Updated: Jan 26
Once you have your strategy and location figured out, start assembling a team of experts so that you can run your property deal past them. Choose people who are experienced in the field as the purpose of a good team is to help you minimize financial, quality or design risk and ultimately save you time.
The key people who will get involved in most real estate projects include:
Accountant and Financial Advisors can help to structure your property investment as a Company, provide advice on pre-purchase, feasibility, tax on different property investment strategies, tax deductions and asset protection taking into consideration your individual financial situation and the specific property deal
Real estate attorneys deals with all the legal aspects of the purchase or sale of property including deeds, property taxes, estate planning, zoning and titles. Real estate laws vary by state and local government. Attorneys must be licensed to practice in the state where the transaction is taking place, and must stay abreast of any state or local developments that could impact a transaction therefore engage an attorney in the country you are investing in.
Finance Brokers that specialize in your area of property investment and have knowledge of the lending market can identify loan solutions that are uniquely tailored to your property investment needs. They can advise if the proposed investment will trigger lending difficulties upfront, obtain lending in your best interest.
Town planners or planning consultant can advise you on the local planning laws, building codes, upcoming plans for the town, zoning, any applicable permits for making changes to a property and can provide the property building plan.
Architects will be able to look at or provide design drawings and plans and advise you from a technical perspective if you are looking to do a renovation, conversion or development.
Real estate agents help you buy and sell property
Insurance agents are required to ensure that you are sufficiently covered for your property investment and costs are factored in when making the buying decision.
Depending on your specific strategy there may be others you need to speak to such as:
Mentors, Foreign exchangers, Eco homes/ Energy advisors , Surveyors, Web designers etc. Refer to Marketplace to check other skill sets may be helpful for your particular project.
It’s also a good idea to network with other property investors to get referrals so you’re not just vetting expertise on your own. Also remember everyone is at a different point in their property journey. Some people are looking for funding while others may have already built up a portfolio and is looking to invest with someone who has the time and right knowledge so the bigger your network the greater your opportunities.
Network with a purpose in mind and be upfront about it when engaging others so you are not wasting each others time. If you do not have clarity on your purpose yet, but have interest in a certain area, helping others with their goals using your skills and knowledge is a good way to explore what you want to do, build up trust, form relationships, exchange knowledge and in turn get help with your own plans from those you know you can work well with or add value to you.
There are many places to build your network, both online and offline. Searching for contacts aligned with your goals online first can save you a lot of time and hassles so you can focus on building a productive and fruitful relationship with the right people, in person at a networking event, private meetup or over a call and go further in your work, life or business.