The global real estate market is one of the leading industries in value and scope. In recent reports, the industry reached $3.5 trillion in revenue in 2021 and is expected to grow to 4.9 percent CAGR. The rise in value is due to the continuous growth of the real estate sector in both developed and developing countries.
Nowadays, more and more people are venturing into the business of real estate investing. However, making a name in this area can be pretty daunting. Getting your foot in the door is only half the battle; to succeed, you need a network of professionals to help you along the way.
But how do you go about building such a network? Here are a few people you’ll need on your team:
Property Managers
If you’re looking to invest in rental properties, your first step should be to find a reputable property manager. A good property manager will take care of all the day-to-day tasks associated with running a rental property, freeing up your time to focus on growing your portfolio.
Most property managers also have a network of vendors and service providers they can recommend, saving you time and money. So, if you’re considering getting into the rental property business, find a good property manager to help get you started.
When you have a property manager you can rely on, you can be confident that your rental properties are in good hands. It will give you the peace of mind needed to keep your business running smoothly.
Realtors
A good realtor can be an invaluable asset when buying or selling property. They have access to Multiple Listing Service platforms that aren’t available to the public. They’ll also be able to negotiate on your behalf to help you get the best possible price.
When interviewing realtors, ask about their experience with properties like the one you’re interested in and whether they have any connections in the industry that could benefit you. Remember that you’re not just hiring a realtor; you’re also building a relationship with someone who could be a valuable help to your business. That’s why it’s crucial to find someone you can trust.
By having a realtor you can trust, you’ll have an expert on your side who can help you navigate the often-complex world of real estate.
Mortgage Brokers
Unless you’re paying cash for a property, you’ll need to finance your purchase with a mortgage loan. A reliable mortgage broker can help you navigate the loan process and tell you how much you qualify for and what loan terms are available.
They can also refer you to trustworthy financial institutions and help you through the often complicated world of mortgages, so it’s worth getting in touch with them early on in your home-buying journey.
However, mortgage brokers earn by commission from the lender. So, it’s essential to find one who is upfront about their fees and willing to work with you to get the best possible deal. When you can sort out the financing early, it gives you a better chance of getting your offer accepted when you find a property you’re interested in.
Title Companies
A title company’s job is to ensure there are no liens or encumbrances on a property before closing. They’ll also conduct a title search and prepare all necessary paperwork for closing.
Many lenders require that buyers use a specific title company, but even if yours doesn’t, it’s worth researching to find one with a good reputation. After all, this is one of the most critical aspects of buying a property.
And by being one step ahead, you can avoid any stressful events or delays. With a good title company on your team, you can be confident that you’re getting a clean title and can move forward with your purchase with peace of mind.
Accountants/CPA
As a real estate investor or landlord, many tax breaks and deductions are available to you—but only if you know about them. An accountant or CPA can advise you on the available deductions and ensure that you take advantage of them before tax time.
For example, did you know that expenses like painting or repairs can be deducted? An accountant can also help set up financial statements for your rental properties so that payments stay organized throughout the year—a lifesaver comes tax season.
So, an accountant or CPA is worth hiring to help with your rental property business if you want to save money and stay organized. This way, you can put more money into your business and take the stress out of tax time.
No man is an island, and this is especially true in real estate. To succeed as a businessman or investor in this industry, it’s essential to build a network of professional contacts who can advise and assist you along the way—from finding funding to titles and beyond. Use this list as a starting point for building your network of real estate pros.