Successful Real Estate Investors Do This . . .
Successful real estate investors who go it alone are a rare breed. They’re typically limited to small deals, small portfolios, and limited wealth creation. On one level, they may be “successful,” but they fail to see how much bigger and brighter their real estate investing future could be. Truly successful investors leverage the expertise of a small team of trusted advisors to expand their reach, lessen their work-load, and turbo-charge their investment returns.
The Top 3 Advisors Every North Port–Sarasota–Bradenton Investor Needs
I am assuming that you are a buy-and-hold investor and not a buy-and-flip speculator:
- Real estate sales broker:You need an expert real estate sales broker to help find profitable investment opportunities and to shepherd your transactions from offer to close. Don’t choose just any broker—be picky. The most important considerations in selecting the right broker are:
- Good personal chemistry: You need to have a mutually respectful working relationship.
- Extensive and specific expertise: Your broker of choice should have experience working with the types of properties and transactions you are focusing on. Again, not just any broker that you get along with will do.
- Real estate attorney: Like the broker you choose to find and shepherd your deals, find a good local real estate attorney with whom you are comfortable working—and whose practice area concentrates on the types of transactions you target. You don’t want a jack-of-all-trades type attorney handling your transactions.
- Professional property manager: If you think about it, you’ll agree that this is the most critical relationship of the three. While a good sales broker and real estate specific attorney are crucial to your long-term investing success, they are essentially “in-and-out” specialists—they do the deal, and then they are out until a new deal comes along. Your property manager, on the other hand, is in it for the long haul. They will be working with you and your properties on a day-to-day basis, often over many, many years.
Of course, others can—and should—be a part of your team over time: architects, lenders, builders, accountants, insurance agents, appraisers—but broker, attorney, and property manager form the bedrock of your team.
Your Role as the Investor
Think of an orchestra conductor: they don’t play the clarinet, violin, or oboe—they don’t play any instrument at all. However, they are the top person in charge and responsible for the overall performance:
- The selection of the pieces to be played
- The selection of the individual players
- Setting and maintaining standards
- The overall success—or failure—of the ensemble.
That is your role as the real estate investor.
Your job is to set the vision for what you want and to find the right people to help you get there. You are the overseer of a team of professionals who each have a role to play in the realization of YOUR dreams. That is how the most successful real estate investors think.
The most successful real estate investors do not work alone, and neither should you. At a minimum, your team should consist of the following: real estate sales broker, real estate attorney, and, most importantly, a professional property manager. The job of the investor—that’s you—is to create the vision, select the team, and hold them accountable. Do that, and your real estate wealth-creation journey will be assured.
About the Author
John Michailidis, JD, is the Broker/Managing-Member of Real Property Management of Sarasota & Manatee, a Sarasota, FL based residential property management company. Real Property Management of Sarasota & Manatee provides both Full-Service and Lease-Only services to Sarasota, Bradenton, Venice, and North Port area landlords. If you own residential investment real estate anywhere in Manatee or Sarasota counties, do feel free to reach out to our team at 941-216-0005, or through our website.
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