real Estate Investors.
Join as many real estate investor groups on meetup.com and join their email lists. There are so many people to connect with. Let everyone know that you are looking for a contractor, or a real estate agent for your team, or whomever you are looking for, post it to the group boards. People will respond and help you out as much as they can. Most of he meetup.com groups hold local meetings. Meetup.com is a great way to find many REIA meetings in your area.
ASK OTHER INVESTORS:
If you know other investors, ask them if they may have any recommendations for your team. Tell them what you are looking for and let them recommend people that they have worked with before. If you do not personally know any other investors, just post a question to the meetup and ask other investors if they have any recommendations. It can be something as simple as:
I am in need of a good mortgage broker.
Does anyone have any recommendations of brokers that have worked with you in the past?
There are places that you can just stop by and meet people. One place is Home Depot. If you stop by Home Depot very early in the morning, you will find motivated contractors there shopping for materials. The good ones are there early in the morning ready to start their day. You can introduce yourself to some of them and let them know that you are looking for a good contractor for your business. Talk to them for a little, but don’t take all of their time. Get their business card and give them yours.
If you happen to ride along and see a contractor working on a rehab, stop by and talk. Its a great way to meet contractors and see their work at the same time.
Stop by or call a title company and introduce yourself. Then ask the necessary questions to qualify the title company for your team. (Questions such as do you work with real estate investors? Do you handle closings involving wholesale contracts? Do you do double closings?)
Once you have your team in place, there are tools and programs to help everyone stay in sync. That way you can notify your team go changes without having to hold a meeting every time. Listed below are a few ways to manage your team:
Podio.com is a web-based platform for organizing team communications, business processes, data and content in project management workspaces. You can create and select pre-altered apps that store data. Data is entered and updated in real time to your team members. You can create tasks for your team, follow up, make notes, etc. Podio is free to use and it integrates with other programs such as email auto-responders, csv export files, etc. There is also a Podio app that can be used with your smartphone for access on the go. Check it out at www.podio.com
You will want to hold a meeting at least once per month with your team. At your meetings you will want to discuss future plans, what is working, what is not working, what can be done to improve things, etc. You want to have a meeting to go over new ideas, and to keep everyone up to date. You want to let your team know when specific properties are going to closing so that your team will stay motivated and have an idea of when the big payday will be. You want to keep your team invested.
It may take some time to find your perfect team, but do not give up searching. You want to find the best of each profession. Just remember that once you have found your team, compensate them well, keep your lines of communication open, motivate them, and they will give you the best of their skills to make your real estate business a success.
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