To Be Successful in Property Investment, You Need a Team
No one is an island, as the saying goes.
Similarly, as a property investor and to be a successful one, it is always advisable to have good people in your team.
Who are your team players? They are the Real Estate Negotiator (REN; also known as real estate agent), conveyance lawyer, bankers, property valuer, network of investors and mentor.
This team of people will offer different values and contribute different strengths to your team.
Real Estate Negotiator is one of the more important team player.
He acts as the source of your income.
He is the expert in the industry.
He knows the price of a property from the different projects and the property price at the different location.
He is also able to tell you when he has found a gem of an investment - a property at 20% below market price.
All in all, a REN should be an investor himself, so that he is on the same wavelength as you, the property investor.
He will be able to understand your need and requirement better.
When you have a REN on your team, essentially the network of a conveyance lawyer, bankers and property valuer are pretty much covered.
You will have a reputable lawyer on your side (and one that will give you value for money).
The bankers will help to get you loan approve faster; and at a better interest rate.
Next on your team is a network of like-minded investors.
Have a weekly meeting to discuss on properties that you researched on.
When you and your investors buy from the developer (buying in bulk) at the same time, you should be able to negotiate a better deal - maybe a 5% - 10% discount on the purchase price.
At the same time, you should also be able to negotiate a better interest rate from their panel bankers.
That is the negotiation power of a group.
Your fellow investors will also alert you when he/she comes across a good sub-sale deal.
When the team members' relationship grows and the trust level increases, you may even decide to start a property investing company.
It is also important to have a mentor, someone who guides you in your journey as a successful property investor.
The mentor could be someone who is a successful investor himself and have made a name in the industry.
Last but not least, involve your life partner in your business venture.
Nothing beats a life partner who is also your business partner.
Similarly, as a property investor and to be a successful one, it is always advisable to have good people in your team.
Who are your team players? They are the Real Estate Negotiator (REN; also known as real estate agent), conveyance lawyer, bankers, property valuer, network of investors and mentor.
This team of people will offer different values and contribute different strengths to your team.
Real Estate Negotiator is one of the more important team player.
He acts as the source of your income.
He is the expert in the industry.
He knows the price of a property from the different projects and the property price at the different location.
He is also able to tell you when he has found a gem of an investment - a property at 20% below market price.
All in all, a REN should be an investor himself, so that he is on the same wavelength as you, the property investor.
He will be able to understand your need and requirement better.
When you have a REN on your team, essentially the network of a conveyance lawyer, bankers and property valuer are pretty much covered.
You will have a reputable lawyer on your side (and one that will give you value for money).
The bankers will help to get you loan approve faster; and at a better interest rate.
Next on your team is a network of like-minded investors.
Have a weekly meeting to discuss on properties that you researched on.
When you and your investors buy from the developer (buying in bulk) at the same time, you should be able to negotiate a better deal - maybe a 5% - 10% discount on the purchase price.
At the same time, you should also be able to negotiate a better interest rate from their panel bankers.
That is the negotiation power of a group.
Your fellow investors will also alert you when he/she comes across a good sub-sale deal.
When the team members' relationship grows and the trust level increases, you may even decide to start a property investing company.
It is also important to have a mentor, someone who guides you in your journey as a successful property investor.
The mentor could be someone who is a successful investor himself and have made a name in the industry.
Last but not least, involve your life partner in your business venture.
Nothing beats a life partner who is also your business partner.
