Assemble your property dream team

Being a star individual at work or in school may get you where you need to go, but it’s not so in the world of investing. Investing is a team sport. The better a team player you are and the better the team around you, the higher your chances of success. There’s so much to know in property that you can’t possibly be an expert in everything. You need a team around you to fill out your knowledge, help ensure you’re making the best possible investments, and structure your deals in the right way. Property is a people business, and it’s the people you have around you that will dictate your level of success.

In this post, we’re going to take a quick look at how to assemble your property dream team. We’re going to look at what kinds of property professionals there are out there whose knowledge you can tap into. We’ll look at which ones you absolutely need to have on your team versus which ones are just nice-to-haves, how to make sure you’re working with the best advisors, and how to get the best out of these relationships over time. If you’re time poor and have big property goals, getting the right team around you might be the single biggest thing you can do to increase your chances of success.

Solicitor

When you buy a property, you’ll need a solicitor to take care of the conveyancing work. As such, a good solicitor is an essential part of your property team. You want a solicitor that’s used to working with investors, not just home buyers. They need to be proactive, responsive, and on top of the detail. You also want one that isn’t too risk-averse, taking offense at the little things that crop up. Ultimately, they need to understand you and what you’re trying to achieve. If your strategy is niche or relies on speed of execution, this is even more important.

Mortgage broker

A good mortgage broker will save you time and money. Yes, they’ll be able to get you the best mortgage deal – that’s their job. But they will also know what type of individuals are a good fit for which lenders and which properties those lenders will and won’t lend on – criteria which change all the time and are hard to keep track of yourself. You should use a whole-of-market broker that’s not tied to a particular lender and one that charges a fee for their service. Paying a fee will ensure they’re working for you and that their interests are aligned with yours.

Accountant / tax advisor

Unless you’re investing through a limited company, it’s perfectly possible to go it alone. However, a specialist property accountant will know all the tax deductions you can claim. They will work with you to optimise your tax liabilities. This is certainly an area where working with a professional will save you more money than they charge you. Ideally, you want to work with an accountant or tax advisor that’s also a property investor themselves. That way, you’ll be able to talk to them about your long-term goals and strategy too.

Lettings agent

If you’re going to outsource the day-to-day property management tasks, then you’ll also need a lettings agent on your team. In fact, if you invest remotely in many different areas of the UK, you may need to partner up with a local letting agent in each area you invest. A good letting agent will make your life easier, rather than harder. They’ll be able to advise you on how to secure maximum rent. They’ll find tenants quickly to minimise your void periods. In addition, they’ll be on-the-ball when it comes to the day-to-day management, saving you time.

Builder

If you plan on making property flips or refurbishments part of your strategy, then you’re going to need a good builder on your team. Again, if you’re investing across several parts of the country, you may need local contacts in each of these areas. A good builder is an extremely valuable asset in its own right, so if you find one look after them and treat them well. Be reasonable with your requests and pay them on time. Also, try to cultivate a long-term relationship where they come to see you more as a partner and less like a one-off customer.

Mentor

It’s worth thinking about whether a property mentor or coach could help you to accelerate your progress and help you achieve your goals much quicker. There are lots of different types of mentor, from an informal mentor that you check in with once in a while to a more formal paid relationship with a property coach. Because this is such an important topic, we’re going to dedicate a whole blog post to this topic at some point in the future. If you do decide to work with property coach, make sure that it’s a relationship that works for you, not just for them.